Harmonic (NASDAQ:HLIT) Issues Earnings Results

Harmonic (NASDAQ:HLIT) announced its earnings results on Monday. The communications equipment provider reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04), Zacks reports. The firm 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 1.35% and a net margin of 12.37%. The business’s revenue for the quarter was down 22.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.06 earnings per share.

Harmonic Trading Up 3.3 %

Harmonic stock opened at $11.09 on Thursday. The company has a current ratio of 1.09, a quick ratio of 0.91 and a debt-to-equity ratio of 0.03. Harmonic has a 12 month low of $8.80 and a 12 month high of $18.43. The stock’s 50 day simple moving average is $12.07 and its two-hundred day simple moving average is $11.77. The firm has a market cap of $1.24 billion, a PE ratio of 18.48 and a beta of 0.90.

Analyst Ratings Changes

A number of brokerages have commented on HLIT. TheStreet upgraded shares of Harmonic from a “c” rating to a “b” rating in a report on Monday, January 29th. StockNews.com upgraded shares of Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday, February 28th. Rosenblatt Securities cut their price objective on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, January 30th. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a report on Tuesday. Finally, Raymond James cut their price objective on shares of Harmonic from $19.00 to $18.00 and set a “strong-buy” rating on the stock in a report on Tuesday, January 30th. One research 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. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $17.20.

Insiders Place Their Bets

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