Trade Report: Today: Aerohive Networks Inc. (HIVE) Issues Q3 Earnings Guidance

Today: Aerohive Networks Inc. (HIVE) Issues Q3 Earnings Guidance

Aerohive Networks Inc. (NYSE:HIVE) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of ($0.07)-($0.06) for the period, compared to the Thomson Reuters consensus earnings per share 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.

Aerohive Networks Inc. (NYSE:HIVE) opened at 5.54 on Monday. The firm’s market capitalization is $241.58 million. Aerohive Networks Inc. has a 12-month low of $4.08 and a 12-month high of $7.48. The company has a 50-day moving average price of $6.19 and a 200-day moving average price of $6.32.

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, beating the Zacks’ consensus estimate of ($0.06) by $0.04. Aerohive Networks had a negative net margin of 21.86% and a negative return on equity of 106.44%. The company earned $47.63 million during the quarter, compared to analysts’ expectations of $47.44 million. During the same period last year, the company posted ($0.14) earnings per share. The firm’s quarterly revenue was up 29.3% compared to the same quarter last year. On average, analysts predict that Aerohive Networks Inc. will post ($0.18) earnings per share for the current year.

A number of brokerages have issued reports on HIVE. Goldman Sachs Group Inc. reaffirmed a neutral rating and issued a $6.00 target price (down from $7.00) on shares of Aerohive Networks in a report on Saturday. William Blair reaffirmed an outperform rating on shares of Aerohive Networks in a report on Friday. Wunderlich cut shares of Aerohive Networks from a buy rating to a hold rating and dropped their target price for the company from $8.00 to $5.00 in a report on Friday. Buckingham Research cut shares of Aerohive Networks from a buy rating to a neutral rating and dropped their target price for the company from $8.00 to $5.00 in a report on Friday. Finally, Zacks Investment Research cut shares of Aerohive Networks from a buy rating to a hold rating in a report on Wednesday, October 5th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $6.63.

A number of hedge funds have recently made changes to their positions in HIVE. Prudential Financial Inc. purchased a new stake in shares of Aerohive Networks during the second quarter worth about $102,000. 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 period. BlackRock Investment Management LLC raised 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 worth $572,000 after buying an additional 2,271 shares during the period. 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 period. Finally, 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 period. Hedge funds and other institutional investors own 46.95% of the company’s stock.

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