Aerohive Networks, Inc. (NYSE:HIVE) Releases Earnings Results

Aerohive Networks, Inc. (NYSE:HIVE) issued its earnings results on Tuesday. The communications equipment provider reported $0.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.02, Bloomberg Earnings reports. The company had revenue of $42.30 million for the quarter, compared to analysts’ expectations of $43.11 million. Aerohive Networks had a negative net margin of 20.12% and a negative return on equity of 109.99%. The firm’s revenue was down 11.2% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.02) earnings per share.

Aerohive Networks (NYSE HIVE) traded down 1.07% during mid-day trading on Wednesday, hitting $4.61. 571,405 shares of the company were exchanged. Aerohive Networks has a 12-month low of $3.66 and a 12-month high of $7.40. The stock’s 50 day moving average is $4.96 and its 200-day moving average is $4.69. The company’s market cap is $201.02 million.

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In related news, 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, with a total value of $172,000.00. Following the completion of the acquisition, the chief executive officer now owns 209,236 shares in the company, valued at $899,714.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 acquisition, the chief financial officer now owns 168,541 shares of the company’s stock, valued at approximately $726,411.71. The disclosure for this purchase can be found here. 26.23% of the stock is currently owned by company insiders.

A number of analysts have weighed in on HIVE shares. Wunderlich raised shares of Aerohive Networks from a “hold” rating to a “buy” rating and set a $5.00 target price on the stock in a report on Thursday, May 4th. DA Davidson reissued a “buy” rating and set a $9.00 target price on shares of Aerohive Networks in a report on Friday, May 19th. Zacks Investment Research raised shares of Aerohive Networks from a “hold” rating to a “buy” rating and set a $5.00 target price on the stock in a report on Monday, May 22nd. Finally, BidaskClub cut shares of Aerohive Networks from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. Aerohive Networks has an average rating of “Hold” and a consensus target price of $6.11.

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.