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 posted its earnings results on Wednesday, August 2nd. The communications equipment provider reported $0.01 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.02. Aerohive Networks had a negative return on equity of 107.93% and a negative net margin of 18.58%. The company had revenue of $42.30 million for the quarter, compared to the consensus estimate of $43.11 million. During the same quarter in the previous year, the business earned ($0.02) earnings per share. The company’s revenue for the quarter was down 11.2% on a year-over-year basis.
Several brokerages recently weighed in on HIVE. Zacks Investment Research lowered Aerohive Networks from a “hold” rating to a “sell” rating in a research report on Tuesday, August 8th. BidaskClub lowered Aerohive Networks from a “sell” rating to a “strong sell” rating in a research report on Friday, July 28th. DA Davidson reaffirmed a “buy” rating and issued a $9.00 target price on shares of Aerohive Networks in a research report on Friday, May 19th. Finally, Wunderlich raised Aerohive Networks from a “hold” rating to a “buy” rating and set a $5.00 target price on the stock in a research report on Thursday, May 4th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $5.87.
In related news, CFO John Ritchie acquired 20,000 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were bought at an average cost of $4.31 per share, with a total value of $86,200.00. Following the completion of the transaction, the chief financial officer now directly owns 168,541 shares of the company’s stock, valued at approximately $726,411.71. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David K. Flynn acquired 40,000 shares of the business’s stock in a transaction on Tuesday, May 16th. The stock was bought at an average cost of $4.30 per share, for a total transaction of $172,000.00. Following the completion of the transaction, the chief executive officer now directly owns 209,236 shares of the company’s stock, valued at $899,714.80. The disclosure for this purchase can be found here. Company insiders own 26.23% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Boston Partners raised its position in Aerohive Networks by 29.0% in the first quarter. Boston Partners now owns 2,602,810 shares of the communications equipment provider’s stock valued at $10,958,000 after buying an additional 585,565 shares during the period. Cooper Creek Partners Management LLC bought a new position in Aerohive Networks during the second quarter valued at approximately $2,487,000. Marshall Wace North America L.P. bought a new position in Aerohive Networks during the second quarter valued at approximately $2,041,000. VIEX Capital Advisors LLC bought a new position in Aerohive Networks during the first quarter valued at approximately $1,578,000. Finally, S Squared Technology LLC bought a new position in Aerohive Networks during the second quarter valued at approximately $1,361,000. 47.73% of the stock is currently owned by institutional investors.
Shares of Aerohive Networks (NYSE HIVE) opened at 3.29 on Friday. The firm has a 50-day moving average price of $4.57 and a 200-day moving average price of $4.58. The stock’s market cap is $143.46 million. Aerohive Networks has a 52-week low of $3.02 and a 52-week high of $7.00.
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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