Harmonic (NASDAQ:HLIT) Releases FY24 Earnings Guidance

by · The Markets Daily

Harmonic (NASDAQ:HLIT – Get Free Report) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.67-$0.73 for the period, compared to the consensus estimate of $0.65. Harmonic also updated its Q4 guidance to $0.33-$0.39 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Rosenblatt Securities reiterated a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a report on Tuesday, October 15th. Barclays increased their price objective on Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a report on Tuesday, July 30th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a report on Tuesday, July 30th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $18.50.

View Our Latest Stock Report on HLIT

Harmonic Stock Up 0.3 %

Shares of NASDAQ HLIT traded up $0.04 during trading on Monday, reaching $14.82. The company had a trading volume of 2,557,987 shares, compared to its average volume of 1,494,908. Harmonic has a 12-month low of $9.10 and a 12-month high of $15.46. The stock has a market cap of $1.66 billion, a PE ratio of 24.70 and a beta of 0.87. The business’s 50-day moving average is $14.04 and its 200 day moving average is $12.55. The company has a quick ratio of 1.32, a current ratio of 1.87 and a debt-to-equity ratio of 0.30.

Harmonic (NASDAQ:HLIT – Get Free Report) last released its earnings results on Monday, July 29th. The communications equipment provider reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The firm had revenue of $138.70 million for the quarter, compared to analysts’ expectations of $133.67 million. During the same period in the prior year, the firm posted $0.07 earnings per share. The company’s quarterly revenue was down 11.1% on a year-over-year basis. As a group, equities analysts forecast that Harmonic will post 0.44 earnings per share for the current fiscal year.

Insider Activity at Harmonic

In related news, SVP Neven Haltmayer sold 40,000 shares of the stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total transaction of $576,400.00. Following the sale, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at $1,761,060.51. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.20% of the stock is currently owned by insiders.

Harmonic Company Profile

(Get Free Report)

Harmonic Inc, together with its subsidiaries, provides broadband solutions worldwide. The company operates through Broadband and Video segments. The Broadband segment sells broadband access solutions and related services, including cOS software-based broadband access solutions to broadband operators; and cOS central cloud services, a subscription service for cOS customers.

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