Brokerages Anticipate Harmonic Inc (HLIT) Will Announce Quarterly Sales of $96.47 Million

Wall Street brokerages expect Harmonic Inc (NASDAQ:HLIT) to announce $96.47 million in sales for the current quarter, according to Zacks. Three analysts have made estimates for Harmonic’s earnings, with the lowest sales estimate coming in at $95.60 million and the highest estimate coming in at $97.30 million. Harmonic reported sales of $113.10 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 14.7%. The firm is expected to issue its next earnings report on Tuesday, February 27th.

On average, analysts expect that Harmonic will report full-year sales of $96.47 million for the current financial year, with estimates ranging from $353.00 million to $355.10 million. For the next financial year, analysts forecast that the company will post sales of $404.03 million per share, with estimates ranging from $390.00 million to $425.00 million. Zacks’ sales averages are an average based on a survey of research firms that cover Harmonic.

Harmonic (NASDAQ:HLIT) last posted its quarterly earnings data on Monday, October 30th. The communications equipment provider reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.07. Harmonic had a negative return on equity of 13.06% and a negative net margin of 22.02%. The company had revenue of $92.00 million during the quarter, compared to analyst estimates of $85.63 million. During the same period in the previous year, the business earned ($0.01) EPS. Harmonic’s quarterly revenue was down 9.3% on a year-over-year basis.

Several equities research analysts have commented on HLIT shares. Zacks Investment Research upgraded Harmonic from a “hold” rating to a “buy” rating and set a $3.75 price objective for the company in a research note on Wednesday, October 4th. Northland Securities set a $6.00 price objective on Harmonic and gave the stock a “buy” rating in a research note on Tuesday, October 17th. Dougherty & Co reiterated a “buy” rating and set a $6.50 price objective on shares of Harmonic in a research note on Monday, October 23rd. BidaskClub upgraded Harmonic from a “sell” rating to a “hold” rating in a research note on Tuesday, December 12th. Finally, ValuEngine upgraded Harmonic from a “sell” rating to a “hold” rating in a research note on Friday, December 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $5.06.

Harmonic (NASDAQ HLIT) remained flat at $$4.00 during trading hours on Thursday. The company had a trading volume of 736,970 shares, compared to its average volume of 537,066. Harmonic has a 52-week low of $2.80 and a 52-week high of $6.18. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.99 and a current ratio of 1.20. The company has a market capitalization of $325.09, a PE ratio of -3.92 and a beta of 1.05.

In other news, insider Neven Haltmayer sold 8,311 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $3.81, for a total transaction of $31,664.91. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Bart Spriester sold 8,004 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $3.81, for a total value of $30,495.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 25,933 shares of company stock worth $98,389. Insiders own 4.27% of the company’s stock.

Several institutional investors have recently modified their holdings of HLIT. Vanguard Group Inc. boosted its holdings in shares of Harmonic by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 5,803,837 shares of the communications equipment provider’s stock worth $30,470,000 after purchasing an additional 203,002 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of Harmonic by 21.6% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 936,171 shares of the communications equipment provider’s stock worth $2,856,000 after purchasing an additional 166,398 shares during the last quarter. State Street Corp boosted its holdings in shares of Harmonic by 7.0% during the 2nd quarter. State Street Corp now owns 1,961,470 shares of the communications equipment provider’s stock worth $10,303,000 after purchasing an additional 129,086 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Harmonic during the 3rd quarter worth approximately $190,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Harmonic by 0.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,629,442 shares of the communications equipment provider’s stock worth $34,805,000 after purchasing an additional 58,240 shares during the last quarter. Institutional investors and hedge funds own 95.98% of the company’s stock.

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Harmonic Company Profile

Harmonic Inc (Harmonic) designs, manufactures and sells video infrastructure products, and system solutions. The Company has two segments: Video and Cable Edge. Harmonic provides technical support and professional services to its customers around the world. The Video segment sells video processing and production, and playout solutions and services to broadcast and media companies, streaming media companies, cable operators, and satellite and telecommunications (telco), and pay television (TV) service providers.

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