Aerohive Networks, Inc. (HIVE) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS
Aerohive Networks, Inc. (NYSE:HIVE) posted its quarterly earnings data on Tuesday. The communications equipment provider reported ($0.03) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.02, Bloomberg Earnings reports. The company had revenue of $37.07 million during the quarter, compared to analyst estimates of $38.41 million. Aerohive Networks had a negative net margin of 18.58% and a negative return on equity of 107.93%. The company’s revenue was down 8.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.06) earnings per share.
HIVE has been the subject of several recent analyst reports. BidaskClub lowered shares of Aerohive Networks from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Craig Hallum initiated coverage on shares of Aerohive Networks in a report on Tuesday, October 17th. They set a “buy” rating and a $6.00 price objective for the company. Zacks Investment Research lowered shares of Aerohive Networks from a “buy” rating to a “hold” rating in a report on Tuesday, July 18th. Finally, ValuEngine lowered shares of Aerohive Networks from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 6th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $6.31.
A number of large investors have recently modified their holdings of HIVE. The Manufacturers Life Insurance Company increased its position in Aerohive Networks by 31.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,090 shares of the communications equipment provider’s stock valued at $150,000 after acquiring an additional 7,258 shares during the period. California State Teachers Retirement System increased its position in Aerohive Networks by 15.3% in the 2nd quarter. California State Teachers Retirement System now owns 55,641 shares of the communications equipment provider’s stock valued at $278,000 after acquiring an additional 7,400 shares during the period. Finally, State Street Corp increased its position in Aerohive Networks by 15.8% in the 2nd quarter. State Street Corp now owns 379,843 shares of the communications equipment provider’s stock valued at $1,902,000 after acquiring an additional 51,774 shares during the period. 44.72% of the stock is owned by institutional investors and hedge funds.
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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