Harmonic (NASDAQ:HLIT) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Harmonic (NASDAQ:HLITGet Free Report) posted its quarterly earnings results on Monday. The communications equipment provider reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.09, Briefing.com reports. The company had revenue of $195.80 million during the quarter, compared to the consensus estimate of $181.77 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The firm’s quarterly revenue was up 53.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.05) EPS.

Harmonic Price Performance

Shares of NASDAQ HLIT traded up $0.48 during trading hours on Wednesday, reaching $11.58. 2,723,442 shares of the stock traded hands, compared to its average volume of 1,528,110. The company has a market capitalization of $1.30 billion, a P/E ratio of 19.30 and a beta of 0.87. The company has a quick ratio of 1.32, a current ratio of 1.87 and a debt-to-equity ratio of 0.30. Harmonic has a 52-week low of $9.10 and a 52-week high of $15.46. The company’s 50-day simple moving average is $14.00 and its two-hundred day simple moving average is $12.58.

Analyst Ratings Changes

HLIT has been the subject of several research reports. Barclays cut their price target on Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Harmonic in a report on Tuesday. Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the stock from $17.00 to $14.00 in a report on Tuesday. Rosenblatt Securities dropped their price objective on Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $14.00 to $12.50 in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Harmonic presently has a consensus rating of “Moderate Buy” and an average target price of $15.25.

Read Our Latest Report on HLIT

About Harmonic

(Get Free Report)

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.

See Also

Earnings History for Harmonic (NASDAQ:HLIT)

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