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

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

Harmonic Stock Up 18.7 %

Harmonic stock traded up $2.20 during trading hours on Tuesday, reaching $13.95. The stock had a trading volume of 3,194,938 shares, compared to its average volume of 1,691,338. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.09 and a quick ratio of 0.78. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 24.72 and a beta of 0.89. The business’s 50 day moving average price is $11.83 and its 200-day moving average price is $12.01. Harmonic has a 52 week low of $8.80 and a 52 week high of $15.31.

Analysts Set New Price Targets

Several analysts have recently weighed in on HLIT shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 price target on shares of Harmonic in a research note on Thursday, July 18th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a report on Tuesday. Finally, Barclays increased their price target on Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a research report on Tuesday. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $18.80.

Insider Activity

In other Harmonic news, SVP Ian Graham sold 52,730 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total value of $577,393.50. Following the completion of the sale, the senior vice president now owns 63,616 shares of the company’s stock, valued at $696,595.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company 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.