Aerohive Networks Inc. (HIVE) Downgraded by Zacks Investment Research to “Sell”
Aerohive Networks Inc. (NYSE:HIVE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.
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 research firms also recently issued reports on HIVE. Goldman Sachs Group Inc. reiterated a “neutral” rating and set a $6.00 price target (down previously from $7.00) on shares of Aerohive Networks in a research note on Saturday. William Blair reiterated an “outperform” rating on shares of Aerohive Networks in a research note on Friday. JMP Securities decreased their price target on 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. Wunderlich downgraded Aerohive Networks from a “buy” rating to a “hold” rating and decreased their price target for the stock from $8.00 to $5.00 in a research note on Friday. Finally, Piper Jaffray Cos. reiterated an “overweight” rating and set a $7.50 price target (up previously from $7.20) on shares of Aerohive Networks in a research note on Friday, August 5th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Aerohive Networks has an average rating of “Hold” and an average price target of $6.63.
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Shares of Aerohive Networks (NYSE:HIVE) traded down 0.75% on Tuesday, hitting $5.30. The stock had a trading volume of 270,565 shares. The firm’s 50-day moving average is $6.10 and its 200 day moving average is $6.35. Aerohive Networks has a 1-year low of $4.08 and a 1-year high of $7.48. The stock’s market cap is $231.11 million.
Aerohive Networks (NYSE:HIVE) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.04. The company earned $47.63 million during the quarter, compared to the consensus estimate of $47.44 million. Aerohive Networks had a negative return on equity of 106.44% and a negative net margin of 21.86%. The firm’s revenue was up 29.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.14) EPS. Equities analysts forecast that Aerohive Networks will post ($0.18) EPS for the current year.
Institutional investors have recently bought and sold shares of the stock. Menta Capital LLC boosted its position in Aerohive Networks by 190.0% in the first quarter. Menta Capital LLC now owns 63,128 shares of the company’s stock valued at $315,000 after buying an additional 41,360 shares during the period. State Street Corp boosted its position in Aerohive Networks by 14.1% in the first quarter. State Street Corp now owns 222,932 shares of the company’s stock valued at $1,107,000 after buying an additional 27,514 shares during the period. Royce & Associates LP boosted its position in Aerohive Networks by 15.4% in the first quarter. Royce & Associates LP now owns 75,000 shares of the company’s stock valued at $374,000 after buying an additional 10,000 shares during the period. Granahan Investment Management Inc. MA boosted its position in 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. Finally, Murphy Michael R boosted its position in Aerohive Networks by 4.2% in the first quarter. Murphy Michael R now owns 3,874,645 shares of the company’s stock valued at $19,334,000 after buying an additional 155,286 shares during the period. 46.90% 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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