Harmonic (NASDAQ:HLIT) Releases FY24 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share guidance of $0.51-0.71 for the period, compared to the consensus earnings per share estimate of $0.56. The company issued revenue guidance of $645-695 million, compared to the consensus revenue estimate of $666.65 million. Harmonic also updated its FY 2024 guidance to 0.510-0.710 EPS.

Analysts Set New Price Targets

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

Harmonic Price Performance

Shares of HLIT opened at $11.09 on Thursday. The firm has a market cap of $1.24 billion, a PE ratio of 18.48 and a beta of 0.90. Harmonic has a 52-week low of $8.80 and a 52-week high of $18.43. The business’s 50 day moving average price is $12.07 and its two-hundred day moving average price is $11.77. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.91 and a current ratio of 1.09.

Harmonic (NASDAQ:HLIT) last released its quarterly earnings data on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The company had revenue of $122.06 million during the quarter, compared to the consensus estimate of $121.70 million. Harmonic had a net margin of 12.37% and a return on equity of 1.35%. The business’s revenue was down 22.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.06 EPS. On average, equities analysts anticipate that Harmonic will post 0.32 EPS for the current year.

Insider Activity

In other news, SVP Neven Haltmayer sold 10,558 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $13.11, for a total transaction of $138,415.38. Following the transaction, the senior vice president now owns 171,306 shares of the company’s stock, valued at approximately $2,245,821.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Neven Haltmayer sold 10,558 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $13.11, for a total transaction of $138,415.38. Following the completion of the sale, the senior vice president now owns 171,306 shares in the company, valued at $2,245,821.66. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $12.91, for a total value of $1,291,000.00. Following the transaction, the senior vice president now directly owns 302,214 shares in the company, valued at $3,901,582.74. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 125,305 shares of company stock worth $1,631,154. Company insiders own 2.20% of the company’s stock.

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.