Harmonic (NASDAQ:HLIT) Posts Earnings Results, Beats Estimates By $0.04 EPS

Harmonic (NASDAQ:HLIT) issued its quarterly earnings results on Monday. The communications equipment provider reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04, Briefing.com reports. 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 quarter in the prior year, the firm earned $0.07 EPS. The business’s revenue for the quarter was down 11.1% compared to the same quarter last year.

Harmonic Stock Performance

NASDAQ:HLIT opened at $14.24 on Wednesday. The business’s 50-day moving average price is $11.88 and its two-hundred day moving average price is $12.03. Harmonic has a twelve month low of $8.80 and a twelve month high of $15.31. The stock has a market cap of $1.60 billion, a P/E ratio of 23.73 and a beta of 0.89. The company has a quick ratio of 0.78, a current ratio of 1.09 and a debt-to-equity ratio of 0.03.

Insider Buying and Selling at Harmonic

In other Harmonic news, SVP Ian Graham sold 52,730 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total value of $577,393.50. Following the sale, the senior vice president now owns 63,616 shares of the company’s stock, valued at approximately $696,595.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.20% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on HLIT. Barclays upped their price target on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Harmonic in a report on Tuesday. Finally, Rosenblatt Securities reissued a “buy” rating and set a $18.00 price objective on shares of Harmonic in a report on Thursday, July 18th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $18.80.

About Harmonic

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.