State Board of Administration of Florida Retirement System reduced its position in Gigamon Inc. (NYSE:GIMO) by 1.9% during the second quarter, Holdings Channel reports. The firm owned 20,585 shares of the company’s stock after selling 407 shares during the period. State Board of Administration of Florida Retirement System owned about 0.06% of Gigamon worth $770,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in the company. Bayesian Capital Management LP acquired a new stake in shares of Gigamon during the first quarter worth $233,000. Navellier & Associates Inc raised its stake in Gigamon by 3.2% in the second quarter. Navellier & Associates Inc now owns 9,390 shares of the company’s stock valued at $351,000 after buying an additional 290 shares in the last quarter. Woodstock Corp purchased a new stake in Gigamon during the first quarter valued at $313,000. Algert Global LLC purchased a new stake in Gigamon during the first quarter valued at $328,000. Finally, Prudential Financial Inc. purchased a new stake in Gigamon during the first quarter valued at $356,000. 78.33% of the stock is currently owned by institutional investors and hedge funds.
Gigamon Inc. (NYSE:GIMO) traded down 2.26% during mid-day trading on Thursday, reaching $54.86. The company had a trading volume of 515,712 shares. Gigamon Inc. has a 52 week low of $19.57 and a 52 week high of $56.38. The stock’s 50-day moving average price is $47.71 and its 200 day moving average price is $37.66. The firm has a market capitalization of $1.94 billion, a PE ratio of 47.46 and a beta of 1.83.
Gigamon (NYSE:GIMO) last announced its earnings results on Thursday, July 28th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.06. The business had revenue of $75.10 million for the quarter, compared to analysts’ expectations of $70.10 million. Gigamon had a return on equity of 6.28% and a net margin of 16.46%. The business’s revenue for the quarter was up 46.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 EPS. On average, equities research analysts predict that Gigamon Inc. will post $1.17 EPS for the current year.
Several equities research analysts recently weighed in on GIMO shares. Stifel Nicolaus started coverage on Gigamon in a research report on Tuesday, August 30th. They set a “hold” rating on the stock. William Blair restated an “outperform” rating on shares of Gigamon in a research report on Wednesday, September 14th. Rosenblatt Securities started coverage on Gigamon in a research report on Monday, August 1st. They set a “buy” rating and a $55.00 price target on the stock. Zacks Investment Research lowered Gigamon from a “buy” rating to a “hold” rating in a research report on Thursday, August 4th. Finally, Needham & Company LLC lifted their price target on Gigamon from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Gigamon has an average rating of “Buy” and an average target price of $51.80.
In related news, insider Paul B. Shinn sold 132,978 shares of the firm’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of $45.75, for a total value of $6,083,743.50. Following the completion of the transaction, the insider now owns 120,992 shares in the company, valued at approximately $5,535,384. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Shehzad Merchant sold 72,763 shares of the firm’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $44.62, for a total value of $3,246,685.06. Following the completion of the transaction, the insider now owns 125,523 shares of the company’s stock, valued at approximately $5,600,836.26. The disclosure for this sale can be found here. 9.66% of the stock is owned by insiders.
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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