Harmonic (NASDAQ:HLIT) Posts Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Harmonic (NASDAQ:HLIT) issued its quarterly earnings data on Monday. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04), Zacks reports. Harmonic had a net margin of 13.82% and a return on equity of 4.71%. The company 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 company earned $0.06 earnings per share. The firm’s revenue was down 22.6% compared to the same quarter last year.

Harmonic Stock Performance

Shares of NASDAQ:HLIT opened at $9.40 on Tuesday. The company has a market cap of $1.05 billion, a P/E ratio of 13.24 and a beta of 0.84. 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 has a one year low of $8.80 and a one year high of $18.43. The business’s 50-day simple moving average is $12.17 and its 200 day simple moving average is $11.77.

Insider Activity at Harmonic

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 sale, the senior vice president now directly 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 accessible through this link. In other Harmonic news, SVP Neven Haltmayer sold 24,695 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $11.58, for a total transaction of $285,968.10. Following the completion of the sale, the senior vice president now owns 181,864 shares in the company, valued at approximately $2,105,985.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Nimrod Ben-Natan sold 100,000 shares of the firm’s stock in a transaction that occurred 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 sale, the senior vice president now owns 302,214 shares of the company’s stock, valued at approximately $3,901,582.74. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 150,000 shares of company stock worth $1,917,122. 2.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on HLIT. StockNews.com upgraded Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, February 28th. Rosenblatt Securities dropped 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 dropped their price target on Harmonic from $19.00 to $18.00 and set a “strong-buy” rating for the company in a research note on Tuesday, January 30th. Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Harmonic in a research note on Tuesday. Finally, TheStreet upgraded Harmonic from a “c” rating to a “b” rating in a research note on Monday, January 29th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $17.20.

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.