Northland Capmk Analysts Decrease Earnings Estimates for Harmonic Inc. (NASDAQ:HLIT)

Harmonic Inc. (NASDAQ:HLIT) – Research analysts at Northland Capmk decreased their Q3 2024 earnings per share (EPS) estimates for shares of Harmonic in a note issued to investors on Tuesday, April 30th. Northland Capmk analyst T. Savageaux now anticipates that the communications equipment provider will earn $0.15 per share for the quarter, down from their previous forecast of $0.18. The consensus estimate for Harmonic’s current full-year earnings is $0.37 per share.

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 12.37% and a return on equity of 1.35%. The firm had revenue of $122.06 million for the quarter, compared to analyst estimates of $121.70 million. During the same period in the previous year, the firm posted $0.06 EPS. The company’s revenue was down 22.6% compared to the same quarter last year.

Several other research firms have also recently issued reports on HLIT. Rosenblatt Securities cut their target price on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, January 30th. Raymond James reduced 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. StockNews.com raised shares of Harmonic from a “sell” rating to a “hold” rating in a research note on Wednesday, February 28th. TheStreet upgraded shares of Harmonic from a “c” rating to a “b” rating in a report on Monday, January 29th. Finally, Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Harmonic in a report on Tuesday. One investment 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $17.20.

Harmonic Stock Performance

Harmonic stock opened at $10.96 on Thursday. The firm has a 50 day simple moving average of $11.98 and a 200-day simple moving average of $11.77. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 18.27 and a beta of 0.90. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.09 and a quick ratio of 0.91. Harmonic has a 1-year low of $8.80 and a 1-year high of $18.43.

Insider Activity

In related news, SVP Neven Haltmayer sold 14,747 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $13.68, for a total value of $201,738.96. Following the sale, the senior vice president now owns 156,559 shares of the company’s stock, valued at $2,141,727.12. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Nimrod Ben-Natan sold 100,000 shares of the company’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 completion of 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 document filed with the SEC, which is available at this link. Also, SVP Neven Haltmayer sold 14,747 shares of Harmonic stock in a transaction on Friday, February 16th. The stock was sold at an average price of $13.68, for a total transaction of $201,738.96. Following the sale, the senior vice president now owns 156,559 shares in the company, valued at $2,141,727.12. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Harmonic

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Harmonic by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 9,686,046 shares of the communications equipment provider’s stock worth $126,306,000 after purchasing an additional 289,443 shares during the period. Trigran Investments Inc. increased its holdings in shares of Harmonic by 38.5% in the third quarter. Trigran Investments Inc. now owns 9,636,809 shares of the communications equipment provider’s stock valued at $92,802,000 after purchasing an additional 2,677,338 shares during the period. Wellington Management Group LLP raised its stake in shares of Harmonic by 12.7% during the fourth quarter. Wellington Management Group LLP now owns 8,796,165 shares of the communications equipment provider’s stock worth $114,702,000 after purchasing an additional 990,425 shares during the last quarter. Scopia Capital Management LP lifted its holdings in shares of Harmonic by 78.5% during the third quarter. Scopia Capital Management LP now owns 5,649,163 shares of the communications equipment provider’s stock worth $54,401,000 after purchasing an additional 2,484,825 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Harmonic by 2.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,389,426 shares of the communications equipment provider’s stock valued at $44,198,000 after buying an additional 82,822 shares during the period. Institutional investors and hedge funds own 99.38% 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.