Harmonic (NASDAQ:HLIT) Issues Earnings Results

Harmonic (NASDAQ:HLIT) announced its quarterly earnings data on Monday. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.09, Briefing.com reports. The business had revenue of $195.80 million during the quarter, compared to analysts’ expectations of $181.77 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The firm’s quarterly revenue was up 53.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.05) earnings per share.

Harmonic Stock Performance

NASDAQ:HLIT traded up $0.48 during mid-day trading on Wednesday, hitting $11.58. 2,723,442 shares of the company traded hands, compared to its average volume of 1,528,110. The stock’s fifty day moving average price is $14.00 and its 200-day moving average price is $12.58. Harmonic has a one year low of $9.10 and a one year high of $15.46. The company has a quick ratio of 1.32, a current ratio of 1.87 and a debt-to-equity ratio of 0.30. The firm has a market cap of $1.30 billion, a price-to-earnings ratio of 19.30 and a beta of 0.87.

Analysts Set New Price Targets

Several research analysts have recently weighed in on HLIT shares. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research note on Tuesday. Rosenblatt Securities decreased their price target on Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday. Jefferies Financial Group cut Harmonic from a “buy” rating to a “hold” rating and decreased their price target for the stock from $14.00 to $12.50 in a research note on Tuesday. Barclays decreased their price target on Harmonic from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Raymond James cut Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their price target for the stock from $17.00 to $14.00 in a research note on Tuesday. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock 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.