Gigamon Inc. (GIMO) Lowered to Hold at Needham & Company LLC

Needham & Company LLC downgraded shares of Gigamon Inc. (NYSE:GIMO) from a buy rating to a hold rating in a research report sent to investors on Friday, Marketbeat reports.

Several other research analysts have also recently issued reports on the stock. BidaskClub upgraded shares of Gigamon from a sell rating to a hold rating in a report on Wednesday, August 30th. ValuEngine upgraded shares of Gigamon from a sell rating to a hold rating in a report on Friday, September 1st. Stifel Nicolaus restated a buy rating and issued a $48.00 target price on shares of Gigamon in a report on Tuesday, September 12th. JMP Securities cut shares of Gigamon from an outperform rating to a market perform rating in a report on Friday, October 6th. Finally, DA Davidson upped their target price on shares of Gigamon from $40.00 to $41.00 and gave the company a neutral rating in a report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $45.09.

Shares of Gigamon (NYSE:GIMO) traded up 0.844% during midday trading on Friday, reaching $38.825. 321,808 shares of the company’s stock traded hands. The stock has a market capitalization of $1.45 billion, a P/E ratio of 491.456 and a beta of 1.50. Gigamon has a 1-year low of $28.50 and a 1-year high of $61.25. The firm’s 50-day moving average price is $40.37 and its 200 day moving average price is $39.43.

Gigamon (NYSE:GIMO) last issued its earnings results on Thursday, October 26th. The technology company reported $0.23 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.23. Gigamon had a negative net margin of 0.32% and a negative return on equity of 0.55%. The business had revenue of $79.20 million during the quarter, compared to analysts’ expectations of $84.73 million. During the same quarter in the prior year, the business posted $0.36 EPS. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, equities analysts predict that Gigamon will post $0.78 earnings per share for the current fiscal year.

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In related news, Director Ted C. Ho sold 15,000 shares of the stock in a transaction on Monday, August 7th. The shares were sold at an average price of $40.66, for a total transaction of $609,900.00. Following the completion of the sale, the director now owns 16,919 shares in the company, valued at approximately $687,926.54. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Paul B. Shinn sold 2,706 shares of the stock in a transaction 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 sale, the insider now owns 32,985 shares of the company’s stock, valued at approximately $1,307,195.55. The disclosure for this sale can be found here. In the last quarter, insiders have sold 122,706 shares of company stock valued at $5,144,239. 4.50% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of GIMO. Elliott Management Corp acquired a new stake in shares of Gigamon in the 2nd quarter worth $103,546,000. BlackRock Inc. lifted its stake in shares of Gigamon by 95.7% in the 2nd 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. Nomura Holdings Inc. acquired a new stake in shares of Gigamon in the 2nd quarter worth $55,350,000. ETF Managers Group LLC acquired a new stake in shares of Gigamon in the 2nd quarter worth $44,089,000. Finally, Vanguard Group Inc. lifted its stake in shares of Gigamon by 15.5% in the 2nd quarter. Vanguard Group Inc. now owns 2,949,083 shares of the technology company’s stock worth $116,046,000 after acquiring an additional 394,726 shares during the period. Hedge funds and other institutional investors own 99.11% of the company’s stock.

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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