Aerohive Networks Inc. (HIVE) Rating Lowered 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 report issued on Friday. They currently have a $5.00 target price on the stock, down from their prior target price of $8.00. Wunderlich’s price objective suggests a potential downside of 11.19% from the company’s previous close.
HIVE has been the topic of several other reports. Zacks Investment Research cut shares of Aerohive Networks from a “buy” rating to a “hold” rating in a research report on Wednesday, October 5th. JMP Securities cut their price target on shares of Aerohive Networks from $10.00 to $9.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 4th. Piper Jaffray Cos. reissued an “overweight” rating and set a $7.50 price target (up from $7.20) on shares of Aerohive Networks in a research report on Friday, August 5th. Finally, Buckingham Research cut shares of Aerohive Networks from a “buy” rating to a “neutral” rating in a research report on Friday. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $7.14.
Aerohive Networks (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 has a 52 week low of $4.08 and a 52 week high of $7.48. The company’s market cap is $245.50 million.
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Aerohive Networks (NYSE:HIVE) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.02) EPS for the quarter, topping 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 analysts’ expectations of $47.44 million. During the same period in the previous year, the firm posted ($0.14) EPS. The company’s revenue for the quarter was up 29.3% on a year-over-year basis. On average, analysts expect that Aerohive Networks will post ($0.18) EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Prudential Financial Inc. bought a new position in shares of Aerohive Networks during the second quarter worth approximately $102,000. Rhumbline Advisers raised its position in shares of Aerohive Networks by 4.1% in the second quarter. Rhumbline Advisers now owns 22,091 shares of the company’s stock worth $146,000 after buying an additional 875 shares during the period. DIAM Co. Ltd. bought a new position in shares of Aerohive Networks during the second quarter worth approximately $163,000. A.R.T. Advisors LLC bought a new position in shares of Aerohive Networks during the second quarter worth approximately $168,000. Finally, Strs Ohio raised its position in shares of Aerohive Networks by 8.6% in the second quarter. Strs Ohio now owns 26,600 shares of the company’s stock worth $176,000 after buying an additional 2,100 shares during the period. Institutional investors and hedge funds 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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