Harmonic (NASDAQ:HLIT) Updates FY24 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its FY24 earnings guidance on Monday morning. The company provided EPS guidance of $0.67-$0.73 for the period, compared to the consensus EPS estimate of $0.65. Harmonic also updated its FY 2024 guidance to 0.670-0.730 EPS.

Analysts Set New Price Targets

HLIT has been the subject of several recent research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research report on Tuesday, October 15th. 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, Barclays raised their price target on shares of Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a research note 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 stock. According to MarketBeat, Harmonic presently has a consensus rating of “Buy” and a consensus target price of $18.50.

Harmonic Stock Performance

HLIT opened at $14.82 on Tuesday. The business’s 50-day simple moving average is $14.06 and its 200 day simple moving average is $12.57. Harmonic has a 52-week low of $9.10 and a 52-week high of $15.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87. The firm has a market capitalization of $1.66 billion, a PE ratio of 24.70 and a beta of 0.87.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The company had revenue of $138.70 million for the quarter, compared to analysts’ expectations of $133.67 million. During the same quarter in the prior year, the business posted $0.07 EPS. The business’s revenue was down 11.1% compared to the same quarter last year. As a group, sell-side analysts expect that Harmonic will post 0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of the stock in a transaction 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 owns 122,211 shares in the company, valued at $1,761,060.51. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.20% of the stock is owned by corporate insiders.

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.