Wall Street brokerages predict that Harmonic Inc (NASDAQ:HLIT) will report sales of $95.53 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Harmonic’s earnings. The lowest sales estimate is $93.50 million and the highest is $98.00 million. Harmonic posted sales of $82.32 million in the same quarter last year, which suggests a positive year-over-year growth rate of 16%. The business is scheduled to issue its next earnings results on Monday, July 30th.
On average, analysts expect that Harmonic will report full-year sales of $402.80 million for the current year, with estimates ranging from $389.30 million to $417.50 million. For the next fiscal year, analysts expect that the business will post sales of $440.05 million per share, with estimates ranging from $437.30 million to $442.80 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Harmonic.
Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, April 30th. The communications equipment provider reported ($0.01) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.05. Harmonic had a negative return on equity of 14.52% and a negative net margin of 19.87%. The business had revenue of $90.10 million during the quarter, compared to the consensus estimate of $88.36 million. During the same period in the prior year, the company posted ($0.14) EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year.
Several research analysts have weighed in on HLIT shares. Zacks Investment Research downgraded Harmonic from a “hold” rating to a “sell” rating in a research note on Thursday, March 15th. BidaskClub raised Harmonic from a “sell” rating to a “hold” rating in a report on Wednesday, March 21st. Raymond James raised Harmonic from an “underperform” rating to a “market perform” rating in a report on Tuesday, May 1st. Finally, ValuEngine raised Harmonic from a “hold” rating to a “buy” rating in a report on Monday, June 11th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $5.06.
In other news, Director Floyd E. Kvamme acquired 20,000 shares of the firm’s stock in a transaction dated Monday, May 7th. The shares were acquired at an average cost of $3.70 per share, with a total value of $74,000.00. Following the acquisition, the director now directly owns 758,922 shares of the company’s stock, valued at $2,808,011.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. 6.20% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC raised its holdings in shares of Harmonic by 193.7% during the 4th quarter. SG Americas Securities LLC now owns 36,761 shares of the communications equipment provider’s stock worth $154,000 after acquiring an additional 24,244 shares in the last quarter. Spark Investment Management LLC raised its holdings in Harmonic by 149.9% during the 1st quarter. Spark Investment Management LLC now owns 96,200 shares of the communications equipment provider’s stock valued at $365,000 after buying an additional 57,700 shares during the period. California Public Employees Retirement System raised its holdings in Harmonic by 7.0% during the 4th quarter. California Public Employees Retirement System now owns 252,725 shares of the communications equipment provider’s stock valued at $1,061,000 after buying an additional 16,451 shares during the period. Divisar Capital Management LLC purchased a new stake in Harmonic during the 4th quarter valued at $3,846,000. Finally, Rhumbline Advisers raised its holdings in Harmonic by 14.5% during the 4th quarter. Rhumbline Advisers now owns 192,202 shares of the communications equipment provider’s stock valued at $807,000 after buying an additional 24,302 shares during the period. 88.79% of the stock is currently owned by institutional investors and hedge funds.
Harmonic opened at $4.25 on Friday, Marketbeat.com reports. Harmonic has a 1-year low of $2.80 and a 1-year high of $5.40. The company has a quick ratio of 1.10, a current ratio of 1.28 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $357.91 million, a price-to-earnings ratio of -7.87 and a beta of 0.80.
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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