Harmonic (NASDAQ:HLIT – Get Free Report) updated its fourth quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $0.33-$0.39 for the period, compared to the consensus estimate of $0.35. Harmonic also updated its FY24 guidance to $0.67-$0.73 EPS.
Wall Street Analyst Weigh In
Several research firms recently issued reports on HLIT. Barclays upped their price target on shares of Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Harmonic in a research report on Tuesday, July 30th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research report on Tuesday, October 15th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $18.50.
Check Out Our Latest Stock Analysis on HLIT
Harmonic Price Performance
Harmonic (NASDAQ:HLIT – Get Free Report) last posted its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. The firm had revenue of $138.70 million for the quarter, compared to analysts’ expectations of $133.67 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. The company’s quarterly revenue was down 11.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.07 EPS. On average, equities analysts anticipate that Harmonic will post 0.44 earnings per share for the current year.
Insider Buying and Selling
In other news, SVP Neven Haltmayer sold 40,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total value of $576,400.00. Following the completion of the sale, the senior vice president now directly owns 122,211 shares of the company’s stock, valued at $1,761,060.51. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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.
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