Harmonic (NASDAQ:HLIT) Issues Earnings Results

Harmonic (NASDAQ:HLIT) posted its earnings results on Monday. The communications equipment provider reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.04), Zacks reports. The business had revenue of $122.06 million during the quarter, compared to the consensus estimate of $121.70 million. Harmonic had a return on equity of 4.71% and a net margin of 13.82%. The business’s revenue was down 22.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.06 earnings per share.

Harmonic Stock Performance

Shares of NASDAQ HLIT opened at $9.40 on Tuesday. Harmonic has a 12 month low of $8.80 and a 12 month high of $18.43. The company has a market cap of $1.05 billion, a P/E ratio of 13.24 and a beta of 0.84. The business’s 50 day moving average is $12.17 and its two-hundred day moving average is $11.77. The company has a quick ratio of 0.91, a current ratio of 1.21 and a debt-to-equity ratio of 0.02.

Analyst Ratings Changes

A number of brokerages recently issued reports on HLIT. TheStreet upgraded shares of Harmonic from a “c” rating to a “b” rating in a report on Monday, January 29th. StockNews.com raised Harmonic from a “sell” rating to a “hold” rating in a research note on Wednesday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday. Raymond James lowered their price target on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a report on Tuesday, January 30th. Finally, Rosenblatt Securities reduced their price objective on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, January 30th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $17.20.

Insider Activity

In other news, SVP Nimrod Ben-Natan sold 100,000 shares of the firm’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $12.91, for a total value of $1,291,000.00. Following the sale, the senior vice president now owns 302,214 shares in the company, valued at $3,901,582.74. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, SVP Nimrod Ben-Natan sold 100,000 shares of the stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $12.91, for a total value of $1,291,000.00. Following the completion of the sale, the senior vice president now owns 302,214 shares in the company, valued at $3,901,582.74. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Neven Haltmayer sold 10,558 shares of Harmonic stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $13.11, for a total value of $138,415.38. Following the sale, the senior vice president now directly owns 171,306 shares in the company, valued at $2,245,821.66. The disclosure for this sale can be found here. Over the last three months, insiders sold 150,000 shares of company stock valued at $1,917,122. 2.20% of the stock is owned by company 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.