Harmonic (NASDAQ:HLIT) Releases FY24 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $0.51-0.71 for the period, compared to the consensus estimate of $0.56. The company issued revenue guidance of $645-695 million, compared to the consensus revenue estimate of $666.65 million. Harmonic also updated its Q2 guidance to $0.00-0.05 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on HLIT shares. Raymond James cut 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. StockNews.com upgraded shares of Harmonic from a sell rating to a hold rating in a research report on Wednesday, February 28th. Needham & Company LLC reiterated a buy rating and issued a $18.00 price objective on shares of Harmonic in a report on Wednesday, April 17th. TheStreet raised Harmonic from a c rating to a b rating in a report on Monday, January 29th. Finally, Rosenblatt Securities lowered their price target on Harmonic from $18.00 to $16.00 and set a buy rating on the stock in a research note on Tuesday, January 30th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Harmonic currently has an average rating of Buy and a consensus price target of $17.20.

Harmonic Trading Up 2.2 %

HLIT traded up $0.20 during trading hours on Monday, reaching $9.40. The company’s stock had a trading volume of 2,336,639 shares, compared to its average volume of 2,027,902. The business’s 50-day moving average is $12.25 and its 200-day moving average is $11.78. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.21 and a quick ratio of 0.91. The stock has a market cap of $1.05 billion, a PE ratio of 13.34 and a beta of 0.84. Harmonic has a fifty-two week low of $8.80 and a fifty-two week high of $18.43.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, January 29th. The communications equipment provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.10 by $0.03. The business had revenue of $167.10 million for the quarter, compared to analyst estimates of $158.98 million. Harmonic had a return on equity of 4.71% and a net margin of 13.82%. The company’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 EPS. As a group, equities research analysts predict that Harmonic will post 0.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Harmonic

In other Harmonic news, SVP Neven Haltmayer sold 14,747 shares of Harmonic 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 sale, the senior vice president now directly owns 156,559 shares in the company, valued at $2,141,727.12. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Harmonic news, SVP Nimrod Ben-Natan sold 100,000 shares of the firm’s stock in a transaction that occurred 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 owns 302,214 shares of the company’s stock, valued at approximately $3,901,582.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Neven Haltmayer sold 14,747 shares of the business’s stock in a transaction on Friday, February 16th. The stock was 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 owns 156,559 shares of the company’s stock, valued at approximately $2,141,727.12. The disclosure for this sale can be found here. Insiders have sold 150,000 shares of company stock valued at $1,917,122 over the last 90 days. 2.20% of the stock is owned by 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.