Harmonic (NASDAQ:HLIT) Posts Earnings Results, Misses Expectations By $0.04 EPS

Harmonic (NASDAQ:HLIT) announced its quarterly earnings data on Monday. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04), Zacks reports. The business had revenue of $122.06 million during the quarter, compared to the consensus estimate of $121.70 million. Harmonic had a return on equity of 4.71% and a net margin of 13.82%. The company’s revenue was down 22.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.06 earnings per share.

Harmonic Trading Up 2.2 %

Shares of HLIT opened at $9.40 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.21 and a quick ratio of 0.91. Harmonic has a 1 year low of $8.80 and a 1 year high of $18.43. The company has a 50 day simple moving average of $12.17 and a two-hundred day simple moving average of $11.77. The firm has a market cap of $1.05 billion, a P/E ratio of 13.24 and a beta of 0.84.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on HLIT shares. Raymond James lowered their price target on shares of Harmonic from $19.00 to $18.00 and set a “strong-buy” rating for the company in a report on Tuesday, January 30th. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research report on Tuesday. StockNews.com raised shares of Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, February 28th. TheStreet raised shares of Harmonic from a “c” rating to a “b” rating in a research report on Monday, January 29th. Finally, Rosenblatt Securities reduced their price objective on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, January 30th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Harmonic presently has a consensus rating of “Buy” and an average target price of $17.20.

Insider Buying and Selling at Harmonic

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