Aerohive Networks (HIVE) Shares Up 5.6%

Aerohive Networks, Inc. (NYSE:HIVE)’s share price shot up 5.6% during trading on Tuesday . The company traded as high as $6.50 and last traded at $6.27. 1,316,900 shares were traded during mid-day trading, an increase of 247% from the average session volume of 379,146 shares. The stock had previously closed at $5.94.

A number of research firms recently commented on HIVE. ValuEngine upgraded Aerohive Networks from a “strong sell” rating to a “sell” rating in a research note on Friday, November 10th. Zacks Investment Research upgraded Aerohive Networks from a “hold” rating to a “buy” rating and set a $5.00 price target for the company in a research note on Wednesday, November 8th. Finally, Craig Hallum began coverage on shares of Aerohive Networks in a report on Tuesday, October 17th. They issued a “buy” rating and a $6.00 target price on the stock. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $6.05.

The company has a quick ratio of 1.95, a current ratio of 2.19 and a debt-to-equity ratio of 0.94.

Aerohive Networks (NYSE:HIVE) last issued its earnings results on Wednesday, November 1st. The communications equipment provider reported ($0.03) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.02. Aerohive Networks had a negative net margin of 17.00% and a negative return on equity of 103.45%. The firm had revenue of $37.07 million for the quarter, compared to analysts’ expectations of $38.41 million. During the same quarter last year, the company posted ($0.06) earnings per share. Aerohive Networks’s revenue was down 8.2% on a year-over-year basis. equities research analysts predict that Aerohive Networks, Inc. will post -0.43 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. raised its holdings in shares of Aerohive Networks by 18.3% during 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 during the last quarter. Susquehanna International Group LLP bought a new stake in shares of Aerohive Networks during the third quarter valued at approximately $112,000. Wells Fargo & Company MN raised its holdings in shares of Aerohive Networks by 66.6% during the third quarter. Wells Fargo & Company MN now owns 34,691 shares of the communications equipment provider’s stock valued at $142,000 after buying an additional 13,865 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Aerohive Networks by 31.8% during the second quarter. The Manufacturers Life Insurance Company now owns 30,090 shares of the communications equipment provider’s stock valued at $150,000 after buying an additional 7,258 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in shares of Aerohive Networks by 23.8% during 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 during the last quarter. 46.13% of the stock is currently owned by hedge funds and other institutional investors.

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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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