Equities research analysts expect Harmonic Inc. (NASDAQ:HLIT) to post $82.53 million in sales for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Harmonic’s earnings, with the highest sales estimate coming in at $84.50 million and the lowest estimate coming in at $80.54 million. Harmonic reported sales of $115.73 million during the same quarter last year, which indicates a negative year over year growth rate of 28.7%. The company is scheduled to report its next earnings results after the market closes on Monday, October 26th.
On average, analysts expect that Harmonic will report full-year sales of $365.17 million for the current year, with estimates ranging from $362.50 million to $367.80 million. For the next financial year, analysts forecast that the business will report sales of $462.11 million, with estimates ranging from $428.30 million to $495.40 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Harmonic.
Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, August 3rd. The communications equipment provider reported ($0.06) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.13) by $0.07. The business had revenue of $73.99 million during the quarter, compared to the consensus estimate of $69.92 million. Harmonic had a negative net margin of 5.16% and a positive return on equity of 2.02%. The firm’s quarterly revenue was down 12.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.04) EPS.
Several brokerages have recently commented on HLIT. Zacks Investment Research upgraded shares of Harmonic from a “hold” rating to a “strong-buy” rating and set a $7.50 price target on the stock in a research note on Saturday, August 8th. Needham & Company LLC reissued a “buy” rating and issued a $9.00 price target on shares of Harmonic in a report on Wednesday, September 16th. Raymond James increased their price target on shares of Harmonic from $7.50 to $8.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. BidaskClub raised shares of Harmonic from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 13th. Finally, ValuEngine raised shares of Harmonic from a “hold” rating to a “buy” rating in a report on Friday, July 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $7.29.
Harmonic stock traded down $0.04 during trading hours on Thursday, hitting $6.40. The company had a trading volume of 388,945 shares, compared to its average volume of 754,960. The firm has a market capitalization of $623.55 million, a P/E ratio of -30.48 and a beta of 0.85. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.43 and a quick ratio of 1.21. The firm’s fifty day moving average is $5.77 and its 200-day moving average is $5.65. Harmonic has a fifty-two week low of $4.44 and a fifty-two week high of $8.57.
In other Harmonic news, Director David Krall acquired 10,000 shares of Harmonic stock in a transaction dated Tuesday, September 1st. The stock was bought at an average cost of $5.88 per share, with a total value of $58,800.00. Following the acquisition, the director now owns 61,284 shares of the company’s stock, valued at $360,349.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.10% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue lifted its holdings in shares of Harmonic by 2.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 91,094 shares of the communications equipment provider’s stock worth $508,000 after acquiring an additional 2,340 shares during the period. Oregon Public Employees Retirement Fund increased its position in shares of Harmonic by 7.0% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 38,928 shares of the communications equipment provider’s stock worth $185,000 after purchasing an additional 2,550 shares in the last quarter. Ancora Advisors LLC increased its position in shares of Harmonic by 1.2% during the 2nd quarter. Ancora Advisors LLC now owns 326,233 shares of the communications equipment provider’s stock worth $1,550,000 after purchasing an additional 3,800 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Harmonic by 0.7% during the 2nd quarter. Principal Financial Group Inc. now owns 732,174 shares of the communications equipment provider’s stock worth $3,477,000 after purchasing an additional 4,879 shares in the last quarter. Finally, American International Group Inc. increased its position in shares of Harmonic by 8.6% during the 2nd quarter. American International Group Inc. now owns 67,293 shares of the communications equipment provider’s stock worth $320,000 after purchasing an additional 5,334 shares in the last quarter. 87.95% of the stock is owned by institutional investors.
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.
Further Reading: Swap
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Harmonic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Harmonic and related companies with MarketBeat.com's FREE daily email newsletter.