Harmonic (NASDAQ:HLIT) Issues Quarterly Earnings Results

Harmonic (NASDAQ:HLIT) issued its earnings results on Monday. The communications equipment provider reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04, Briefing.com reports. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The firm had revenue of $138.70 million for the quarter, compared to analyst estimates of $133.67 million. During the same period last year, the company earned $0.07 earnings per share. The firm’s revenue for the quarter was down 11.1% on a year-over-year basis.

Harmonic Price Performance

Shares of Harmonic stock opened at $14.24 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 0.78 and a debt-to-equity ratio of 0.03. The company’s 50-day moving average price is $11.88 and its two-hundred day moving average price is $12.03. Harmonic has a 52 week low of $8.80 and a 52 week high of $15.31. The stock has a market cap of $1.60 billion, a PE ratio of 23.73 and a beta of 0.89.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on HLIT shares. Rosenblatt Securities restated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note on Thursday, July 18th. Barclays lifted their price objective on shares of Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note on Tuesday. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $18.80.

Insiders Place Their Bets

In other Harmonic news, SVP Ian Graham sold 52,730 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total value of $577,393.50. Following the sale, the senior vice president now directly owns 63,616 shares in the company, valued at $696,595.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.20% of the stock is owned by company 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.