Pitcairn Co. lowered its position in Gigamon Inc. (NYSE:GIMO) by 1.1% during the second quarter, Holdings Channel reports. The fund owned 6,828 shares of the company’s stock after selling 78 shares during the period. Pitcairn Co.’s holdings in Gigamon were worth $256,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Envestnet Asset Management Inc. bought a new position in Gigamon during the first quarter worth $193,000. Bayesian Capital Management LP bought a new position in Gigamon during the first quarter worth $233,000. Woodstock Corp bought a new position in Gigamon during the first quarter worth $313,000. Algert Global LLC bought a new position in Gigamon during the first quarter worth $328,000. Finally, Prudential Financial Inc. bought a new position in Gigamon during the first quarter worth $356,000. Institutional investors and hedge funds own 78.33% of the company’s stock.
Gigamon Inc. (NYSE:GIMO) traded up 0.83% during mid-day trading on Wednesday, reaching $56.13. The company had a trading volume of 1,096,739 shares. Gigamon Inc. has a one year low of $19.57 and a one year high of $56.38. The stock has a market capitalization of $1.98 billion, a PE ratio of 48.56 and a beta of 1.83. The company’s 50-day moving average is $47.71 and its 200-day moving average is $37.66.
Gigamon (NYSE:GIMO) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.06. Gigamon had a return on equity of 6.28% and a net margin of 16.46%. The business had revenue of $75.10 million for the quarter, compared to the consensus estimate of $70.10 million. During the same period in the prior year, the business earned $0.16 EPS. The firm’s revenue for the quarter was up 46.1% on a year-over-year basis. Equities research analysts anticipate that Gigamon Inc. will post $1.17 earnings per share for the current year.
A number of research analysts have weighed in on the company. Zacks Investment Research upgraded Gigamon from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research note on Wednesday. TheStreet upgraded Gigamon from a “hold” rating to a “buy” rating in a research note on Thursday, July 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Gigamon in a research report on Wednesday, June 1st. Northland Securities began coverage on Gigamon in a research report on Wednesday, June 22nd. They issued an “outperform” rating and a $50.00 price objective for the company. Finally, Rosenblatt Securities began coverage on Gigamon in a research report on Monday, August 1st. They issued a “buy” rating and a $55.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Gigamon currently has a consensus rating of “Buy” and a consensus target price of $51.80.
In other Gigamon news, VP Helmut Wilke sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of $45.24, for a total transaction of $180,960.00. Following the completion of the sale, the vice president now directly owns 69,113 shares of the company’s stock, valued at approximately $3,126,672.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mike Burns sold 2,068 shares of the business’s stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $54.24, for a total value of $112,168.32. Following the sale, the chief financial officer now directly owns 78,705 shares of the company’s stock, valued at $4,268,959.20. The disclosure for this sale can be found here. Corporate insiders own 9.66% of the company’s stock.
Gigamon Company Profile
Gigamon Inc offers solutions that deliver visibility and control of traffic across networks. The Company’s Visibility Fabric solution consists of a distributed system of nodes that enable a level of visibility, modification and control of network traffic. Its GigaSECURE Security Delivery Platform enables the delivery of network, data as a service, for multiple security tools.
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