Harmonic (NASDAQ:HLIT) Releases FY22 Earnings Guidance

Harmonic (NASDAQ:HLITGet Rating) updated its FY22 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.34-$0.45 for the period, compared to the Thomson Reuters consensus estimate of $0.35. The company issued revenue guidance of $585-$625 million, compared to the consensus revenue estimate of $588.85 million.Harmonic also updated its Q2 guidance to $0.07-$0.11 EPS.

A number of research firms recently weighed in on HLIT. StockNews.com upgraded Harmonic from a hold rating to a buy rating in a report on Wednesday. Zacks Investment Research upgraded Harmonic from a sell rating to a hold rating in a report on Tuesday, April 5th. Colliers Securities restated a buy rating and issued a $15.00 price objective on shares of Harmonic in a report on Monday, February 28th. Barclays increased their price objective on Harmonic from $11.00 to $13.00 in a report on Tuesday. Finally, TheStreet cut shares of Harmonic from a b- rating to a c rating in a research report on Monday. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Harmonic presently has a consensus rating of Buy and a consensus price target of $13.83.

HLIT traded down $0.35 during trading on Thursday, reaching $9.42. 2,684 shares of the stock traded hands, compared to its average volume of 565,615. The company has a quick ratio of 1.12, a current ratio of 1.44 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $977.23 million, a PE ratio of 61.06 and a beta of 0.90. The stock’s 50-day moving average is $9.00 and its 200 day moving average is $9.97. Harmonic has a 12 month low of $6.69 and a 12 month high of $12.22.

Harmonic (NASDAQ:HLITGet Rating) last issued its quarterly earnings results on Monday, May 2nd. The communications equipment provider reported $0.08 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.11. Harmonic had a net margin of 3.29% and a return on equity of 6.76%. During the same quarter in the previous year, the company earned ($0.04) EPS. As a group, equities research analysts anticipate that Harmonic will post 0.13 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Harmonic by 1.6% in the 4th quarter. BlackRock Inc. now owns 15,932,632 shares of the communications equipment provider’s stock worth $187,366,000 after acquiring an additional 244,916 shares during the last quarter. Geode Capital Management LLC boosted its stake in Harmonic by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 1,749,338 shares of the communications equipment provider’s stock valued at $20,572,000 after purchasing an additional 94,538 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Harmonic by 15.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 992,664 shares of the communications equipment provider’s stock valued at $8,686,000 after purchasing an additional 131,775 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Harmonic by 137.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 830,152 shares of the communications equipment provider’s stock valued at $9,763,000 after purchasing an additional 481,268 shares during the last quarter. Finally, Morgan Stanley boosted its stake in Harmonic by 2.9% during the 2nd quarter. Morgan Stanley now owns 724,656 shares of the communications equipment provider’s stock valued at $6,174,000 after purchasing an additional 20,087 shares during the last quarter. 98.14% of the stock is currently owned by institutional investors.

About Harmonic (Get Rating)

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.

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Earnings History and Estimates for Harmonic (NASDAQ:HLIT)

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