Brokerages Anticipate Harmonic Inc (HLIT) Will Post Quarterly Sales of $96.47 Million

Wall Street brokerages expect Harmonic Inc (NASDAQ:HLIT) to announce sales of $96.47 million for the current quarter, according to Zacks. Three analysts have made estimates for Harmonic’s earnings. The highest sales estimate is $97.30 million and the lowest is $95.60 million. Harmonic posted sales of $113.10 million during the same quarter last year, which indicates a negative year-over-year growth rate of 14.7%. The firm is expected to issue its next earnings report on Tuesday, February 27th.

According to Zacks, analysts expect that Harmonic will report full year sales of $96.47 million for the current financial year, with estimates ranging from $343.38 million to $355.10 million. For the next year, analysts expect that the business will report sales of $404.03 million per share, with estimates ranging from $390.00 million to $425.00 million. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Harmonic.

Harmonic (NASDAQ:HLIT) last released its earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.07. The firm had revenue of $92.00 million during the quarter, compared to analysts’ expectations of $85.63 million. Harmonic had a negative net margin of 22.02% and a negative return on equity of 13.06%. Harmonic’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same period in the previous year, the company earned ($0.01) EPS.

Several analysts have recently issued reports on the stock. Northland Securities set a $6.00 price objective on shares of Harmonic and gave the company a “buy” rating in a research note on Tuesday, October 17th. Zacks Investment Research cut shares of Harmonic from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. Dougherty & Co reissued a “buy” rating and set a $6.50 price objective on shares of Harmonic in a research note on Monday, October 23rd. BidaskClub raised shares of Harmonic from a “sell” rating to a “hold” rating in a research note on Tuesday, December 12th. Finally, ValuEngine raised shares of Harmonic from a “sell” rating to a “hold” rating in a research note on Friday, December 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Harmonic presently has an average rating of “Hold” and a consensus target price of $5.06.

In other news, insider Neven Haltmayer sold 8,311 shares of the company’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $3.81, for a total value of $31,664.91. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Bart Spriester sold 8,004 shares of the company’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $3.81, for a total transaction of $30,495.24. The disclosure for this sale can be found here. Insiders sold a total of 25,933 shares of company stock worth $98,389 in the last quarter. 5.53% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its position in shares of Harmonic by 0.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,629,442 shares of the communications equipment provider’s stock valued at $34,805,000 after buying an additional 58,240 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Harmonic by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock valued at $30,470,000 after buying an additional 203,002 shares during the last quarter. Epoch Investment Partners Inc. grew its position in shares of Harmonic by 1.0% during the 2nd quarter. Epoch Investment Partners Inc. now owns 5,012,838 shares of the communications equipment provider’s stock valued at $26,317,000 after buying an additional 52,062 shares during the last quarter. State Street Corp grew its position in shares of Harmonic by 7.0% during the 2nd quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock valued at $10,303,000 after buying an additional 129,086 shares during the last quarter. Finally, Royce & Associates LP grew its position in shares of Harmonic by 3.0% during the 3rd quarter. Royce & Associates LP now owns 1,205,499 shares of the communications equipment provider’s stock valued at $3,677,000 after buying an additional 35,000 shares during the last quarter. 95.98% of the stock is owned by institutional investors and hedge funds.

Shares of Harmonic (NASDAQ HLIT) opened at $3.85 on Thursday. The company has a market cap of $312.90, a P/E ratio of -3.77 and a beta of 1.05. The company has a quick ratio of 0.99, a current ratio of 1.20 and a debt-to-equity ratio of 0.56. Harmonic has a 12 month low of $2.80 and a 12 month high of $6.18.

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About Harmonic

Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.

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