California Public Employees Retirement System maintained its position in shares of Aerohive Networks, Inc. (NYSE:HIVE) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 190,900 shares of the communications equipment provider’s stock at the close of the 2nd quarter. California Public Employees Retirement System owned 0.35% of Aerohive Networks worth $955,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Aerohive Networks by 18.9% during the second quarter. Vanguard Group Inc. now owns 1,137,451 shares of the communications equipment provider’s stock worth $5,687,000 after acquiring an additional 180,794 shares in the last quarter. Northern Trust Corp grew its position in Aerohive Networks by 31.6% in the 2nd quarter. Northern Trust Corp now owns 347,712 shares of the communications equipment provider’s stock worth $1,738,000 after purchasing an additional 83,395 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Aerohive Networks in the 2nd quarter worth about $1,133,000. Menta Capital LLC bought a new stake in Aerohive Networks in the 2nd quarter worth about $523,000. Finally, TIAA CREF Investment Management LLC grew its position in Aerohive Networks by 175.9% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 167,926 shares of the communications equipment provider’s stock worth $840,000 after purchasing an additional 107,072 shares in the last quarter. 45.86% of the stock is owned by institutional investors.
A number of research analysts have weighed in on HIVE shares. ValuEngine upgraded shares of Aerohive Networks from a “strong sell” rating to a “sell” rating in a research note on Friday. Zacks Investment Research upgraded shares of Aerohive Networks from a “hold” rating to a “buy” rating and set a $5.00 target price on the stock in a research note on Wednesday, November 8th. Craig Hallum started coverage on shares of Aerohive Networks in a research note on Tuesday, October 17th. They issued a “buy” rating and a $6.00 target price on the stock. Finally, BidaskClub cut shares of Aerohive Networks from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $6.05.
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Shares of Aerohive Networks, Inc. (HIVE) opened at $4.55 on Tuesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.95 and a current ratio of 2.19. Aerohive Networks, Inc. has a 52 week low of $3.02 and a 52 week high of $6.14.
Aerohive Networks (NYSE:HIVE) last announced its quarterly earnings results on Wednesday, November 1st. The communications equipment provider reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.02. Aerohive Networks had a negative net margin of 17.00% and a negative return on equity of 103.45%. The company had revenue of $37.07 million for the quarter, compared to analysts’ expectations of $38.41 million. During the same period in the prior year, the company posted ($0.06) EPS. Aerohive Networks’s revenue was down 8.2% compared to the same quarter last year. sell-side analysts forecast that Aerohive Networks, Inc. will post -0.43 earnings per share for the current year.
Aerohive Networks announced that its board has initiated a stock buyback program on Wednesday, November 1st that permits the company to repurchase $10.00 million in outstanding shares. This repurchase authorization permits the communications equipment provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Aerohive Networks 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.
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