Harmonic (NASDAQ:HLIT) Updates Q2 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its second quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.00-0.05 for the period, compared to the consensus estimate of $0.05. The company issued revenue guidance of $125-140 million, compared to the consensus revenue estimate of $139.53 million. Harmonic also updated its FY 2024 guidance to 0.510-0.710 EPS.

Harmonic Price Performance

Shares of NASDAQ:HLIT opened at $11.09 on Thursday. Harmonic has a 12 month low of $8.80 and a 12 month high of $18.43. The firm has a market capitalization of $1.24 billion, a P/E ratio of 18.48 and a beta of 0.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.09 and a quick ratio of 0.91. The company’s fifty day moving average price is $12.07 and its 200 day moving average price is $11.77.

Harmonic (NASDAQ:HLIT) last posted its earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The firm had revenue of $122.06 million for the quarter, compared to analyst estimates of $121.70 million. During the same quarter last year, the firm posted $0.06 EPS. The firm’s revenue for the quarter was down 22.6% on a year-over-year basis. As a group, sell-side analysts predict that Harmonic will post 0.32 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on HLIT shares. Needham & Company LLC reiterated a buy rating and set a $18.00 price target on shares of Harmonic in a research note on Tuesday. StockNews.com raised Harmonic from a sell rating to a hold rating in a report on Wednesday, February 28th. Raymond James reduced their price objective on Harmonic from $19.00 to $18.00 and set a strong-buy rating for the company in a research note on Tuesday, January 30th. TheStreet upgraded Harmonic from a c rating to a b rating in a research note 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 research note on Tuesday, January 30th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Harmonic currently has an average rating of Buy and an average price target of $17.20.

Insider Activity at Harmonic

In other Harmonic news, SVP Nimrod Ben-Natan sold 100,000 shares of the 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 completion of the transaction, the senior vice president now owns 302,214 shares in the company, valued at $3,901,582.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the sale, the senior vice president now 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 can be accessed through this link. Also, SVP Neven Haltmayer sold 14,747 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $13.68, for a total transaction of $201,738.96. Following the completion of the transaction, the senior vice president now directly owns 156,559 shares of the company’s stock, valued at $2,141,727.12. The disclosure for this sale can be found here. Insiders have sold a total of 125,305 shares of company stock worth $1,631,154 over the last three months. 2.20% of the stock is currently owned by corporate insiders.

About Harmonic

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.