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Aerohive Networks - Growth Slowdown Is A Big Worry For This Cloud Networking ProviderThe Value Investor • Mon, Apr. 21
- HIVE operates in the interesting mobile networking business.
- Yet topline growth is slowing down rapidly.
- This combined with losses and stiff competition makes me cautious.
- HIVE is a provider of a cloud-based mobile networking platform, designed to support a mobile network edge.
- HIVE plans to raise $75.0 million in its upcoming IPO, offering 7.5 million shares at an expected price range of $9-$11 per share.
- We are neutral to negative on this IPO, given the company’s troubling financial losses and the recent tech skid, which could lead possible investors to hesitate with this offering.
Fri, Nov. 21, 11:41 AM| Comment!
Wed, Nov. 5, 4:49 PM| Comment!
Wed, Oct. 29, 9:57 AM| 1 Comment
Wed, Oct. 29, 9:15 AM
Tue, Oct. 28, 2:05 PM
- Aerohive (NYSE:HIVE) will provide the Wi-Fi infrastructure for the networks to be set up via Apple's $100M donation for the U.S. government's ConnectED education Web connectivity initiative.
- Aerohive's 802.11ac Wi-Fi access points will be used, as will its Ethernet switches and management software.
- Shares have recovered a big chunk of the losses they saw following Aerohive's Oct. 13 Q3 warning.
Mon, Oct. 13, 12:46 PM
Mon, Oct. 13, 9:35 AM
- Aerohive (NYSE:HIVE) expects Q3 revenue of $34.5M-$35.5M and EPS of -$0.10 to -$0.12. That's below prior guidance of $38M-$40M and -$0.08 to -$0.10, and a consensus of $38.9M and -$0.09.
- The enterprise Wi-Fi hardware/software firm blames soft order volumes towards the end of the quarter, primarily in "less-developed sales territories where sales capacity is not ramping as quickly as expected and performance has been inconsistent."
- Aerohive has been contending with tough competition in a fragmented enterprise Wi-Fi market. Major rivals include Cisco (including its Meraki unit) and Aruba.
Wed, Aug. 6, 5:54 PM| Comment!
Wed, Jul. 30, 1:27 PM
- Ahead of this afternoon's Q2 report, Pac Crest has launched coverage on Ruckus (RKUS +1.8%) with an Outperform and $15 target. Peer Aerohive (HIVE +3.1%), which whose Wi-Fi hardware/software offerings are more enterprise-focused, has also been started at Outperform.
- The launch comes a week after Goldman ($18 PT) put Ruckus on its Conviction Buy list.
- Earnings season has seen mobile infrastructure giants Ericsson and Nokia, as well as some chip suppliers, report seeing strong 4G infrastructure spend due to surging data traffic. Ruckus is counting on carriers to respond to 4G traffic growth by expanding their use of Wi-Fi networks to offload mobile traffic.
Fri, Jul. 11, 1:50 PM
- The FCC has cleared a plan to spend $2B - $1B/year in 2015 and 2016 - to bring Wi-Fi to U.S. schools and libraries using funds from its E-Rate program. "Because of what we do today, 10 million kids will be connected next year who otherwise wouldn’t," predicts chairman Tom Wheeler.
- Wi-Fi equipment vendors Aruba (ARUN +4.6%), Ruckus (RKUS +5%), and Aerohive (HIVE +4.5%) have rallied on the news, much as they did last month after Wheeler first floated the plan. Ubiquiti (UBNT - unchanged) might also benefit from the initiative.
- The plan has some critics. Some schools and teachers unions argue it doesn't cover enough locations, and have also noted it doesn't guarantee funding for future years.
- Ruckus reports on July 30, and Ubiquiti on August 7.
Mon, Jun. 23, 12:49 PM
- FCC chairman Tom Wheeler has unveiled a plan to spend $1B/year in 2015 and 2016 to install Wi-Fi networks in U.S. schools and libraries, through the government's E-Rate program. Last year, no E-Rate funds were available for Wi-Fi.
- Meanwhile, Senators Marco Rubio and Cory Booker have introduced a bill that calls on the FCC explore opening up 75MHz. (5850-5925MHz.) for commercial Wi-Fi use. The auto industry isn't crazy about the idea, given the band is already set to be used to enable car-to-car communication.
- In March, the FCC committed to opening up 100MHz. of 5GHz.-band spectrum previously used by satellite phone companies for Wi-Fi use.
- Enterprise/carrier Wi-Fi equipment vendors Aruba (ARUN +3.1%), Ruckus (RKUS +4.4%), Ubiquiti (UBNT +3.7%), and Aerohive (HIVE +1.2%) are all trading higher following the latest announcements. Ruckus might also be getting a lift from news of deals with hotel owners La Quinta and Scandic.
- The FCC/Senate moves come ahead of the mass adoption of the HotSpot 2.0 standard, which is expected to boost public and carrier Wi-Fi usage by allowing devices to automatically log into hotspots.
Wed, May. 14, 6:10 PM
- Cisco (CSCO) expects FQ4 EPS of $0.51-$0.53 vs. a $0.51 consensus. In spite of posting an FQ3 gross margin of 62.7%, the company is only guiding for an FQ4 GM of 61%-62%.
- John Chambers once more states Cisco is seeing price pressure in markets such as campus switching (Huawei and H-P are competing aggressively here), but insists SDN (generally seen as a 2015-and-later problem) isn't a factor. Switching, emerging markets, and carrier sales are expected to stay pressured near-term.
- Though GAAP opex fell 2% Y/Y, non-GAAP opex fell 6% (boosted EPS). Headcount declined by 230 Q/Q to 73.8K.
- Data center (UCS server) sales remain strong, growing 29% Y/Y (share gains against Dell/H-P/IBM). Likewise, service provider video sales (-26%, set-top share loss to ARRS) remain weak.
- Wireless sales only rose 3% (possible share loss to the likes of ARUN, UBNT, and HIVE), but orders rose 12%, and Meraki continues seeing strong user growth. Recently-acquired Sourcefire saw orders grow 20%.
- Cisco says its new ACI/Nexus 9000 SDN/networking virtualization platform (praised for its feature set, but not for its pricing) gained 175 customers, and has a pipeline of 1K+.
- More on Cisco's earnings
Thu, May. 8, 4:59 PM| Comment!
Tue, Apr. 22, 9:46 AM
- Frontier (FTR -1.7%) has been cut to Hold by Gabelli.
- Intuit (INTU +1.8%) has been upgraded to Equal Weight by Evercore.
- HomeAway (AWAY +3%) has been upgraded to Outperform by FBR ahead of Thursday's Q1 report.
- GSV Capital (GSVC +1.1%) has been started at Buy by Roth.
- Nimble Storage (NMBL -2.1%) has been started at Underperform by DA Davidson.
- InterXion (INXN -1%) has been cut to Equal Weight by Evercore. Q1 results arrive on May 7.
- IPO underwriters have granted five bullish ratings apiece to 2U (TWOU +6.8%) and Aerohive (HIVE +1.3%).
Fri, Mar. 28, 10:54 AM
- After pricing its 7.5M-share IPO at $10 (the midpoint of its range), Aerohive (HIVE) opened at $8.95 and is currently at $9.32, down 6.8%. The enterprise Wi-Fi hardware/software vendor has a market cap of $406M, or 3.7x sales.
- Concerns about steep losses and tough competition (from Aruba Networks and Cisco's Meraki unit, among others) could be affecting Aerohive's debut. The company had 2013 revenue of $107.1M (+50% Y/Y), and a net loss of $33.2M.
- Prospectus, IPO preview, analysis
- Previous: Aerohive IPO filing/technology
HIVE vs. ETF Alternatives
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