Harmonic (NASDAQ:HLIT) Updates FY 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 0.510-0.710 for the period, compared to the consensus earnings per share estimate of 0.560. The company issued revenue guidance of -. Harmonic also updated its FY24 guidance to $0.51-0.71 EPS.

Analyst Ratings Changes

HLIT has been the topic of several research reports. TheStreet raised Harmonic from a c rating to a b rating in a research report on Monday, January 29th. Raymond James dropped their price target on shares of Harmonic from $19.00 to $18.00 and set a strong-buy rating on the stock in a research note on Tuesday, January 30th. StockNews.com raised Harmonic from a sell rating to a hold rating in a report on Wednesday, February 28th. Rosenblatt Securities reduced their price objective on Harmonic from $18.00 to $16.00 and set a buy rating for the company in a report on Tuesday, January 30th. Finally, Needham & Company LLC reaffirmed a buy rating and set a $18.00 price target on shares of Harmonic in a report on Wednesday, April 17th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Buy and an average target price of $17.20.

Harmonic Stock Performance

HLIT traded up $0.20 during midday trading on Monday, reaching $9.40. The company had a trading volume of 2,342,490 shares, compared to its average volume of 2,028,024. The business has a 50-day moving average of $12.25 and a two-hundred day moving average of $11.78. The company has a quick ratio of 0.91, a current ratio of 1.21 and a debt-to-equity ratio of 0.02. Harmonic has a 1 year low of $8.80 and a 1 year high of $18.43. The company has a market cap of $1.05 billion, a P/E ratio of 13.34 and a beta of 0.84.

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

Insider Transactions at Harmonic

In related news, SVP Neven Haltmayer sold 10,558 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $13.11, for a total value of $138,415.38. Following the completion of the transaction, the senior vice president now owns 171,306 shares of the company’s stock, valued at approximately $2,245,821.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Nimrod Ben-Natan sold 100,000 shares of Harmonic stock in a transaction that occurred 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 sale, the senior vice president now owns 302,214 shares in the company, valued at $3,901,582.74. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Neven Haltmayer sold 10,558 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $13.11, for a total transaction of $138,415.38. Following the transaction, the senior vice president now owns 171,306 shares of the company’s stock, valued at approximately $2,245,821.66. The disclosure for this sale can be found here. Insiders sold a total of 150,000 shares of company stock valued at $1,917,122 over the last three months. 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.