Harmonic (NASDAQ:HLIT) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

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

Harmonic Stock Performance

NASDAQ HLIT opened at $11.10 on Wednesday. The stock has a market cap of $1.25 billion, a P/E ratio of 18.50 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 twelve month low of $9.10 and a twelve month high of $15.46. The company’s 50-day simple moving average is $14.06 and its 200 day simple moving average is $12.57.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Barclays reduced their price objective on 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 decreased their price target for the stock from $14.00 to $12.50 in a research report on Tuesday. Raymond James downgraded shares of Harmonic from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the stock from $17.00 to $14.00 in a report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Harmonic in a research note on Tuesday. Finally, Northland Securities lowered their price target on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.25.

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.