RBC Capital analyst Mark Sue says Aruba could be acquired.
"It appears Cisco's going after the Wi-Fi market by bundling its enterprise solutions, being a price aggressor and elongating wireless sales cycles as IT managers review platform options and benefits from Cisco," he said in a report.
Sue added: "Aruba's not likely to drop prices anytime soon and may instead focus on software and security differentiation. Nor is Aruba expected to partner with a large tech partner. At a point, we believe Aruba becomes an attractive target, and the CEO has sold his prior company before."
Chief Executive Dominic Orr was CEO of Alteon WebSystems when it was bought by Nortel Networks.