Trade Report: The Aerohive Networks Inc. (HIVE) Issues Q4 Earnings Guidance

The Aerohive Networks Inc. (HIVE) Issues Q4 Earnings Guidance

Aerohive Networks Inc. (NYSE:HIVE) issued an update on its fourth quarter earnings guidance on Thursday morning. The company provided EPS guidance of ($0.09)-($0.06) for the period, compared to the Thomson Reuters consensus EPS 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.

Aerohive Networks Inc. (NYSE:HIVE) traded down 2.26% during mid-day trading on Thursday, hitting $5.63. 117,000 shares of the stock traded hands. 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 of $6.26 and a 200 day moving average of $6.32. The firm’s market capitalization is $245.50 million.

Aerohive Networks (NYSE:HIVE) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.06) by $0.04. The business 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 for the quarter was up 29.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.14) earnings per share. On average, equities research analysts anticipate that Aerohive Networks Inc. will post ($0.18) EPS for the current year.

HIVE has been the subject of several research reports. Zacks Investment Research raised Aerohive Networks from a hold rating to a buy rating and set a $7.50 target price for the company in a research note on Tuesday, August 9th. JMP Securities cut their target price on Aerohive Networks from $10.00 to $9.00 and set a market outperform rating for the company in a research note on Thursday, August 4th. Finally, Piper Jaffray Cos. reaffirmed an overweight rating and issued a $7.50 target price (up previously from $7.20) on shares of Aerohive Networks in a research note on Friday, August 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. Aerohive Networks has a consensus rating of Buy and an average target price of $7.57.

Several hedge funds have recently added to or reduced their stakes in HIVE. Murphy Michael R raised its stake in Aerohive Networks by 12.4% in the second quarter. Murphy Michael R now owns 4,354,385 shares of the company’s stock worth $28,826,000 after buying an additional 479,740 shares during the period. State Street Corp raised its stake in shares of Aerohive Networks by 45.7% in the second quarter. State Street Corp now owns 324,760 shares of the company’s stock worth $2,151,000 after buying an additional 101,828 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Aerohive Networks by 16.6% in the second quarter. Vanguard Group Inc. now owns 705,752 shares of the company’s stock worth $4,672,000 after buying an additional 100,290 shares during the last quarter. United Services Automobile Association raised its stake in shares of Aerohive Networks by 12.0% in the second quarter. United Services Automobile Association now owns 512,890 shares of the company’s stock worth $3,395,000 after buying an additional 55,000 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of Aerohive Networks by 12.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 342,910 shares of the company’s stock worth $2,270,000 after buying an additional 36,768 shares during the last quarter. 46.95% of the stock is owned by hedge funds and other institutional investors.

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