Harmonic (NASDAQ:HLIT) Updates FY24 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its FY24 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $0.51-0.71 for the period, compared to the consensus 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.

Harmonic Stock Performance

Harmonic stock traded up $1.72 during midday trading on Tuesday, hitting $11.12. 3,229,108 shares of the company were exchanged, compared to its average volume of 2,036,027. Harmonic has a fifty-two week low of $8.80 and a fifty-two week high of $18.43. The firm has a market capitalization of $1.24 billion, a PE ratio of 15.63 and a beta of 0.84. The business has a fifty day simple moving average of $12.17 and a two-hundred day simple moving average of $11.77. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.91 and a current ratio of 1.21.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results 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). Harmonic had a net margin of 13.82% and a return on equity of 4.71%. The business had revenue of $122.06 million during the quarter, compared to analysts’ expectations of $121.70 million. During the same quarter in the prior year, the firm earned $0.06 EPS. Harmonic’s revenue for the quarter was down 22.6% on a year-over-year basis. On average, sell-side analysts forecast that Harmonic will post 0.32 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on HLIT shares. 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 report on Tuesday, January 30th. Needham & Company LLC reaffirmed a buy rating and issued a $18.00 price target on shares of Harmonic in a research note on Tuesday. TheStreet upgraded Harmonic from a c rating to a b rating in a report on Monday, January 29th. StockNews.com raised shares of Harmonic from a sell rating to a hold rating in a report on Wednesday, February 28th. Finally, Raymond James lowered their price target on shares of Harmonic from $19.00 to $18.00 and set a strong-buy rating on the stock in a research report on Tuesday, January 30th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Harmonic has a consensus rating of Buy and an average target price of $17.20.

Insider Activity

In related news, SVP Nimrod Ben-Natan sold 100,000 shares of the firm’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the completion of the sale, the senior vice president now directly owns 302,214 shares of the company’s stock, valued at approximately $3,901,582.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Nimrod Ben-Natan sold 100,000 shares of the stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $12.91, for a total transaction of $1,291,000.00. Following the completion of the transaction, the senior vice president now owns 302,214 shares of the company’s stock, valued at approximately $3,901,582.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Neven Haltmayer sold 24,695 shares of the firm’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $11.58, for a total value of $285,968.10. Following the transaction, the senior vice president now owns 181,864 shares of the company’s stock, valued at $2,105,985.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 150,000 shares of company stock valued at $1,917,122. 2.20% of the stock is currently 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.