Harmonic (NASDAQ:HLIT) Issues FY24 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $0.56-0.75 for the period, compared to the consensus EPS estimate of $0.59. The company issued revenue guidance of $645-695 million, compared to the consensus revenue estimate of $655.92 million. Harmonic also updated its FY 2024 guidance to 0.560-0.750 EPS.

Analyst Ratings Changes

A number of brokerages have commented on HLIT. Needham & Company LLC restated a buy rating and set a $18.00 price objective on shares of Harmonic in a research report on Monday, June 17th. Rosenblatt Securities reaffirmed a buy rating and set a $18.00 price objective on shares of Harmonic in a research report on Thursday, July 18th. 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 has an average rating of Buy and a consensus target price of $17.60.

Harmonic Stock Down 2.4 %

Shares of Harmonic stock traded down $0.29 during trading on Monday, hitting $11.75. 1,823,047 shares of the stock traded hands, compared to its average volume of 1,679,940. The stock has a market cap of $1.32 billion, a P/E ratio of 19.58 and a beta of 0.89. The company has a fifty day moving average price of $11.83 and a two-hundred day moving average price of $12.02. Harmonic has a twelve month low of $8.80 and a twelve month high of $15.07. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.78 and a current ratio of 1.09.

Harmonic (NASDAQ:HLIT) last issued its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The business 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%. Harmonic’s revenue was down 22.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.06 EPS. Equities research analysts predict that Harmonic will post 0.36 EPS for the current fiscal year.

Insider Activity

In other Harmonic news, SVP Ian Graham sold 52,730 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total value of $577,393.50. Following the completion of 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 Securities & Exchange Commission, which is available through this link. 2.20% of the stock is owned by insiders.

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.