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

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

Harmonic Stock Performance

NASDAQ:HLIT opened at $10.41 on Tuesday. Harmonic has a twelve month low of $9.10 and a twelve month high of $15.46. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 24.70 and a beta of 0.87. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. The firm’s fifty day simple moving average is $14.06 and its 200 day simple moving average is $12.57.

Wall Street Analyst Weigh In

HLIT has been the topic of several research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Tuesday. Northland Securities decreased their price target on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Tuesday. Barclays lowered their price objective on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Tuesday, October 15th. Finally, Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and lowered their price target for the company from $17.00 to $14.00 in a research report on Tuesday. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.20.

Insider Buying and Selling at Harmonic

In other news, SVP Neven Haltmayer sold 40,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $14.41, for a total value of $576,400.00. Following the completion of the sale, the senior vice president now owns 122,211 shares of the company’s stock, valued at $1,761,060.51. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

Harmonic Company Profile

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.