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

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

Harmonic Stock Up 21.3 %

Shares of HLIT opened at $11.40 on Tuesday. The company has a market capitalization of $1.28 billion, a PE ratio of 13.24 and a beta of 0.84. The stock’s 50-day moving average price is $12.17 and its two-hundred day moving average price is $11.77. The company has a current ratio of 1.21, a quick ratio of 0.91 and a debt-to-equity ratio of 0.02. Harmonic has a 12 month low of $8.80 and a 12 month high of $18.43.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research report on Tuesday. Raymond James decreased their price target on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, January 30th. TheStreet upgraded Harmonic from a “c” rating to a “b” rating in a research report on Monday, January 29th. Rosenblatt Securities decreased their target price on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Tuesday, January 30th. Finally, StockNews.com upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, February 28th. One investment 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. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $17.20.

Insider Activity

In other Harmonic news, SVP Neven Haltmayer sold 24,695 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $11.58, for a total transaction of $285,968.10. Following the completion of the transaction, the senior vice president now owns 181,864 shares in the company, valued at approximately $2,105,985.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, SVP Nimrod Ben-Natan sold 100,000 shares of Harmonic stock in a transaction dated 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 directly owns 302,214 shares of the company’s stock, valued at approximately $3,901,582.74. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Neven Haltmayer sold 24,695 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $11.58, for a total value of $285,968.10. Following the sale, the senior vice president now owns 181,864 shares in the company, valued at approximately $2,105,985.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 150,000 shares of company stock valued at $1,917,122. Company insiders own 2.20% of the company’s stock.

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.