Aerohive Networks Inc (HIVE): Discovery Group Slightly Ups Its Stake

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Michael Murphy And Daniel Donoghue‘s Discovery Group recently filed an amended Schedule 13D with the US Securities and Exchange Commission, reporting holding 4.15 million shares of Aerohive Networks Inc (NYSE:HIVE), which amass 8.4% of the company’s outstanding stock. This represents a slight increase, compared to 3.87 million shares Discovery Group held at the end of March, according to its latest 13F filing.

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Aerohive Networks (NYSE:HIVE) is a computer networking company that works on developing a variety of cloud-managed mobile networking platforms for both big and small companies, offering their professional service in the Americas, the Middle East, Africa and Europe. Year-to-date, the company’s stock is up by 14.48%. For the first quarter of 2016, Aerohive Networks reported a loss per share of  $0.25 and revenue of $39.6 million, versus estimates of a loss per share of $0.16 and revenue of $39.6 million. Recently the company has introduced their new set of products that make for the most adaptable wireless infrastructure for connected businesses.

According to our hedge fund database, at the end of March, Discovery Group reported the most valuable position in Aerohive Networks (NYSE:HIVE), and the second biggest position was disclosed by Jim Simons’ Renaissance Technologies, valued at almost $2 million. Other investors that were bullish on this stock encompassed  Israel Englander’s Millennium Management, Chuck Royce’s Royce & Associates, Joseph A. Jolson’s Harvest Capital Strategies, Paul Tudor Jones’ Tudor Investment Corp, and Jane Mendillo’s Harvard Management Co.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Discovery Equity Partners 4,154,136 4,154,136 4,154,136 8.4%
Discovery Group I 4,154,136 4,154,136 4,154,136 8.4%
Daniel J. Donoghue 4,154,136 4,154,136 4,154,136 8.4%
Michael R. Murphy 4,154,136 4,154,136 4,154,136 8.4%

Page 1 of 9 – SEC Filing




Washington, D.C. 20549


(Rule 13d-101)



TO § 240.13d-1(a) AND AMENDMENTS

PURSUANT TO § 240.13d-2(a)



(Amendment No. 3)*


Aerohive Networks, Inc.

(Name of Issuer)


Common Stock, par value $0.001 per share

(Title of Class of Securities)



(CUSIP Number)

Michael R. Murphy

Discovery Group I, LLC

300 South Wacker Drive

Suite 600

Chicago, Illinois 60606

Telephone Number: (312) 265-9600

(Name, Address and Telephone Number of
Authorized to Receive Notices and Communications)

May 10, 2016

(Date of Event which Requires Filing of
this Statement)

If the filing person has previously filed a statement
on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e),
240.13d-1(f) or 240.13d-1(g), check the following box. ¨

Note: Schedules filed in paper format shall
include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom
copies are to be sent.

*The remainder of this cover page shall
be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this
cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).

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