Aerohive Networks Inc. (NYSE:HIVE) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of ($0.07)-($0.06) for the period, compared to the Thomson Reuters consensus earnings per share estimate of ($0.04). The company issued revenue guidance of Approx $40 million, compared to the consensus revenue estimate of $48.01 million.Aerohive Networks also updated its Q4 guidance to ($0.09)-($0.06) EPS.
Several analysts have recently weighed in on the stock. Piper Jaffray Cos. restated an overweight rating and set a $7.50 price objective (up previously from $7.20) on shares of Aerohive Networks in a research report on Friday, August 5th. JMP Securities reduced their price target on shares of Aerohive Networks from $10.00 to $9.00 and set a market outperform rating for the company in a research report on Thursday, August 4th. Finally, Zacks Investment Research downgraded shares of Aerohive Networks from a buy rating to a hold rating in a research report on Wednesday, October 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $7.57.
Aerohive Networks Inc. (NYSE:HIVE) opened at 5.63 on Friday. The firm’s 50-day moving average is $6.22 and its 200-day moving average is $6.32. Aerohive Networks Inc. has a 12 month low of $4.08 and a 12 month high of $7.48. The stock’s market cap is $245.50 million.
Aerohive Networks (NYSE:HIVE) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.04. Aerohive Networks had a negative return on equity of 106.44% and a negative net margin of 21.86%. The company earned $47.63 million during the quarter, compared to analyst estimates of $47.44 million. During the same period in the previous year, the company earned ($0.14) earnings per share. The company’s quarterly revenue was up 29.3% compared to the same quarter last year. On average, equities analysts forecast that Aerohive Networks Inc. will post ($0.18) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Prudential Financial Inc. purchased a new stake in Aerohive Networks during the second quarter worth about $102,000. Vanguard Group Inc. boosted its stake in Aerohive Networks by 16.6% in the second quarter. Vanguard Group Inc. now owns 705,752 shares of the company’s stock worth $4,672,000 after buying an additional 100,290 shares in the last quarter. BlackRock Investment Management LLC boosted its stake in Aerohive Networks by 2.7% in the second quarter. BlackRock Investment Management LLC now owns 86,430 shares of the company’s stock worth $572,000 after buying an additional 2,271 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Aerohive Networks by 12.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 342,910 shares of the company’s stock worth $2,270,000 after buying an additional 36,768 shares in the last quarter. Finally, United Services Automobile Association boosted its stake in Aerohive Networks by 12.0% in the second quarter. United Services Automobile Association now owns 512,890 shares of the company’s stock worth $3,395,000 after buying an additional 55,000 shares in the last quarter. Institutional investors own 46.95% of the company’s stock.
About Aerohive Networks
Aerohive Networks, Inc, together with its subsidiaries, is engaged in designing and development of a cloud-managed mobile networking platform that enables enterprises to deploy a mobile-centric network edge. The Company’s portfolio of products and solutions is built around sets of technologies and capabilities, which include Enterprise Cloud Networking, Wireless Fidelity (Wi-Fi) Connectivity and Application and Insights.
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