Harmonic (NASDAQ:HLIT) Updates FY 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 0.670-0.730 for the period, compared to the consensus earnings per share estimate of 0.650. The company issued revenue guidance of $662.0 million-$677.0 million, compared to the consensus revenue estimate of $663.4 million. Harmonic also updated its FY24 guidance to $0.67-$0.73 EPS.

Wall Street Analyst Weigh In

A number of research firms have issued reports on HLIT. Barclays upped their target price on shares of Harmonic from $14.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. Rosenblatt Securities restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday, October 15th. Finally, Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $18.50.

Harmonic Trading Up 0.3 %

Shares of NASDAQ:HLIT traded up $0.04 during mid-day trading on Monday, reaching $14.82. The stock had a trading volume of 2,631,115 shares, compared to its average volume of 1,494,908. The firm has a market cap of $1.66 billion, a PE ratio of 24.70 and a beta of 0.87. The firm has a 50 day simple moving average of $14.06 and a two-hundred day simple moving average of $12.57. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. Harmonic has a twelve month low of $9.10 and a twelve month high of $15.46.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $138.70 million for the quarter, compared to the consensus estimate of $133.67 million. Harmonic had a net margin of 10.22% and a return on equity of 0.27%. Harmonic’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same period last year, the company posted $0.07 EPS. On average, research analysts predict that Harmonic will post 0.44 EPS for the current fiscal year.

Insider Activity at Harmonic

In related 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 sale, the senior vice president now directly owns 122,211 shares in the company, valued at $1,761,060.51. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.20% of the stock is currently owned by corporate insiders.

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.