Zacks: Analysts Anticipate Aerohive Networks, Inc. (HIVE) Will Post Quarterly Sales of $41.96 Million
Wall Street analysts forecast that Aerohive Networks, Inc. (NYSE:HIVE) will announce sales of $41.96 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Aerohive Networks’ earnings. The lowest sales estimate is $38.50 million and the highest is $45.42 million. Aerohive Networks posted sales of $40.37 million in the same quarter last year, which suggests a positive year-over-year growth rate of 3.9%. The business is scheduled to issue its next earnings report on Wednesday, November 1st.
On average, analysts expect that Aerohive Networks will report full year sales of $41.96 million for the current fiscal year, with estimates ranging from $158.20 million to $172.40 million. For the next year, analysts anticipate that the business will report sales of $187.31 million per share, with estimates ranging from $179.50 million to $195.12 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Aerohive Networks.
Aerohive Networks (NYSE:HIVE) last announced its quarterly earnings data on Wednesday, August 2nd. The communications equipment provider reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. The business had revenue of $42.30 million for the quarter, compared to analyst estimates of $43.11 million. Aerohive Networks had a negative return on equity of 107.93% and a negative net margin of 18.58%. The company’s revenue was down 11.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.02) earnings per share.
Several analysts have recently weighed in on HIVE shares. Wunderlich raised Aerohive Networks from a “hold” rating to a “buy” rating and set a $5.00 target price for the company in a report on Thursday, May 4th. BidaskClub downgraded Aerohive Networks from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. DA Davidson reissued a “buy” rating and issued a $9.00 target price on shares of Aerohive Networks in a report on Friday, May 19th. Finally, Zacks Investment Research raised Aerohive Networks from a “hold” rating to a “buy” rating and set a $5.00 target price for the company in a report on Monday, May 22nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $5.87.
In related news, CFO John Ritchie acquired 20,000 shares of Aerohive Networks stock in a transaction on Tuesday, May 16th. The stock was purchased at an average cost of $4.31 per share, with a total value of $86,200.00. Following 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David K. Flynn acquired 40,000 shares of Aerohive Networks stock in a transaction on Tuesday, May 16th. The shares were bought at an average cost of $4.30 per share, with a total value of $172,000.00. Following the completion of the purchase, the chief executive officer now owns 209,236 shares in the company, valued at $899,714.80. The disclosure for this purchase can be found here. 26.23% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Essex Investment Management Co. LLC bought a new stake in Aerohive Networks during the second quarter valued at approximately $100,000. Citadel Advisors LLC bought a new stake in Aerohive Networks during the first quarter valued at 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 valued at $111,000 after buying an additional 4,074 shares in the last quarter. Trexquant Investment LP bought a new stake in Aerohive Networks during the first quarter valued at approximately $121,000. Finally, Rhumbline Advisers increased its stake in Aerohive Networks by 23.8% in the second quarter. Rhumbline Advisers now owns 31,530 shares of the communications equipment provider’s stock valued at $158,000 after buying an additional 6,061 shares in the last quarter. 47.73% of the stock is owned by hedge funds and other institutional investors.
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Aerohive Networks (HIVE) opened at 3.29 on Friday. The stock has a 50 day moving average price of $4.57 and a 200-day moving average price of $4.58. Aerohive Networks has a one year low of $3.02 and a one year high of $7.00. The firm’s market capitalization is $143.46 million.
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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