Harmonic (NASDAQ:HLIT) Releases FY24 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.56-0.75 for the period, compared to the consensus estimate of $0.59. The company issued revenue guidance of $645-695 million, compared to the consensus revenue estimate of $655.92 million. Harmonic also updated its FY 2024 guidance to 0.560-0.750 EPS.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Barclays lifted their price objective on Harmonic from $14.00 to $20.00 and gave the stock an overweight rating in a research note on Tuesday. Rosenblatt Securities restated a buy rating and issued a $18.00 target price on shares of Harmonic in a report on Thursday, July 18th. Finally, Needham & Company LLC reiterated a buy rating and issued a $18.00 price target on shares of Harmonic in a research report on Tuesday. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Harmonic currently has a consensus rating of Buy and a consensus price target of $18.80.

Harmonic Trading Down 3.1 %

Shares of HLIT traded down $0.46 during mid-day trading on Thursday, reaching $14.20. 608,625 shares of the company’s stock traded hands, compared to its average volume of 1,719,106. Harmonic has a 12 month low of $8.80 and a 12 month high of $15.31. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.87 and a quick ratio of 0.78. The stock has a market cap of $1.59 billion, a P/E ratio of 24.12 and a beta of 0.89. The stock’s 50-day moving average is $11.94 and its two-hundred day moving average is $12.04.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. The company had revenue of $138.70 million during the quarter, compared to analysts’ expectations of $133.67 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The firm’s quarterly revenue was down 11.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.07 EPS. Research analysts forecast that Harmonic will post 0.36 earnings per share for the current fiscal year.

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.