Gigamon Inc. (NYSE:GIMO) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
A number of other research firms have also weighed in on GIMO. Bank of America Corporation reissued a “neutral” rating and issued a $43.00 price objective (up from $33.00) on shares of Gigamon in a research report on Thursday, June 22nd. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price objective on shares of Gigamon in a research report on Thursday, August 31st. ValuEngine raised shares of Gigamon from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Stifel Nicolaus reissued a “buy” rating and issued a $48.00 price objective on shares of Gigamon in a research report on Monday, September 25th. Finally, Dougherty & Co raised shares of Gigamon from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company’s stock. Gigamon has an average rating of “Hold” and an average price target of $45.95.
Gigamon (NYSE GIMO) opened at 37.80 on Wednesday. The stock has a market cap of $1.41 billion, a P/E ratio of 478.48 and a beta of 1.50. Gigamon has a 12-month low of $28.50 and a 12-month high of $61.25. The stock has a 50 day moving average price of $42.27 and a 200 day moving average price of $39.20.
Gigamon (NYSE:GIMO) last posted its quarterly earnings data on Thursday, July 27th. The technology company reported ($0.20) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.12). Gigamon had a return on equity of 0.41% and a net margin of 0.95%. The firm had revenue of $69.10 million during the quarter, compared to analysts’ expectations of $71.36 million. During the same period last year, the company earned $0.30 earnings per share. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, analysts forecast that Gigamon will post $0.79 earnings per share for the current fiscal year.
In other news, Director Ted C. Ho sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $42.54, for a total transaction of $638,100.00. Following the transaction, the director now directly owns 16,919 shares of the company’s stock, valued at $719,734.26. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Paul B. Shinn sold 2,706 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $39.63, for a total transaction of $107,238.78. Following the transaction, the insider now directly owns 32,985 shares in the company, valued at $1,307,195.55. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 122,706 shares of company stock worth $5,144,239. Corporate insiders own 4.50% of the company’s stock.
Several large investors have recently modified their holdings of GIMO. Elliott Management Corp purchased a new position in shares of Gigamon during the second quarter worth approximately $103,546,000. BlackRock Inc. increased its position in shares of Gigamon by 95.7% during the second quarter. BlackRock Inc. now owns 3,940,796 shares of the technology company’s stock worth $155,072,000 after acquiring an additional 1,927,607 shares during the period. Credit Suisse AG increased its position in shares of Gigamon by 3,567.2% during the first quarter. Credit Suisse AG now owns 1,525,774 shares of the technology company’s stock worth $54,241,000 after acquiring an additional 1,484,168 shares during the period. Nomura Holdings Inc. purchased a new position in shares of Gigamon during the second quarter worth approximately $55,350,000. Finally, ETF Managers Group LLC purchased a new position in shares of Gigamon during the second quarter worth approximately $44,089,000. 97.84% of the stock is currently owned by institutional investors and hedge funds.
Gigamon Company Profile
Gigamon Inc offers a solution that delivers visibility and control of data-in-motion traversing enterprise, federal and service provider networks. The Company’s Visibility Platform consists of a distributed system of nodes (that in combination establish a Visibility Fabric). The Visibility Platform includes physical appliances and virtual nodes that can be deployed in data centers, central offices, virtualized/private cloud/public cloud environments, and small form-factor remote site appliances, which in combination enable pervasive visibility of network infrastructures.
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