Harmonic (NASDAQ:HLIT) Announces Quarterly Earnings Results

Harmonic (NASDAQ:HLIT - Get Free Report) posted its quarterly earnings data on Monday. The communications equipment provider reported $0.26 EPS for the quarter, beating the consensus estimate of $0.17 by $0.09, Briefing.com reports. The business had revenue of $195.80 million for 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%. Harmonic's revenue for the quarter was up 53.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.05) earnings per share.

Harmonic Price Performance

HLIT traded down $3.72 during trading on Tuesday, reaching $11.10. The stock had a trading volume of 7,260,338 shares, compared to its average volume of 1,523,462. The stock has a market cap of $1.25 billion, a PE ratio of 18.50 and a beta of 0.87. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.32 and a current ratio of 1.87. Harmonic has a one year low of $9.10 and a one year high of $15.46. The business has a 50-day moving average of $14.06 and a 200-day moving average of $12.57.

Insider Activity at Harmonic

In other Harmonic news, SVP Neven Haltmayer sold 40,000 shares of the company's stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $14.41, for a total transaction of $576,400.00. Following the completion of the sale, the senior vice president now directly owns 122,211 shares in the company, valued at $1,761,060.51. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on HLIT shares. Northland Securities dropped their target price on Harmonic from $16.00 to $14.00 and set an "outperform" rating on the stock in a research report on Tuesday. Needham & Company LLC restated a "buy" rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday. Raymond James downgraded Harmonic from a "strong-buy" rating to an "outperform" rating and dropped their target price for the stock from $17.00 to $14.00 in a research report on Tuesday. Barclays decreased their price target on shares of Harmonic from $20.00 to $17.00 and set an "overweight" rating on the stock in a report on Tuesday. Finally, Rosenblatt Securities decreased their price target on shares of Harmonic from $18.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Harmonic has an average rating of "Moderate Buy" and a consensus target price of $15.25.

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.