Aerohive Networks Shares Gap Up on Earnings Beat (HIVE)
Aerohive Networks (NASDAQ:HIVE)’s share price gapped up prior to trading on Friday after the company announced better than expected quarterly earnings, Analyst Ratings News reports. The stock had previously closed at $9.44, but opened at $9.47. Aerohive Networks shares last traded at $9.61, with a volume of 108,894 shares traded.
The company reported ($0.10) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.12) by $0.02. The company had revenue of $37.60 million for the quarter, compared to the consensus estimate of $35.82 million. Aerohive Networks’s revenue was up 34.3% compared to the same quarter last year.
A number of analysts have recently weighed in on HIVE shares. Analysts at Buckingham Research raised their price target on shares of Aerohive Networks from $11.00 to $12.00 in a research note on Friday. Separately, analysts at Pacific Crest initiated coverage on shares of Aerohive Networks in a research note on Wednesday, July 30th. They set an “outperform” rating and a $12.00 price target on the stock. Seven analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and an average price target of $13.00.
The stock has a 50-day moving average of $8.30 and a 200-day moving average of $9.31. The company’s market cap is $414.3 million.
Aerohive Networks, Inc has designed and developed a cloud-managed mobile networking platform that enables enterprises to deploy a mobile-centric network edge.
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