Harmonic (NASDAQ:HLIT) Announces Earnings Results

Harmonic (NASDAQ:HLIT) announced its earnings results on Monday. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.09, Briefing.com reports. The business had revenue of $195.80 million for the quarter, compared to analysts’ expectations of $181.77 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The business’s revenue for the quarter was up 53.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.05) EPS.

Harmonic Stock Performance

Shares of NASDAQ:HLIT traded down $0.39 during trading on Thursday, hitting $11.19. The stock had a trading volume of 348,176 shares, compared to its average volume of 1,523,682. The stock has a 50-day simple moving average of $14.00 and a two-hundred day simple moving average of $12.58. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 19.30 and a beta of 0.87. The company has a quick ratio of 1.32, a current ratio of 1.87 and a debt-to-equity ratio of 0.30. Harmonic has a 12-month low of $9.10 and a 12-month high of $15.46.

Analysts Set New Price Targets

Several research firms have issued reports on HLIT. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research note on Tuesday. Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and cut their price objective for the stock from $17.00 to $14.00 in a research report on Tuesday. Barclays decreased their target price on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday. Jefferies Financial Group lowered shares of Harmonic from a “buy” rating to a “hold” rating and cut their price target for the stock from $14.00 to $12.50 in a report on Tuesday. Finally, Rosenblatt Securities decreased their price objective on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.25.

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.