Zacks Investment Research Downgrades Aerohive Networks Inc. (HIVE) to Hold
Aerohive Networks Inc. (NYSE:HIVE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Aerohive Networks Inc. designs and develops a cloud-managed mobile networking platform that enables enterprises to deploy a mobile-centric network edge. The Company’s cloud-managed mobile networking platform consists of four components: Cloud Services Platform, HiveOS operating system, client management software and its portfolio of hardware products. It serves the healthcare, education, manufacturing, distribution, and retail industries throughout the United States. Aerohive Networks, Inc. is headquartered in Sunnyvale, California. “
Several other equities analysts have also commented on the stock. Piper Jaffray Cos. reissued an “overweight” rating and issued a $7.50 target price (up from $7.20) on shares of Aerohive Networks in a report on Friday, August 5th. JMP Securities decreased their target price on shares of Aerohive Networks from $10.00 to $9.00 and set a “market outperform” rating on the stock in a report on Thursday, August 4th. Finally, Wunderlich assumed coverage on shares of Aerohive Networks in a report on Wednesday, June 8th. They issued a “buy” rating and a $8.00 target price on the stock. One investment 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. The company currently has a consensus rating of “Buy” and a consensus target price of $7.57.
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Shares of Aerohive Networks (NYSE:HIVE) traded down 2.32% during trading on Wednesday, reaching $5.90. 56,231 shares of the company traded hands. The company has a 50 day moving average price of $6.35 and a 200 day moving average price of $6.31. The firm’s market capitalization is $257.28 million. Aerohive Networks has a 12-month low of $4.08 and a 12-month high of $7.48.
Aerohive Networks (NYSE:HIVE) last released its earnings results on Wednesday, August 3rd. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.04. Aerohive Networks had a negative net margin of 21.86% and a negative return on equity of 106.44%. The firm had revenue of $47.63 million for the quarter, compared to analyst estimates of $47.44 million. During the same period last year, the firm earned ($0.14) EPS. The business’s quarterly revenue was up 29.3% compared to the same quarter last year. On average, equities analysts predict that Aerohive Networks will post ($0.18) EPS for the current year.
Several large investors have recently made changes to their positions in HIVE. Boston Partners bought a new stake in shares of Aerohive Networks during the second quarter valued at about $3,207,000. Murphy Michael R raised its stake in shares of Aerohive Networks by 12.4% in the second quarter. Murphy Michael R now owns 4,354,385 shares of the company’s stock valued at $28,826,000 after buying an additional 479,740 shares during the period. Granahan Investment Management Inc. MA raised its stake in shares of Aerohive Networks by 17.4% in the first quarter. Granahan Investment Management Inc. MA now owns 1,613,104 shares of the company’s stock valued at $8,049,000 after buying an additional 239,630 shares during the period. Mutual of America Capital Management LLC raised its stake in shares of Aerohive Networks by 52.7% in the second quarter. Mutual of America Capital Management LLC now owns 473,729 shares of the company’s stock valued at $3,136,000 after buying an additional 163,393 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Aerohive Networks by 54.9% in the first quarter. Renaissance Technologies LLC now owns 396,900 shares of the company’s stock valued at $1,981,000 after buying an additional 140,700 shares during the period. 46.95% of the stock is currently owned by institutional investors.
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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