Zacks Investment Research upgraded shares of Aerohive Networks, Inc. (NYSE:HIVE) from a hold rating to a buy rating in a report published on Wednesday. They currently have $5.00 price objective on the communications equipment provider’s stock.

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 subject of a number of other research reports. ValuEngine cut shares of Aerohive Networks from a sell rating to a strong sell rating in a report on Wednesday, September 6th. Craig Hallum started coverage on shares of Aerohive Networks in a report on Tuesday, October 17th. They set a buy rating and a $6.00 price objective for the company. Finally, BidaskClub cut shares of Aerohive Networks from a sell rating to a strong sell rating in a report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. Aerohive Networks presently has a consensus rating of Hold and a consensus price target of $6.05.

Aerohive Networks (NYSE HIVE) opened at $4.67 on Wednesday. The company has a quick ratio of 1.95, a current ratio of 2.19 and a debt-to-equity ratio of 0.94. 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, beating the Zacks’ consensus estimate of ($0.05) by $0.02. The firm had revenue of $37.07 million during the quarter, compared to analysts’ expectations of $38.41 million. Aerohive Networks had a negative net margin of 17.00% and a negative return on equity of 103.45%. The business’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.06) earnings per share. analysts forecast that Aerohive Networks will post -0.43 earnings per share for the current fiscal year.

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

Institutional investors have recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC acquired a new position in shares of Aerohive Networks in the second quarter valued at approximately $100,000. Goldman Sachs Group Inc. boosted its holdings in shares of Aerohive Networks by 18.3% in the first quarter. Goldman Sachs Group Inc. now owns 26,294 shares of the communications equipment provider’s stock valued at $111,000 after buying an additional 4,074 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Aerohive Networks by 66.6% in the third quarter. Wells Fargo & Company MN now owns 34,691 shares of the communications equipment provider’s stock valued at $142,000 after buying an additional 13,865 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Aerohive Networks by 31.8% in the second quarter. The Manufacturers Life Insurance Company now owns 30,090 shares of the communications equipment provider’s stock valued at $150,000 after buying an additional 7,258 shares during the period. Finally, Rhumbline Advisers boosted its holdings in shares of Aerohive Networks by 23.8% in the second quarter. Rhumbline Advisers now owns 31,530 shares of the communications equipment provider’s stock valued at $158,000 after buying an additional 6,061 shares during the period. Institutional investors own 44.62% of the company’s stock.

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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Analyst Recommendations for Aerohive Networks (NYSE:HIVE)

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