Dynamic Technology Lab Private Ltd purchased a new position in Aerohive Networks, Inc. (NYSE:HIVE) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 40,263 shares of the communications equipment provider’s stock, valued at approximately $201,000. Dynamic Technology Lab Private Ltd owned about 0.07% of Aerohive Networks at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Yiheng Capital LLC grew its position in Aerohive Networks by 25.8% in the 2nd quarter. Yiheng Capital LLC now owns 1,187,269 shares of the communications equipment provider’s stock worth $5,936,000 after purchasing an additional 243,788 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Aerohive Networks by 18.9% during the 2nd quarter. Vanguard Group Inc. now owns 1,137,451 shares of the communications equipment provider’s stock valued at $5,687,000 after acquiring an additional 180,794 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Aerohive Networks by 33.3% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,056,900 shares of the communications equipment provider’s stock valued at $5,284,000 after purchasing an additional 263,879 shares during the last quarter. Cooper Creek Partners Management LLC bought a new position in Aerohive Networks during the 2nd quarter valued at about $2,487,000. Finally, Marshall Wace North America L.P. bought a new position in Aerohive Networks during the 2nd quarter valued at about $2,041,000. Institutional investors own 44.72% of the company’s stock.
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A number of equities analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Aerohive Networks from a “buy” rating to a “hold” rating in a research note on Tuesday, July 18th. ValuEngine raised shares of Aerohive Networks from a “strong sell” rating to a “sell” rating in a research note on Monday, October 2nd. BidaskClub downgraded shares of Aerohive Networks from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Finally, Craig Hallum began coverage on shares of Aerohive Networks in a research note on Tuesday, October 17th. They set a “buy” rating and a $6.00 price target for the company. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $6.31.
Aerohive Networks (NYSE:HIVE) last posted its quarterly earnings data on Wednesday, November 1st. The communications equipment provider reported ($0.03) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.02. The firm had revenue of $37.07 million for the quarter, compared to the consensus estimate of $38.41 million. Aerohive Networks had a negative net margin of 17.00% and a negative return on equity of 98.88%. The business’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.06) EPS.
Aerohive Networks announced that its board has approved a share buyback program on Wednesday, November 1st that allows the company to buyback $10.00 million in outstanding shares. This buyback authorization allows the communications equipment provider to purchase shares of its stock through open market purchases. Stock buyback 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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