Aerohive Networks, Inc. (HIVE) Lifted to Sell at ValuEngine

ValuEngine upgraded shares of Aerohive Networks, Inc. (NYSE:HIVE) from a strong sell rating to a sell rating in a research report released on Friday morning.

Several other brokerages also recently issued reports on HIVE. BidaskClub downgraded Aerohive Networks from a sell rating to a strong sell rating in a research report on Friday, July 28th. Zacks Investment Research upgraded Aerohive Networks from a hold rating to a buy rating and set a $5.00 price objective for the company in a research report on Wednesday, November 8th. Finally, Craig Hallum assumed coverage on Aerohive Networks in a report on Tuesday, October 17th. They issued a buy rating and a $6.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $6.05.

Shares of Aerohive Networks (NYSE:HIVE) traded up $0.12 during trading on Friday, hitting $4.67. The company had a trading volume of 488,500 shares, compared to its average volume of 338,420. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.19 and a quick ratio of 1.95. Aerohive Networks has a 1 year low of $3.02 and a 1 year high of $6.14.

Aerohive Networks (NYSE:HIVE) last issued its quarterly earnings data on Wednesday, November 1st. The communications equipment provider reported ($0.03) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. Aerohive Networks had a negative return on equity of 103.45% and a negative net margin of 17.00%. The firm had revenue of $37.07 million during the quarter, compared to the consensus estimate of $38.41 million. During the same period in the previous year, the firm posted ($0.06) EPS. The company’s quarterly revenue was down 8.2% compared to the same quarter last year. analysts forecast that Aerohive Networks will post -0.43 EPS for the current fiscal year.

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Aerohive Networks declared that its Board of Directors has authorized a stock buyback plan on Wednesday, November 1st that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the communications equipment provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wells Fargo & Company MN raised its holdings in Aerohive Networks by 66.6% in the 3rd quarter. Wells Fargo & Company MN now owns 34,691 shares of the communications equipment provider’s stock valued at $142,000 after acquiring an additional 13,865 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Aerohive Networks by 51.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,601,790 shares of the communications equipment provider’s stock valued at $6,551,000 after acquiring an additional 544,890 shares during the last quarter. Worth Venture Partners LLC raised its holdings in Aerohive Networks by 33.5% in the 3rd quarter. Worth Venture Partners LLC now owns 166,921 shares of the communications equipment provider’s stock valued at $683,000 after acquiring an additional 41,876 shares during the last quarter. New York State Common Retirement Fund raised its holdings in Aerohive Networks by 292.3% in the 3rd quarter. New York State Common Retirement Fund now owns 83,169 shares of the communications equipment provider’s stock valued at $340,000 after acquiring an additional 61,969 shares during the last quarter. Finally, Paradigm Capital Management Inc. NY acquired a new position in Aerohive Networks in the 3rd quarter valued at $840,000. Institutional investors own 45.86% of the company’s stock.

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Aerohive Networks (NYSE:HIVE)

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