Harmonic (NASDAQ:HLIT) Hits New 12-Month High on Strong Earnings

Harmonic Inc. (NASDAQ:HLIT)’s share price reached a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $15.30 and last traded at $14.38, with a volume of 2090372 shares traded. The stock had previously closed at $11.75.

The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.04. The firm had revenue of $138.70 million for the quarter, compared to analysts’ expectations of $133.67 million. Harmonic had a return on equity of 1.35% and a net margin of 12.37%. The firm’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 EPS.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Rosenblatt Securities restated a “buy” rating and issued a $18.00 price target on shares of Harmonic in a research report on Thursday, July 18th. Barclays boosted their target price on Harmonic from $14.00 to $20.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $18.80.

Insider Transactions at Harmonic

In related news, SVP Ian Graham sold 52,730 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $10.95, for a total value of $577,393.50. Following the sale, the senior vice president now owns 63,616 shares of the company’s stock, valued at approximately $696,595.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Harmonic

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Texas Permanent School Fund Corp lifted its stake in Harmonic by 1.5% in the 1st quarter. Texas Permanent School Fund Corp now owns 98,377 shares of the communications equipment provider’s stock valued at $1,322,000 after buying an additional 1,462 shares in the last quarter. ProShare Advisors LLC lifted its stake in Harmonic by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 22,256 shares of the communications equipment provider’s stock valued at $299,000 after buying an additional 1,532 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in Harmonic by 237.8% in the 4th quarter. Quadrant Capital Group LLC now owns 2,591 shares of the communications equipment provider’s stock valued at $34,000 after buying an additional 1,824 shares in the last quarter. CWM LLC lifted its stake in Harmonic by 780.9% in the 2nd quarter. CWM LLC now owns 2,255 shares of the communications equipment provider’s stock valued at $27,000 after buying an additional 1,999 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Harmonic by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 585,533 shares of the communications equipment provider’s stock valued at $7,870,000 after acquiring an additional 2,142 shares during the last quarter. Hedge funds and other institutional investors own 99.38% of the company’s stock.

Harmonic Price Performance

The company has a fifty day simple moving average of $11.83 and a two-hundred day simple moving average of $12.01. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.78 and a current ratio of 1.09. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of 24.72 and a beta of 0.89.

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.