Aerohive Networks Inc. (HIVE) Issues Q4 Earnings Guidance
Aerohive Networks Inc. (NYSE:HIVE) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of ($0.09)-($0.06) for the period, compared to the Thomson Reuters consensus estimate of $0.00. The company issued revenue guidance of $43-45 million, compared to the consensus revenue estimate of $50.70 million.Aerohive Networks also updated its Q3 guidance to ($0.07)-($0.06) EPS.
A number of equities research analysts recently issued reports on the company. Piper Jaffray Cos. reiterated an overweight rating and issued a $7.50 price objective (up previously from $7.20) on shares of Aerohive Networks in a research report on Friday, August 5th. JMP Securities lowered their price objective on Aerohive Networks from $10.00 to $9.00 and set a market outperform rating on the stock in a research report on Thursday, August 4th. Finally, Zacks Investment Research downgraded Aerohive Networks from a buy rating to a hold rating in a research report on Wednesday, October 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $7.57.
Aerohive Networks Inc. (NYSE:HIVE) opened at 5.63 on Friday. Aerohive Networks Inc. has a 1-year low of $4.08 and a 1-year high of $7.48. The company has a 50-day moving average price of $6.22 and a 200-day moving average price of $6.32. The company’s market cap is $245.50 million.
Aerohive Networks (NYSE:HIVE) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.04. The firm had revenue of $47.63 million for the quarter, compared to analysts’ expectations of $47.44 million. Aerohive Networks had a negative net margin of 21.86% and a negative return on equity of 106.44%. The business’s revenue was up 29.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.14) EPS. On average, analysts expect that Aerohive Networks Inc. will post ($0.18) EPS for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. Prudential Financial Inc. acquired a new stake in shares of Aerohive Networks during the second quarter valued at about $102,000. Rhumbline Advisers boosted its stake in shares of Aerohive Networks by 4.1% in the second quarter. Rhumbline Advisers now owns 22,091 shares of the company’s stock valued at $146,000 after buying an additional 875 shares in the last quarter. A.R.T. Advisors LLC acquired a new stake in shares of Aerohive Networks during the second quarter valued at about $168,000. Citadel Advisors LLC acquired a new stake in shares of Aerohive Networks during the second quarter valued at about $208,000. Finally, BlackRock Investment Management LLC boosted its stake in shares of Aerohive Networks by 2.7% in the second quarter. BlackRock Investment Management LLC now owns 86,430 shares of the company’s stock valued at $572,000 after buying an additional 2,271 shares in the last quarter. Hedge funds and other institutional investors own 46.95% of the company’s stock.
Aerohive Networks Company Profile
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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