Brokerages expect Harmonic Inc (NASDAQ:HLIT) to announce sales of $96.47 million for the current quarter, according to Zacks Investment Research. 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 posted sales of $113.10 million in the same quarter last year, which would indicate a negative year over year growth rate of 14.7%. The company is scheduled to issue its next quarterly earnings results on Tuesday, February 27th.
According to Zacks, analysts expect that Harmonic will report full-year sales of $96.47 million for the current fiscal year, with estimates ranging from $353.00 million to $355.10 million. For the next financial year, analysts forecast that the business will report sales of $404.03 million per share, with estimates ranging from $390.00 million to $425.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Harmonic.
Harmonic (NASDAQ:HLIT) last issued its quarterly earnings results on Monday, October 30th. The communications equipment provider reported ($0.01) earnings per share for the quarter, topping the 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 firm had revenue of $92.00 million for the quarter, compared to the consensus estimate of $85.63 million. During the same period in the prior year, the business posted ($0.01) earnings per share. The company’s revenue for the quarter was down 9.3% on a year-over-year basis.
Harmonic (NASDAQ:HLIT) opened at $3.70 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.20 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $298.69, a P/E ratio of -3.63 and a beta of 1.05. Harmonic has a 52 week low of $2.80 and a 52 week high of $6.18.
In other news, insider Neven Haltmayer sold 8,311 shares of the firm’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $3.81, for a total value of $31,664.91. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Bart Spriester sold 8,004 shares of the firm’s stock in a transaction 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. Insiders have sold a total of 25,933 shares of company stock worth $98,389 in the last ninety days. Insiders own 4.27% of the company’s stock.
A number of hedge funds have recently modified their holdings of HLIT. BNP Paribas Arbitrage SA raised its stake in Harmonic by 41.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 49,992 shares of the communications equipment provider’s stock worth $152,000 after acquiring an additional 14,536 shares during the last quarter. SG Americas Securities LLC raised its stake in Harmonic by 193.7% in 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 during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Harmonic in the 3rd quarter worth $190,000. Voya Investment Management LLC raised its stake in shares of Harmonic by 12.1% during the 2nd quarter. Voya Investment Management LLC now owns 43,910 shares of the communications equipment provider’s stock valued at $231,000 after buying an additional 4,742 shares during the last quarter. Finally, Thrivent Financial For Lutherans raised its stake in shares of Harmonic by 7.3% during the 2nd quarter. Thrivent Financial For Lutherans now owns 48,530 shares of the communications equipment provider’s stock valued at $255,000 after buying an additional 3,300 shares during the last quarter. Institutional investors 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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