Harmonic (NASDAQ:HLIT) Issues Earnings Results, Beats Expectations By $0.09 EPS

Harmonic (NASDAQ:HLIT) issued its earnings results on Monday. The communications equipment provider reported $0.26 EPS for the quarter, topping the consensus estimate of $0.17 by $0.09, Briefing.com reports. The business had revenue of $195.80 million during the quarter, compared to the consensus estimate of $181.77 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The firm’s revenue was up 53.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.05) EPS.

Harmonic Trading Down 3.4 %

Harmonic stock traded down $0.39 during mid-day trading on Thursday, hitting $11.19. The company’s stock had a trading volume of 348,176 shares, compared to its average volume of 1,523,682. The stock has a market cap of $1.26 billion, a PE ratio of 19.30 and a beta of 0.87. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87. Harmonic has a one year low of $9.10 and a one year high of $15.46. The company has a 50 day moving average of $14.00 and a 200-day moving average of $12.58.

Analysts Set New Price Targets

Several research firms recently commented on HLIT. Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and reduced their target price for the company from $14.00 to $12.50 in a report on Tuesday. Northland Securities reduced their price objective on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Tuesday. Barclays lowered their target price on Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday. Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their target price for the company from $17.00 to $14.00 in a report on Tuesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $15.25.

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.