Harmonic (NASDAQ:HLIT – Get Free Report) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 0.560-0.750 for the period, compared to the consensus estimate of 0.590. The company issued revenue guidance of $645.0 million-$695.0 million, compared to the consensus revenue estimate of $658.9 million. Harmonic also updated its FY24 guidance to $0.56-0.75 EPS.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on the stock. Needham & Company LLC reiterated a buy rating and issued a $18.00 price objective on shares of Harmonic in a report on Monday, June 17th. Rosenblatt Securities restated a buy rating and set a $18.00 price target on shares of Harmonic in a report on Thursday, July 18th. 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’s stock. According to MarketBeat.com, the stock has an average rating of Buy and an average target price of $17.60.
Get Our Latest Analysis on HLIT
Harmonic Stock Performance
Harmonic (NASDAQ:HLIT – Get Free Report) last posted its quarterly earnings results on Monday, April 29th. The communications equipment provider reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The business had revenue of $122.06 million during the quarter, compared to analyst estimates of $121.70 million. During the same period last year, the company earned $0.06 EPS. The business’s revenue for the quarter was down 22.6% on a year-over-year basis. Equities research analysts anticipate that Harmonic will post 0.36 earnings per share for the current fiscal year.
Insider Transactions at Harmonic
In other news, SVP Ian Graham sold 52,730 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $10.95, for a total transaction of $577,393.50. Following the completion of the sale, the senior vice president now owns 63,616 shares of the company’s stock, valued at $696,595.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company 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.
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