Harmonic (NASDAQ:HLIT) Updates FY 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 0.670-0.730 for the period, compared to the consensus earnings per share estimate of 0.650. The company issued revenue guidance of $662.0 million-$677.0 million, compared to the consensus revenue estimate of $663.4 million. Harmonic also updated its FY24 guidance to $0.67-$0.73 EPS.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Raymond James lowered shares of Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the stock from $17.00 to $14.00 in a research note on Tuesday. Barclays decreased their price objective on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday. Rosenblatt Securities cut their target price on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday. Jefferies Financial Group downgraded shares of Harmonic from a “buy” rating to a “hold” rating and cut their target price for the stock from $14.00 to $12.50 in a research report on Tuesday. Finally, Northland Securities cut their price target on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.25.

Harmonic Trading Up 3.4 %

Shares of HLIT traded up $0.38 during trading hours on Wednesday, hitting $11.48. 1,113,956 shares of the stock traded hands, compared to its average volume of 1,521,615. The firm has a market capitalization of $1.29 billion, a PE ratio of 18.72 and a beta of 0.87. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. Harmonic has a 1-year low of $9.10 and a 1-year high of $15.46. The business has a fifty day moving average of $14.00 and a 200-day moving average of $12.58.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.09. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The business had revenue of $195.80 million for the quarter, compared to analysts’ expectations of $181.77 million. During the same quarter in the previous year, the business posted ($0.05) EPS. Harmonic’s revenue for the quarter was up 53.9% on a year-over-year basis. Analysts expect that Harmonic will post 0.44 EPS for the current year.

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.