Harmonic (NASDAQ:HLIT) Releases FY24 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $0.67-$0.73 for the period, compared to the consensus EPS estimate of $0.65. Harmonic also updated its Q4 guidance to $0.33-$0.39 EPS.

Harmonic Stock Performance

Shares of HLIT traded up $0.04 during midday trading on Monday, hitting $14.82. 2,372,389 shares of the stock traded hands, compared to its average volume of 1,494,016. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87. The business’s 50 day moving average price is $14.04 and its two-hundred day moving average price is $12.55. The firm has a market capitalization of $1.66 billion, a PE ratio of 25.22 and a beta of 0.87. Harmonic has a 1-year low of $9.10 and a 1-year high of $15.46.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The company had revenue of $138.70 million for the quarter, compared to the consensus estimate of $133.67 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. Harmonic’s revenue was down 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.07 EPS. Equities research analysts predict that Harmonic will post 0.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

HLIT has been the subject of a number of research analyst reports. Barclays increased their target price on Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Harmonic in a research note on Tuesday, October 15th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Harmonic in a report on Tuesday, July 30th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $18.50.

Insider Buying and Selling at Harmonic

In other news, SVP Neven Haltmayer sold 40,000 shares of Harmonic stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total transaction of $576,400.00. Following the transaction, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at $1,761,060.51. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate 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.