Aerohive Networks Inc. (HIVE) Downgraded to Hold at Wunderlich
Aerohive Networks Inc. (NYSE:HIVE) was downgraded by equities researchers at Wunderlich from a “buy” rating to a “hold” rating in a research note issued on Friday. They presently have a $5.00 price objective on the stock, down from their previous price objective of $8.00. Wunderlich’s price target would suggest a potential downside of 11.19% from the company’s previous close.
A number of other research firms have also commented on HIVE. JMP Securities reduced their price objective on shares of Aerohive Networks from $10.00 to $9.00 and set a “market outperform” rating on the stock in a research note on Thursday, August 4th. Zacks Investment Research raised shares of Aerohive Networks from a “hold” rating to a “buy” rating and set a $7.50 price objective on the stock in a research note on Tuesday, August 9th. Piper Jaffray Cos. reaffirmed an “overweight” rating and issued a $7.50 price objective (up from $7.20) on shares of Aerohive Networks in a research note on Friday, August 5th. Finally, Buckingham Research lowered shares of Aerohive Networks from a “buy” rating to a “neutral” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $7.14.
Aerohive Networks (NYSE:HIVE) opened at 5.63 on Friday. Aerohive Networks has a 52-week low of $4.08 and a 52-week high of $7.48. The company has a 50-day moving average of $6.22 and a 200-day moving average of $6.32. The company’s market cap is $245.50 million.
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Aerohive Networks (NYSE:HIVE) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.02) EPS for the quarter, beating the Zacks’ 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 company had revenue of $47.63 million for the quarter, compared to analyst estimates of $47.44 million. During the same period in the prior year, the firm posted ($0.14) EPS. The company’s quarterly revenue was up 29.3% on a year-over-year basis. On average, equities research analysts expect that Aerohive Networks will post ($0.18) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Prudential Financial Inc. acquired a new position in Aerohive Networks during the second quarter valued at $102,000. Rhumbline Advisers increased its position in Aerohive Networks by 4.1% in the second quarter. Rhumbline Advisers now owns 22,091 shares of the company’s stock valued at $146,000 after buying an additional 875 shares during the last quarter. DIAM Co. Ltd. acquired a new position in Aerohive Networks during the second quarter valued at $163,000. A.R.T. Advisors LLC acquired a new position in Aerohive Networks during the second quarter valued at $168,000. Finally, Strs Ohio increased its position in Aerohive Networks by 8.6% in the second quarter. Strs Ohio now owns 26,600 shares of the company’s stock valued at $176,000 after buying an additional 2,100 shares during the last quarter. Institutional investors own 46.95% of the company’s stock.
Aerohive Networks Company Profile
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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