Aerohive Networks Inc. (HIVE) Releases Q3 Earnings Guidance
Aerohive Networks Inc. (NYSE:HIVE) updated its third quarter earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of ($0.07)-($0.06) for the period, compared to the Thomson Reuters consensus estimate of ($0.04). The company issued revenue guidance of Approx $40 million, compared to the consensus revenue estimate of $48.01 million.Aerohive Networks also updated its Q4 guidance to ($0.09)-($0.06) EPS.
Several analysts recently commented on the company. JMP Securities cut their price objective on Aerohive Networks from $10.00 to $9.00 and set a market outperform rating for the company in a report on Thursday, August 4th. Zacks Investment Research raised Aerohive Networks from a hold rating to a buy rating and set a $7.50 price objective for the company in a report on Tuesday, August 9th. Finally, Piper Jaffray Cos. reaffirmed an overweight rating and issued a $7.50 price objective (up previously from $7.20) on shares of Aerohive Networks in a report on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. Aerohive Networks presently has an average rating of Buy and a consensus price target of $7.57.
Aerohive Networks Inc. (NYSE:HIVE) traded down 2.26% during mid-day trading on Thursday, reaching $5.63. The company’s stock had a trading volume of 111,504 shares. Aerohive Networks Inc. has a one year low of $4.08 and a one year high of $7.48. The stock has a 50-day moving average price of $6.26 and a 200-day moving average price of $6.32. The company’s market capitalization is $245.50 million.
Aerohive Networks (NYSE:HIVE) last posted its earnings results on Wednesday, August 3rd. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.04. The company earned $47.63 million during the quarter, compared to analyst estimates of $47.44 million. Aerohive Networks had a negative return on equity of 106.44% and a negative net margin of 21.86%. Aerohive Networks’s revenue was up 29.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.14) earnings per share. Equities research analysts forecast that Aerohive Networks Inc. will post ($0.18) EPS for the current year.
Hedge funds have recently bought and sold shares of the company. Prudential Financial Inc. bought a new stake in Aerohive Networks during the second quarter worth $102,000. Rhumbline Advisers raised its stake in Aerohive Networks by 4.1% in the second quarter. Rhumbline Advisers now owns 22,091 shares of the company’s stock worth $146,000 after buying an additional 875 shares in the last quarter. A.R.T. Advisors LLC bought a new stake in Aerohive Networks during the second quarter worth $168,000. Citadel Advisors LLC bought a new stake in Aerohive Networks during the second quarter worth $208,000. Finally, BlackRock Investment Management LLC raised its stake in Aerohive Networks by 2.7% in the second quarter. BlackRock Investment Management LLC now owns 86,430 shares of the company’s stock worth $572,000 after buying an additional 2,271 shares in the last quarter. Institutional investors own 46.95% of the company’s stock.
About Aerohive Networks
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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