Harmonic (NASDAQ:HLIT) posted its quarterly earnings data on Sunday. The communications equipment provider reported $0.04 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.01, MarketWatch Earnings reports. Harmonic had a negative net margin of 10.06% and a negative return on equity of 7.13%. The company had revenue of $111.60 million for the quarter, compared to analysts’ expectations of $103.11 million. During the same period in the prior year, the business earned ($0.10) earnings per share. Harmonic’s revenue for the quarter was up 42.3% compared to the same quarter last year.
HLIT stock traded down $1.10 during trading on Tuesday, hitting $7.01. 89,220 shares of the company traded hands, compared to its average volume of 661,089. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.22 and a current ratio of 1.47. The company has a 50-day moving average of $8.05 and a 200-day moving average of $7.45. The firm has a market capitalization of $708.62 million, a PE ratio of -18.49, a P/E/G ratio of 2.32 and a beta of 0.83. Harmonic has a 1 year low of $4.49 and a 1 year high of $9.20.
In other news, SVP Neven Haltmayer sold 80,000 shares of the company’s stock in a transaction dated Wednesday, April 14th. The shares were sold at an average price of $9.00, for a total transaction of $720,000.00. Following the completion of the transaction, the senior vice president now directly owns 240,789 shares of the company’s stock, valued at $2,167,101. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Ian Graham sold 7,834 shares of the stock in a transaction dated Wednesday, February 3rd. The stock was sold at an average price of $7.66, for a total transaction of $60,008.44. Following the sale, the senior vice president now owns 66,142 shares of the company’s stock, valued at $506,647.72. The disclosure for this sale can be found here. Insiders sold a total of 328,265 shares of company stock worth $2,688,322 over the last ninety days. Insiders own 4.10% of the company’s stock.
A number of brokerages have recently commented on HLIT. Stifel Nicolaus increased their price target on shares of Harmonic from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Tuesday, February 2nd. Raymond James raised Harmonic to a “buy” rating in a research note on Wednesday, February 3rd. Barclays lifted their price target on Harmonic from $7.00 to $8.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 14th. Zacks Investment Research upgraded Harmonic from a “sell” rating to a “hold” rating in a research report on Wednesday, March 24th. Finally, Colliers Securities restated a “buy” rating and issued a $11.00 target price on shares of Harmonic in a research report on Monday, March 8th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $8.71.
Harmonic Company Profile
Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. Its products enable customers to create, prepare, store, playout, and deliver a range of broadcast and streaming video services to consumer devices, including televisions, personal computers, laptops, tablets, and smart phones.
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