$114.88 Million in Sales Expected for Harmonic Inc (NASDAQ:HLIT) This Quarter

Wall Street brokerages expect Harmonic Inc (NASDAQ:HLIT) to announce $114.88 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Harmonic’s earnings, with the lowest sales estimate coming in at $114.80 million and the highest estimate coming in at $115.00 million. Harmonic posted sales of $100.62 million during the same quarter last year, which suggests a positive year over year growth rate of 14.2%. The firm is scheduled to announce its next earnings results after the market closes on Monday, October 28th.

On average, analysts expect that Harmonic will report full year sales of $385.45 million for the current financial year, with estimates ranging from $384.30 million to $386.20 million. For the next year, analysts expect that the firm will report sales of $442.00 million, with estimates ranging from $426.70 million to $458.20 million. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Harmonic.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings results on Monday, July 29th. The communications equipment provider reported ($0.07) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.10) by $0.03. Harmonic had a negative net margin of 7.27% and a negative return on equity of 3.72%. The business had revenue of $84.87 million for the quarter, compared to analysts’ expectations of $85.07 million. During the same quarter last year, the firm earned $0.05 EPS. The firm’s revenue for the quarter was down 14.4% compared to the same quarter last year.

Several equities research analysts have commented on HLIT shares. Raymond James increased their price objective on shares of Harmonic from $6.75 to $9.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. BidaskClub lowered shares of Harmonic from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Stifel Nicolaus increased their price objective on shares of Harmonic from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, July 10th. ValuEngine lowered shares of Harmonic from a “buy” rating to a “hold” rating in a research note on Wednesday, September 4th. Finally, Northland Securities reiterated a “buy” rating on shares of Harmonic in a research note on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Harmonic presently has an average rating of “Buy” and an average target price of $9.00.

In other Harmonic news, SVP Neven Haltmayer sold 90,000 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $7.24, for a total value of $651,600.00. Following the completion of the sale, the senior vice president now owns 159,813 shares in the company, valued at approximately $1,157,046.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 6.40% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its stake in shares of Harmonic by 4.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 521,269 shares of the communications equipment provider’s stock worth $2,894,000 after purchasing an additional 20,100 shares during the last quarter. Swiss National Bank increased its stake in shares of Harmonic by 2.5% during the 2nd quarter. Swiss National Bank now owns 162,015 shares of the communications equipment provider’s stock worth $899,000 after purchasing an additional 4,000 shares during the last quarter. Invesco Ltd. increased its stake in shares of Harmonic by 24.5% during the 2nd quarter. Invesco Ltd. now owns 784,537 shares of the communications equipment provider’s stock worth $4,354,000 after purchasing an additional 154,443 shares during the last quarter. Scopia Capital Management LP increased its stake in shares of Harmonic by 111.7% during the 2nd quarter. Scopia Capital Management LP now owns 6,092,937 shares of the communications equipment provider’s stock worth $33,816,000 after purchasing an additional 3,215,344 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Harmonic by 14.7% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 769,475 shares of the communications equipment provider’s stock worth $4,271,000 after purchasing an additional 98,550 shares during the last quarter. Institutional investors own 89.99% of the company’s stock.

NASDAQ HLIT traded up $0.05 during trading hours on Wednesday, hitting $6.59. The company’s stock had a trading volume of 276,481 shares, compared to its average volume of 604,513. Harmonic has a 52 week low of $4.48 and a 52 week high of $8.09. The company has a market capitalization of $586.05 million, a PE ratio of 219.67, a price-to-earnings-growth ratio of 10.24 and a beta of 0.87. The company has a current ratio of 1.34, a quick ratio of 1.14 and a debt-to-equity ratio of 0.64. The company’s 50-day simple moving average is $6.51 and its two-hundred day simple moving average is $6.25.

About Harmonic

Harmonic Inc designs, manufactures, and sells video infrastructure products and system solutions worldwide. Its products enable customers to create, prepare, and deliver a range of video and broadband services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.

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Earnings History and Estimates for Harmonic (NASDAQ:HLIT)

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