Harmonic Inc. (NASDAQ:HLIT) reported upbeat earnings for its fourth quarter on Monday.

Harmonic posted adjusted earnings of 13 cents per share, beating market estimates of 10 cents per share. The company’s quarterly sales came in at 167.09 million versus expectations of $159.80 million, according to data from Benzinga Pro.

"Harmonic finished 2023 with another quarter of solid performance, including record total company and Broadband revenue, driven by strong demand for our market-leading technology solutions," said Patrick Harshman, president and chief executive officer of Harmonic. "Our robust backlog at year-end reflects continued demand from our large Broadband customers and growing Video SaaS commitments, positioning us well for this year and beyond."

Harmonic shares gained 3.3% to trade at $12.02 on Tuesday.

These analysts made changes to their price targets on Harmonic after the company reported quarterly results.

• Raymond James cut the price target on Harmonic from $19 to $18. Raymond James analyst Simon Leopold maintained a Strong Buy rating.
• Rosenblatt lowered Harmonic price target from $18 to $16. Rosenblatt analyst Steve Frankel maintained a Buy rating.

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