Zacks: Analysts Anticipate Harmonic Inc (NASDAQ:HLIT) Will Post Quarterly Sales of $85.75 Million

Equities analysts predict that Harmonic Inc (NASDAQ:HLIT) will post sales of $85.75 million for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Harmonic’s earnings, with the highest sales estimate coming in at $88.20 million and the lowest estimate coming in at $84.50 million. Harmonic reported sales of $80.11 million during the same quarter last year, which indicates a positive year-over-year growth rate of 7%. The business is scheduled to issue its next quarterly earnings results on Monday, May 4th.

On average, analysts expect that Harmonic will report full year sales of $413.90 million for the current financial year, with estimates ranging from $407.90 million to $419.80 million. For the next fiscal year, analysts anticipate that the company will report sales of $455.70 million, with estimates ranging from $445.00 million to $473.30 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Harmonic.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings results on Monday, February 3rd. The communications equipment provider reported $0.12 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.04. Harmonic had a negative net margin of 1.47% and a positive return on equity of 7.34%. The firm had revenue of $122.18 million for the quarter, compared to analyst estimates of $113.07 million. During the same quarter in the previous year, the business posted $0.11 earnings per share. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year.

HLIT has been the subject of several analyst reports. BidaskClub raised shares of Harmonic from a “strong sell” rating to a “sell” rating in a research note on Friday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price objective on shares of Harmonic in a research note on Tuesday, February 4th. Finally, ValuEngine lowered shares of Harmonic from a “hold” rating to a “sell” rating in a research note on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $9.00.

In other news, CEO Patrick Harshman sold 52,821 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $7.02, for a total transaction of $370,803.42. Following the transaction, the chief executive officer now owns 977,230 shares in the company, valued at approximately $6,860,154.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 6.40% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System increased its stake in Harmonic by 1.2% in the third quarter. California State Teachers Retirement System now owns 134,242 shares of the communications equipment provider’s stock valued at $883,000 after purchasing an additional 1,604 shares in the last quarter. Metropolitan Life Insurance Co NY lifted its stake in shares of Harmonic by 7.7% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 25,957 shares of the communications equipment provider’s stock worth $171,000 after buying an additional 1,855 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Harmonic by 17.8% during the 4th quarter. Raymond James & Associates now owns 13,058 shares of the communications equipment provider’s stock worth $102,000 after buying an additional 1,973 shares during the last quarter. Prudential Financial Inc. raised its stake in Harmonic by 1.8% in the 4th quarter. Prudential Financial Inc. now owns 138,764 shares of the communications equipment provider’s stock worth $1,082,000 after purchasing an additional 2,500 shares in the last quarter. Finally, ProShare Advisors LLC raised its stake in Harmonic by 21.3% in the 4th quarter. ProShare Advisors LLC now owns 14,938 shares of the communications equipment provider’s stock worth $117,000 after purchasing an additional 2,625 shares in the last quarter. Institutional investors and hedge funds own 86.96% of the company’s stock.

Shares of NASDAQ:HLIT traded up $0.62 during trading on Monday, reaching $6.09. 1,209,677 shares of the company traded hands, compared to its average volume of 857,881. The firm has a fifty day simple moving average of $6.06 and a 200 day simple moving average of $7.09. The firm has a market cap of $526.45 million, a P/E ratio of -76.13, a price-to-earnings-growth ratio of 36.60 and a beta of 1.03. Harmonic has a 1-year low of $4.44 and a 1-year high of $8.57. The company has a quick ratio of 1.16, a current ratio of 1.31 and a debt-to-equity ratio of 0.40.

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.

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Earnings History and Estimates for Harmonic (NASDAQ:HLIT)

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