Harmonic (NASDAQ:HLIT) Releases FY 2024 Earnings Guidance

Harmonic (NASDAQ:HLIT) issued an update on its FY 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 0.560-0.750 for the period, compared to the consensus earnings per share estimate of 0.590. The company issued revenue guidance of $645.0 million-$695.0 million, compared to the consensus revenue estimate of $658.9 million. Harmonic also updated its FY24 guidance to $0.56-0.75 EPS.

Wall Street Analyst Weigh In

HLIT has been the topic of a number of recent analyst reports. Barclays increased their target price on Harmonic from $14.00 to $20.00 and gave the stock an overweight rating in a report on Tuesday. Needham & Company LLC reiterated a buy rating and set a $18.00 target price on shares of Harmonic in a research report on Tuesday. Finally, Rosenblatt Securities restated a buy rating and issued a $18.00 price objective on shares of Harmonic in a research report on Thursday, July 18th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Harmonic presently has a consensus rating of Buy and a consensus target price of $18.80.

Harmonic Trading Down 1.6 %

Shares of Harmonic stock traded down $0.23 during trading on Thursday, reaching $14.43. 1,146,649 shares of the company were exchanged, compared to its average volume of 1,721,466. The company has a quick ratio of 0.78, a current ratio of 1.87 and a debt-to-equity ratio of 0.30. Harmonic has a twelve month low of $8.80 and a twelve month high of $15.31. The business has a 50-day moving average price of $11.94 and a 200-day moving average price of $12.04. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of 24.12 and a beta of 0.89.

Harmonic (NASDAQ:HLIT) last announced its quarterly earnings data on Monday, July 29th. The communications equipment provider reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. Harmonic had a return on equity of 0.27% and a net margin of 10.22%. The business had revenue of $138.70 million during the quarter, compared to analysts’ expectations of $133.67 million. During the same period in the previous year, the firm earned $0.07 earnings per share. The firm’s quarterly revenue was down 11.1% compared to the same quarter last year. Sell-side analysts anticipate that Harmonic will post 0.36 EPS for the current fiscal year.

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.