Harmonic (NASDAQ:HLIT) Issues FY22 Earnings Guidance

Harmonic (NASDAQ:HLITGet Rating) updated its FY22 earnings guidance on Monday. The company provided EPS guidance of $0.34-$0.45 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.35. The company issued revenue guidance of $585-$625 million, compared to the consensus revenue estimate of $588.85 million.Harmonic also updated its Q2 guidance to $0.07-$0.11 EPS.

Several research analysts have recently weighed in on HLIT shares. Northland Securities raised shares of Harmonic to a top pick rating and set a $17.00 price objective for the company in a report on Monday, January 3rd. Colliers Securities reissued a buy rating and set a $15.00 price objective on shares of Harmonic in a report on Monday, February 28th. Barclays boosted their price objective on shares of Harmonic from $11.00 to $13.00 in a report on Tuesday. StockNews.com cut shares of Harmonic from a buy rating to a hold rating in a report on Tuesday, April 26th. Finally, Zacks Investment Research raised shares of Harmonic from a sell rating to a hold rating in a report on Tuesday, April 5th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Harmonic currently has an average rating of Buy and an average price target of $13.83.

Shares of HLIT stock opened at $8.60 on Tuesday. Harmonic has a 12 month low of $6.69 and a 12 month high of $12.22. The stock has a market capitalization of $892.16 million, a PE ratio of 78.18 and a beta of 0.90. The company has a current ratio of 1.44, a quick ratio of 1.12 and a debt-to-equity ratio of 0.38. The firm’s 50 day simple moving average is $8.97.

Harmonic (NASDAQ:HLITGet Rating) last announced its earnings results on Monday, May 2nd. The communications equipment provider reported $0.08 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.11. Harmonic had a net margin of 2.61% and a return on equity of 4.99%. During the same quarter in the previous year, the company earned ($0.04) earnings per share. On average, sell-side analysts predict that Harmonic will post 0.13 earnings per share for the current year.

Several large investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans boosted its position in shares of Harmonic by 1.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 83,471 shares of the communications equipment provider’s stock worth $982,000 after acquiring an additional 1,180 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Harmonic by 1.7% during the fourth quarter. Alliancebernstein L.P. now owns 83,481 shares of the communications equipment provider’s stock worth $982,000 after acquiring an additional 1,382 shares during the last quarter. State of Tennessee Treasury Department boosted its position in shares of Harmonic by 4.4% during the fourth quarter. State of Tennessee Treasury Department now owns 67,205 shares of the communications equipment provider’s stock worth $790,000 after acquiring an additional 2,844 shares during the last quarter. LPL Financial LLC boosted its position in shares of Harmonic by 40.0% during the fourth quarter. LPL Financial LLC now owns 15,750 shares of the communications equipment provider’s stock worth $185,000 after acquiring an additional 4,500 shares during the last quarter. Finally, California State Teachers Retirement System lifted its position in Harmonic by 3.5% during the fourth quarter. California State Teachers Retirement System now owns 135,318 shares of the communications equipment provider’s stock valued at $1,591,000 after purchasing an additional 4,632 shares during the last quarter. Hedge funds and other institutional investors own 98.14% of the company’s stock.

About Harmonic (Get Rating)

Harmonic Inc, together with its subsidiaries, provide video delivery software, products, system solutions, and services worldwide. The company operates in two segments, Video and Cable Access. The Video segment sells video processing, production, and playout solutions and services to cable operators, and satellite and telecommunications Pay-TV service providers, as well as to broadcast and media, including streaming media companies.

Further Reading

Earnings History and Estimates for Harmonic (NASDAQ:HLIT)

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