Harmonic (NASDAQ:HLIT) Issues FY24 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $0.51-0.71 for the period, compared to the consensus estimate of $0.56. The company issued revenue guidance of $645-695 million, compared to the consensus revenue estimate of $666.65 million. Harmonic also updated its FY 2024 guidance to 0.510-0.710 EPS.

Analysts Set New Price Targets

HLIT has been the topic of a number of analyst reports. StockNews.com upgraded shares of Harmonic from a sell rating to a hold rating in a report on Wednesday, February 28th. Rosenblatt Securities decreased their target price on Harmonic from $18.00 to $16.00 and set a buy rating for the company in a research report on Tuesday, January 30th. Needham & Company LLC reiterated a buy rating and set a $18.00 target price on shares of Harmonic in a research note on Wednesday, April 17th. TheStreet raised Harmonic from a c rating to a b rating in a research note on Monday, January 29th. Finally, Raymond James decreased their price target on Harmonic from $19.00 to $18.00 and set a strong-buy rating for the company in a report on Tuesday, January 30th. One 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 company has a consensus rating of Buy and a consensus target price of $17.20.

Harmonic Trading Up 2.2 %

HLIT traded up $0.20 during trading on Monday, hitting $9.40. The company’s stock had a trading volume of 2,342,490 shares, compared to its average volume of 2,028,024. The stock has a market cap of $1.05 billion, a PE ratio of 13.34 and a beta of 0.84. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.21 and a quick ratio of 0.91. Harmonic has a twelve month low of $8.80 and a twelve month high of $18.43. The firm’s 50 day moving average price is $12.25 and its 200-day moving average price is $11.78.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, January 29th. The communications equipment provider reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.03. Harmonic had a return on equity of 4.71% and a net margin of 13.82%. The company had revenue of $167.10 million for the quarter, compared to the consensus estimate of $158.98 million. During the same period last year, the business posted $0.12 EPS. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, analysts expect that Harmonic will post 0.32 earnings per share for the current year.

Insider Transactions at Harmonic

In other news, SVP Neven Haltmayer sold 14,747 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the completion of the transaction, the senior vice president now directly owns 156,559 shares in the company, valued at approximately $2,141,727.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, SVP Nimrod Ben-Natan sold 100,000 shares of the business’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the completion of the transaction, the senior vice president now owns 302,214 shares of the company’s stock, valued at $3,901,582.74. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Neven Haltmayer sold 14,747 shares of the business’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $13.68, for a total transaction of $201,738.96. Following the transaction, the senior vice president now directly owns 156,559 shares of the company’s stock, valued at $2,141,727.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 150,000 shares of company stock valued at $1,917,122. Corporate 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.