Harmonic (NASDAQ:HLIT) Issues FY 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its FY 2024 earnings guidance on Monday. The company provided EPS guidance of 0.560-0.750 for the period, compared to the consensus EPS estimate of 0.590. The company issued revenue guidance of $645.0 million-$695.0 million, compared to the consensus revenue estimate of $658.9 million. Harmonic also updated its FY24 guidance to $0.56-0.75 EPS.

Analyst Ratings Changes

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

Harmonic Stock Down 1.6 %

Shares of NASDAQ HLIT traded down $0.23 during midday trading on Thursday, reaching $14.43. 1,146,649 shares of the company’s stock were exchanged, compared to its average volume of 1,721,466. Harmonic has a 52-week low of $8.80 and a 52-week high of $15.31. The stock has a market capitalization of $1.62 billion, a PE ratio of 24.12 and a beta of 0.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.78 and a current ratio of 1.87. The business’s fifty day moving average price is $11.94 and its two-hundred day moving average price is $12.04.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (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 business had revenue of $138.70 million for the quarter, compared to analyst estimates of $133.67 million. During the same period in the previous year, the company earned $0.07 earnings per share. The company’s revenue for the quarter was down 11.1% compared to the same quarter last year. Analysts forecast that Harmonic will post 0.36 EPS for the current 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.