Aerohive Networks, Inc. (NYSE:HIVE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors 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 analysts also recently weighed in on the stock. BidaskClub downgraded shares of Aerohive Networks from a “sell” rating to a “strong sell” rating in a research report on Friday, July 28th. 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. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $5.87.

Shares of Aerohive Networks (NYSE HIVE) traded down 0.29% on Tuesday, hitting $3.40. 717,050 shares of the stock were exchanged. Aerohive Networks has a one year low of $3.02 and a one year high of $7.01. The firm’s market cap is $148.26 million. The firm’s 50 day moving average price is $4.85 and its 200 day moving average price is $4.67.

Aerohive Networks (NYSE:HIVE) last issued its quarterly earnings data on Wednesday, August 2nd. The communications equipment provider reported $0.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. The firm had revenue of $42.30 million for the quarter, compared to the consensus estimate of $43.11 million. Aerohive Networks had a negative net margin of 18.58% and a negative return on equity of 107.93%. Aerohive Networks’s quarterly revenue was down 11.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.02) EPS. Equities analysts anticipate that Aerohive Networks will post ($0.13) earnings per share for the current year.

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In related news, CEO David K. Flynn purchased 40,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now owns 209,236 shares of the company’s stock, valued at $899,714.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John Ritchie purchased 20,000 shares of the company’s stock in a transaction on Tuesday, May 16th. The shares were bought at an average price of $4.31 per share, for a total transaction of $86,200.00. Following the completion of the transaction, the chief financial officer now directly owns 168,541 shares in the company, valued at approximately $726,411.71. The disclosure for this purchase can be found here. Company insiders own 26.23% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in HIVE. Essex Investment Management Co. LLC bought a new stake in Aerohive Networks during the second quarter worth approximately $100,000. Citadel Advisors LLC bought a new stake in Aerohive Networks during the first quarter worth approximately $108,000. Goldman Sachs Group Inc. increased its stake 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 bought a new stake in Aerohive Networks during the first quarter worth approximately $121,000. Finally, Stoneridge Investment Partners LLC bought a new stake in Aerohive Networks during the first quarter worth approximately $134,000. Institutional investors own 47.73% of the company’s stock.

Aerohive Networks Company Profile

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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Analyst Recommendations for Aerohive Networks (NYSE:HIVE)

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