Harmonic (NASDAQ:HLIT) Issues Earnings Results, Beats Estimates By $0.09 EPS

Harmonic (NASDAQ:HLIT) released its quarterly earnings results on Monday. The communications equipment provider reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.09, Briefing.com reports. The firm had revenue of $195.80 million for the quarter, compared to the consensus estimate of $181.77 million. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The company’s revenue for the quarter was up 53.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.05) EPS.

Harmonic Stock Performance

Shares of HLIT traded down $0.40 during midday trading on Thursday, reaching $11.18. The stock had a trading volume of 697,250 shares, compared to its average volume of 1,525,133. The company has a current ratio of 1.87, a quick ratio of 1.32 and a debt-to-equity ratio of 0.30. The firm has a 50 day simple moving average of $14.00 and a 200-day simple moving average of $12.58. The firm has a market cap of $1.25 billion, a PE ratio of 19.30 and a beta of 0.87. Harmonic has a one year low of $9.10 and a one year high of $15.46.

Analysts Set New Price Targets

HLIT has been the topic of a number of recent research reports. Northland Securities dropped their target price on Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Tuesday. Barclays lowered their price objective on shares of Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday. Raymond James cut shares of Harmonic from a “strong-buy” rating to an “outperform” rating and reduced their target price for the stock from $17.00 to $14.00 in a report on Tuesday. Rosenblatt Securities lowered their price target on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Harmonic in a research note on Tuesday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Harmonic has a consensus rating of “Moderate Buy” and a consensus price target of $15.25.

Harmonic Company Profile

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.