Harmonic (NASDAQ:HLIT) Issues FY 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 0.560-0.750 for the period, compared to the consensus estimate of 0.590. The company issued revenue guidance of $645.0 million-$695.0 million, compared to the consensus revenue estimate of $658.9 million. Harmonic also updated its FY24 guidance to $0.56-0.75 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Needham & Company LLC reiterated a buy rating and set a $18.00 price objective on shares of Harmonic in a research report on Monday, June 17th. Rosenblatt Securities restated a buy rating and issued a $18.00 price target on shares of Harmonic in a report on Thursday, July 18th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Buy and an average target price of $17.60.

Harmonic Stock Down 2.4 %

Shares of HLIT traded down $0.29 during trading hours on Monday, reaching $11.75. 1,958,633 shares of the stock traded hands, compared to its average volume of 1,679,940. The company has a current ratio of 1.09, a quick ratio of 0.78 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $11.83 and a 200 day simple moving average of $12.01. Harmonic has a 52 week low of $8.80 and a 52 week high of $15.07. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 19.58 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). The firm had revenue of $122.06 million for the quarter, compared to the consensus estimate of $121.70 million. Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The firm’s revenue for the quarter was down 22.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.06 earnings per share. On average, equities analysts forecast that Harmonic will post 0.36 EPS for the current year.

Insiders Place Their Bets

In other Harmonic news, SVP Ian Graham sold 52,730 shares of Harmonic stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total value of $577,393.50. Following the sale, the senior vice president now owns 63,616 shares of the company’s stock, valued at $696,595.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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.