Gigamon Inc. (NYSE:GIMO) was downgraded by DA Davidson from a “buy” rating to a “neutral” rating in a report released on Wednesday. They currently have a $59.00 price target on the stock, up from their prior price target of $54.00. DA Davidson’s target price would indicate a potential upside of 14.27% from the company’s previous close. The analysts noted that the move was a valuation call.
Several other research analysts also recently commented on the company. Citigroup Inc. downgraded Gigamon to a “market perform” rating in a report on Wednesday. They noted that the move was a valuation call. Zacks Investment Research raised Gigamon from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a report on Wednesday, September 28th. William Blair reissued an “outperform” rating on shares of Gigamon in a report on Wednesday, September 14th. Needham & Company LLC reissued a “buy” rating and issued a $52.00 target price on shares of Gigamon in a report on Wednesday, September 7th. Finally, Stifel Nicolaus began coverage on Gigamon in a report on Tuesday, August 30th. They issued a “hold” rating on the stock. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Gigamon currently has a consensus rating of “Buy” and an average price target of $53.00.
Shares of Gigamon (NYSE:GIMO) traded up 0.37% during trading on Wednesday, hitting $51.82. The stock had a trading volume of 297,690 shares. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of 44.83 and a beta of 1.77. Gigamon has a 52 week low of $19.57 and a 52 week high of $56.38. The stock’s 50 day moving average is $49.11 and its 200 day moving average is $38.63.
Gigamon (NYSE:GIMO) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.06. Gigamon had a return on equity of 6.28% and a net margin of 16.46%. The company had revenue of $75.10 million for the quarter, compared to analyst estimates of $70.10 million. During the same period in the prior year, the company posted $0.16 EPS. The company’s revenue was up 46.1% compared to the same quarter last year. On average, equities research analysts expect that Gigamon will post $1.16 earnings per share for the current fiscal year.
In other news, insider Paul B. Shinn sold 132,978 shares of the 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 transaction, the insider now owns 120,992 shares of the company’s stock, valued at approximately $5,535,384. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ted C. Ho sold 60,000 shares of the stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $54.66, for a total value of $3,279,600.00. Following the completion of the transaction, the director now directly owns 11,837 shares in the company, valued at approximately $647,010.42. The disclosure for this sale can be found here. 9.66% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisor Group Inc. purchased a new stake in Gigamon during the second quarter worth approximately $112,000. BNP Paribas Arbitrage SA boosted its stake in Gigamon by 150.4% in the third quarter. BNP Paribas Arbitrage SA now owns 3,175 shares of the company’s stock worth $174,000 after buying an additional 1,907 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Gigamon by 84.9% in the second quarter. Teacher Retirement System of Texas now owns 3,870 shares of the company’s stock worth $145,000 after buying an additional 1,777 shares in the last quarter. Legal & General Group Plc boosted its stake in Gigamon by 3.9% in the second quarter. Legal & General Group Plc now owns 4,360 shares of the company’s stock worth $159,000 after buying an additional 164 shares in the last quarter. Finally, Gerstein Fisher purchased a new stake in Gigamon during the second quarter worth approximately $206,000. 78.33% of the stock is currently owned by institutional investors.
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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