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

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

Harmonic Price Performance

Harmonic stock opened at $11.10 on Wednesday. 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 company has a 50-day moving average price of $14.06 and a 200 day moving average price of $12.57. Harmonic has a 12-month low of $9.10 and a 12-month high of $15.46. The stock has a market cap of $1.25 billion, a P/E ratio of 18.50 and a beta of 0.87.

Analyst Upgrades and Downgrades

HLIT has been the topic of several research reports. Raymond James downgraded Harmonic from a “strong-buy” rating to an “outperform” rating and decreased their target price for the company from $17.00 to $14.00 in a research report on Tuesday. Barclays decreased their price objective on Harmonic from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Tuesday. Rosenblatt Securities dropped their target price on shares of Harmonic from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday. Northland Securities decreased their price target on shares of Harmonic from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, Jefferies Financial Group cut shares of Harmonic from a “buy” rating to a “hold” rating and dropped their price objective for the company from $14.00 to $12.50 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 MarketBeat, the stock currently has an average 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.