Harmonic (NASDAQ:HLIT) Issues FY 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided EPS guidance of 0.510-0.710 for the period, compared to the consensus EPS estimate of 0.560. The company issued revenue guidance of -. Harmonic also updated its FY24 guidance to $0.51-0.71 EPS.

Harmonic Stock Performance

HLIT traded up $1.45 during midday trading on Tuesday, reaching $10.85. The company’s stock had a trading volume of 4,074,348 shares, compared to its average volume of 2,050,878. The company has a current ratio of 1.21, a quick ratio of 0.91 and a debt-to-equity ratio of 0.02. The company has a fifty day simple moving average of $12.17 and a 200 day simple moving average of $11.77. Harmonic has a twelve month low of $8.80 and a twelve month high of $18.43. The stock has a market cap of $1.21 billion, a P/E ratio of 15.63 and a beta of 0.84.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The business had revenue of $122.06 million during the quarter, compared to analyst estimates of $121.70 million. Harmonic had a return on equity of 4.71% and a net margin of 13.82%. The firm’s revenue was down 22.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.06 earnings per share. Research analysts expect that Harmonic will post 0.32 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on HLIT. StockNews.com raised Harmonic from a sell rating to a hold rating in a research note on Wednesday, February 28th. Raymond James reduced their price target on Harmonic from $19.00 to $18.00 and set a strong-buy rating for the company in a research report on Tuesday, January 30th. Needham & Company LLC reissued a buy rating and issued a $18.00 price objective on shares of Harmonic in a report on Tuesday. TheStreet raised Harmonic from a c rating to a b rating in a report on Monday, January 29th. Finally, Rosenblatt Securities cut their price target on Harmonic from $18.00 to $16.00 and set a buy rating for the company in a report on Tuesday, January 30th. One 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. Based on data from MarketBeat.com, the stock has an average rating of Buy and an average target price of $17.20.

Insiders Place Their Bets

In other news, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the completion of the sale, the senior vice president now owns 302,214 shares in the company, valued at $3,901,582.74. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, SVP Neven Haltmayer sold 10,558 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $13.11, for a total transaction of $138,415.38. Following the completion of the sale, the senior vice president now owns 171,306 shares in the company, valued at $2,245,821.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the company’s stock in a transaction on Monday, February 5th. The stock was sold at an average price of $12.91, for a total value of $1,291,000.00. Following the sale, the senior vice president now owns 302,214 shares of the company’s stock, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. Over the last three months, insiders sold 150,000 shares of company stock worth $1,917,122. 2.20% of the stock is 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.