Harmonic (NASDAQ:HLIT) Announces Quarterly Earnings Results

Harmonic (NASDAQ:HLIT) posted its quarterly earnings data on Sunday. The communications equipment provider reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01, MarketWatch Earnings reports. Harmonic had a negative net margin of 10.06% and a negative return on equity of 7.13%. The company had revenue of $111.60 million during the quarter, compared to analyst estimates of $103.11 million. During the same period in the previous year, the firm earned ($0.10) earnings per share. Harmonic’s quarterly revenue was up 42.3% compared to the same quarter last year.

NASDAQ HLIT traded down $1.06 during trading hours on Tuesday, reaching $7.05. The stock had a trading volume of 2,241,552 shares, compared to its average volume of 679,903. The stock has a fifty day moving average of $8.04 and a 200 day moving average of $7.46. The stock has a market cap of $712.66 million, a P/E ratio of -18.08, a price-to-earnings-growth ratio of 2.32 and a beta of 0.83. Harmonic has a 52-week low of $4.49 and a 52-week high of $9.20. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.22 and a current ratio of 1.47.

In related news, SVP Neven Haltmayer sold 80,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 14th. The stock was sold at an average price of $9.00, for a total value of $720,000.00. Following the sale, the senior vice president now owns 240,789 shares in the company, valued at $2,167,101. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Ian Graham sold 7,834 shares of the company’s stock in a transaction that occurred on Wednesday, February 3rd. The shares were sold at an average price of $7.66, for a total value of $60,008.44. Following the completion of the sale, the senior vice president now owns 66,142 shares in the company, valued at approximately $506,647.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 328,265 shares of company stock worth $2,688,322. 4.10% of the stock is owned by insiders.

Several research firms have recently weighed in on HLIT. Needham & Company LLC lifted their target price on Harmonic from $9.00 to $9.50 and gave the stock a “buy” rating in a research report on Tuesday, February 2nd. Raymond James upgraded shares of Harmonic to a “buy” rating in a report on Wednesday, February 3rd. Colliers Securities reiterated a “buy” rating and issued a $11.00 target price on shares of Harmonic in a report on Monday, March 8th. Zacks Investment Research upgraded Harmonic from a “sell” rating to a “hold” rating in a research note on Wednesday, March 24th. Finally, Barclays boosted their price target on Harmonic from $7.00 to $8.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 14th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Harmonic currently has a consensus rating of “Buy” and a consensus target price of $8.71.

About Harmonic

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. Its products enable customers to create, prepare, store, playout, and deliver a range of broadcast and streaming video services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

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Earnings History for Harmonic (NASDAQ:HLIT)

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