Aerohive Networks, Inc. (HIVE) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Aerohive Networks, Inc. (NYSE:HIVE) from a hold rating to a sell rating in a research note released on Tuesday, August 8th.

According to Zacks, “Aerohive Networks Inc. designs and develops a cloud-managed mobile networking platform that enables enterprises to deploy a mobile-centric network edge. The Company’s cloud-managed mobile networking platform consists of four components: Cloud Services Platform, HiveOS operating system, client management software and its portfolio of hardware products. It serves the healthcare, education, manufacturing, distribution, and retail industries throughout the United States. Aerohive Networks, Inc. is headquartered in Sunnyvale, California. “

HIVE has been the topic of a number of other reports. BidaskClub lowered Aerohive Networks from a hold rating to a sell rating in a research note on Saturday, July 8th. DA Davidson reaffirmed a buy rating and issued a $9.00 price objective on shares of Aerohive Networks in a research note on Friday, May 19th. Finally, Wunderlich raised Aerohive Networks from a hold rating to a buy rating and set a $5.00 price objective on the stock in a research note on Thursday, May 4th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of Hold and an average price target of $5.87.

Shares of Aerohive Networks (NYSE HIVE) traded down 4.36% during mid-day trading on Tuesday, hitting $3.29. The stock had a trading volume of 327,527 shares. The stock’s 50-day moving average is $4.31 and its 200-day moving average is $4.50. The firm’s market capitalization is $143.46 million. Aerohive Networks has a 1-year low of $3.02 and a 1-year high of $7.00.

Aerohive Networks (NYSE:HIVE) last posted its quarterly earnings data on Wednesday, August 2nd. The communications equipment provider reported $0.01 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.02. The company had revenue of $42.30 million for the quarter, compared to analyst estimates of $43.11 million. Aerohive Networks had a negative return on equity of 107.93% and a negative net margin of 18.58%. The firm’s quarterly revenue was down 11.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.02) earnings per share. Equities analysts expect that Aerohive Networks will post ($0.14) earnings per share for the current year.

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A number of institutional investors have recently modified their holdings of the stock. Boston Partners raised its position in shares of 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 acquired a new position in shares of Aerohive Networks during the second quarter valued at about $2,487,000. Marshall Wace North America L.P. acquired a new position in shares of Aerohive Networks during the second quarter valued at about $2,041,000. VIEX Capital Advisors LLC acquired a new position in shares of Aerohive Networks during the first quarter valued at about $1,578,000. Finally, S Squared Technology LLC acquired a new position in shares of Aerohive Networks during the second quarter valued at about $1,361,000. 47.45% of the stock is currently owned by hedge funds and other institutional investors.

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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