Harmonic (NASDAQ:HLIT) Issues Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Harmonic (NASDAQ:HLIT) released its quarterly earnings results on Monday. The communications equipment provider reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04, Briefing.com reports. The company had revenue of $138.70 million during the quarter, compared to analysts’ expectations of $133.67 million. Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The firm’s revenue was down 11.1% compared to the same quarter last year. During the same period last year, the business posted $0.07 earnings per share.

Harmonic Stock Performance

Harmonic stock traded up $2.22 during mid-day trading on Tuesday, hitting $13.97. The company had a trading volume of 2,868,073 shares, compared to its average volume of 1,689,083. 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 company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 24.72 and a beta of 0.89. The company’s fifty day moving average is $11.83 and its 200-day moving average is $12.01. Harmonic has a 12-month low of $8.80 and a 12-month high of $15.31.

Analyst Upgrades and Downgrades

HLIT has been the subject of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research note on Tuesday. Rosenblatt Securities reiterated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a report on Thursday, July 18th. Finally, Barclays lifted their price objective on shares of Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $18.80.

Insider Activity

In related news, SVP Ian Graham sold 52,730 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total transaction of $577,393.50. Following the sale, the senior vice president now owns 63,616 shares in the company, valued at $696,595.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.20% of the company’s stock.

About Harmonic

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.