Aerohive Networks Inc. (HIVE) Issues Q4 Earnings Guidance
Aerohive Networks Inc. (NYSE:HIVE) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of ($0.09)-($0.06) for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.00. The company issued revenue guidance of $43-45 million, compared to the consensus revenue estimate of $50.70 million.Aerohive Networks also updated its Q3 guidance to ($0.07)-($0.06) EPS.
Shares of Aerohive Networks Inc. (NYSE:HIVE) traded down 2.26% during midday trading on Thursday, reaching $5.63. The company’s stock had a trading volume of 111,504 shares. Aerohive Networks Inc. has a 52 week low of $4.08 and a 52 week high of $7.48. The stock’s market capitalization is $245.50 million. The company has a 50 day moving average of $6.26 and a 200-day moving average of $6.32.
Aerohive Networks (NYSE:HIVE) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.02) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.04. The business earned $47.63 million during the quarter, compared to the consensus estimate of $47.44 million. Aerohive Networks had a negative net margin of 21.86% and a negative return on equity of 106.44%. The company’s quarterly revenue was up 29.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.14) earnings per share. Equities research analysts predict that Aerohive Networks Inc. will post ($0.18) earnings per share for the current year.
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Several research firms have commented on HIVE. JMP Securities dropped 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 note on Thursday, August 4th. Zacks Investment Research upgraded shares of Aerohive Networks from a hold rating to a buy rating and set a $7.50 target price for the company in a research note on Tuesday, August 9th. Finally, Piper Jaffray Cos. reiterated an overweight rating and set a $7.50 target price (up previously from $7.20) on shares of Aerohive Networks in a research note on Friday, August 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $7.57.
A number of large investors have recently made changes to their positions in the stock. Murphy Michael R boosted 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 worth $28,826,000 after buying an additional 479,740 shares during the period. Vanguard Group Inc. boosted its stake in shares of 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 during the period. United Services Automobile Association boosted its stake in shares of 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 during the period. BlackRock Institutional Trust Company N.A. boosted its stake in shares of 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 during the period. Finally, State Street Corp boosted its stake in shares of Aerohive Networks by 45.7% in the second quarter. State Street Corp now owns 324,760 shares of the company’s stock worth $2,151,000 after buying an additional 101,828 shares during the period. 46.95% of the stock is owned by hedge funds and other 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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