Aerohive Networks, Inc. (HIVE) Expected to Announce Quarterly Sales of $43.02 Million
Brokerages expect Aerohive Networks, Inc. (NYSE:HIVE) to report sales of $43.02 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Aerohive Networks’ earnings. The highest sales estimate is $43.26 million and the lowest is $42.80 million. Aerohive Networks reported sales of $47.63 million in the same quarter last year, which would suggest a negative year over year growth rate of 9.7%. The business is expected to report its next quarterly earnings report on Wednesday, August 2nd.
On average, analysts expect that Aerohive Networks will report full-year sales of $43.02 million for the current fiscal year, with estimates ranging from $167.50 million to $172.40 million. For the next year, analysts anticipate that the company will report sales of $192.16 million per share, with estimates ranging from $185.00 million to $196.50 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Aerohive Networks.
Aerohive Networks (NYSE:HIVE) last released its earnings results on Wednesday, May 3rd. The communications equipment provider reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.09. Aerohive Networks had a negative return on equity of 109.99% and a negative net margin of 20.12%. The business had revenue of $36.35 million for the quarter, compared to the consensus estimate of $35.88 million. During the same quarter last year, the business posted ($0.13) earnings per share. The business’s quarterly revenue was down 9.4% compared to the same quarter last year.
HIVE has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Aerohive Networks from a “hold” rating to a “buy” rating and set a $5.00 price target for the company in a research report on Monday, May 22nd. DA Davidson reiterated a “buy” rating and issued a $9.00 price objective on shares of Aerohive Networks in a research report on Friday, May 19th. Finally, Wunderlich upgraded shares of Aerohive Networks from a “hold” rating to a “buy” rating and set a $5.00 price objective on the stock in a research report on Thursday, May 4th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $6.11.
Aerohive Networks (NYSE HIVE) opened at 5.13 on Thursday. The firm’s market capitalization is $223.70 million. The company has a 50-day moving average price of $4.61 and a 200 day moving average price of $4.84. Aerohive Networks has a 1-year low of $3.66 and a 1-year high of $7.45.
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In related news, CFO John Ritchie acquired 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were acquired at an average price of $4.31 per share, with a total value of $86,200.00. Following the completion of the purchase, the chief financial officer now directly owns 168,541 shares in the company, valued at $726,411.71. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CEO David K. Flynn acquired 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were bought at an average cost of $4.30 per share, for a total transaction of $172,000.00. Following the purchase, the chief executive officer now owns 209,236 shares of the company’s stock, valued at $899,714.80. The disclosure for this purchase can be found here. Insiders own 26.23% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Citadel Advisors LLC purchased a new position in shares of Aerohive Networks during the first quarter valued at $108,000. Goldman Sachs Group Inc. raised its position in Aerohive Networks by 18.3% in the first quarter. Goldman Sachs Group Inc. now owns 26,294 shares of the communications equipment provider’s stock worth $111,000 after buying an additional 4,074 shares during the period. Trexquant Investment LP purchased a new position in Aerohive Networks during the first quarter worth about $121,000. Stoneridge Investment Partners LLC purchased a new position in Aerohive Networks during the first quarter worth about $134,000. Finally, OppenheimerFunds Inc. raised its position in Aerohive Networks by 1.4% in the first quarter. OppenheimerFunds Inc. now owns 83,636 shares of the communications equipment provider’s stock worth $352,000 after buying an additional 1,152 shares during the period. Hedge funds and other institutional investors own 53.31% of the company’s stock.
About Aerohive Networks
Aerohive Networks, Inc together with its subsidiaries, has designed and developed a cloud-managed mobile networking platform that enables enterprises to deploy and manage a mobile-centric network edge. Its portfolio of products and solutions is built around sets of technologies and solutions, which include Enterprise Cloud Networking, Wireless Fidelity (Wi-Fi) Connectivity and Application and Insights.
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