Analysts Expect Harmonic Inc (NASDAQ:HLIT) Will Post Quarterly Sales of $82.53 Million

Analysts forecast that Harmonic Inc (NASDAQ:HLIT) will report sales of $82.53 million for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Harmonic’s earnings. The highest sales estimate is $84.50 million and the lowest is $80.54 million. Harmonic reported sales of $115.73 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 28.7%. The business is scheduled to report its next earnings report 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 anticipate that the firm will report sales of $459.71 million, with estimates ranging from $412.00 million to $495.40 million. Zacks’ sales averages are an average based on a survey of sell-side research firms that that provide coverage for Harmonic.

Harmonic (NASDAQ:HLIT) last announced its earnings results on Monday, August 3rd. The communications equipment provider reported ($0.06) earnings per share for the quarter, topping the 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 business’s quarterly revenue was down 12.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.04) earnings per share.

A number of brokerages recently commented on HLIT. Raymond James raised their price objective on shares of Harmonic from $7.50 to $8.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. Needham & Company LLC restated a “buy” rating and issued a $9.00 price objective on shares of Harmonic in a research report on Wednesday, September 16th. ValuEngine upgraded shares of Harmonic from a “hold” rating to a “buy” rating in a research report on Friday, July 10th. Zacks Investment Research upgraded shares of Harmonic from a “hold” rating to a “strong-buy” rating and set a $7.50 price target for the company in a research report on Saturday, August 8th. Finally, BidaskClub downgraded shares of Harmonic from a “sell” rating to a “strong sell” rating in a research report on Friday, September 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $7.29.

NASDAQ:HLIT traded up $0.28 during mid-day trading on Tuesday, reaching $5.62. The stock had a trading volume of 471,625 shares, compared to its average volume of 767,559. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.21 and a current ratio of 1.43. The firm has a market capitalization of $547.55 million, a price-to-earnings ratio of -26.76 and a beta of 0.83. Harmonic has a twelve month low of $4.44 and a twelve month high of $8.57. The business has a 50 day simple moving average of $5.88 and a 200 day simple moving average of $5.59.

In other Harmonic news, Director David Krall acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was acquired at an average cost of $5.88 per share, with a total value of $58,800.00. Following the purchase, the director now directly owns 61,284 shares in the company, valued at approximately $360,349.92. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.10% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund grew its stake in Harmonic by 7.0% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 38,928 shares of the communications equipment provider’s stock worth $185,000 after acquiring an additional 2,550 shares during the period. Swiss National Bank grew its stake in Harmonic by 2.1% in the 1st quarter. Swiss National Bank now owns 175,215 shares of the communications equipment provider’s stock worth $1,009,000 after acquiring an additional 3,600 shares during the period. Ancora Advisors LLC grew its stake in Harmonic by 1.2% in the 2nd quarter. Ancora Advisors LLC now owns 326,233 shares of the communications equipment provider’s stock worth $1,550,000 after acquiring an additional 3,800 shares during the period. Principal Financial Group Inc. grew its stake in Harmonic by 0.7% in the 2nd quarter. Principal Financial Group Inc. now owns 732,174 shares of the communications equipment provider’s stock worth $3,477,000 after acquiring an additional 4,879 shares during the period. Finally, American International Group Inc. grew its stake in Harmonic by 8.6% in the 2nd quarter. American International Group Inc. now owns 67,293 shares of the communications equipment provider’s stock worth $320,000 after acquiring an additional 5,334 shares during the period. 87.95% of the stock is owned by hedge funds and other institutional investors.

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.

See Also: What is a Real Estate Investment Trust (REIT)?

Get a free copy of the Zacks research report on Harmonic (HLIT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Harmonic (NASDAQ:HLIT)

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.