Bank of America Corp. upgraded shares of Gigamon Inc. (NYSE:GIMO) from a neutral rating to a buy rating in a research note published on Thursday morning. They currently have $61.00 target price on the stock, up from their previous target price of $48.00.
GIMO has been the subject of a number of other research reports. Needham & Company LLC restated a buy rating and set a $50.00 price objective (up previously from $40.00) on shares of Gigamon in a report on Monday, July 18th. Zacks Investment Research downgraded shares of Gigamon from a hold rating to a sell rating in a report on Friday, October 7th. William Blair restated an outperform rating on shares of Gigamon in a report on Wednesday, September 14th. JMP Securities assumed coverage on shares of Gigamon in a report on Thursday, October 6th. They set a market perform rating for the company. Finally, DA Davidson downgraded shares of Gigamon from a buy rating to a neutral rating and raised their price objective for the stock from $54.00 to $59.00 in a report on Wednesday, October 5th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $54.14.
Gigamon (NYSE:GIMO) traded down 0.30% during mid-day trading on Thursday, reaching $49.78. 225,560 shares of the company’s stock were exchanged. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of 43.06 and a beta of 1.77. The company has a 50-day moving average of $49.94 and a 200-day moving average of $39.28. Gigamon has a 52-week low of $21.03 and a 52-week high of $56.38.
Gigamon (NYSE:GIMO) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.06. Gigamon had a net margin of 16.46% and a return on equity of 6.28%. The business earned $75.10 million during the quarter, compared to the consensus estimate of $70.10 million. During the same quarter last year, the company posted $0.16 earnings per share. The firm’s quarterly revenue was up 46.1% compared to the same quarter last year. Equities research analysts anticipate that Gigamon will post $1.16 earnings per share for the current year.
In other news, Director Ted C. Ho sold 60,000 shares of the firm’s stock in a transaction that occurred 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 $647,010.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Helmut Wilke sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $45.24, for a total transaction of $180,960.00. Following the completion of the transaction, the vice president now owns 69,113 shares of the company’s stock, valued at $3,126,672.12. The disclosure for this sale can be found here. 9.66% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc raised its stake in shares of Gigamon by 3.9% in the second quarter. Legal & General Group Plc now owns 4,360 shares of the company’s stock valued at $159,000 after buying an additional 164 shares during the last quarter. Navellier & Associates Inc raised its stake in shares of 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 during the last quarter. Principal Financial Group Inc. raised its stake in shares of Gigamon by 6.0% in the second quarter. Principal Financial Group Inc. now owns 7,475 shares of the company’s stock valued at $279,000 after buying an additional 421 shares during the last quarter. Nisa Investment Advisors L.L.C. raised its stake in shares of Gigamon by 5.5% in the first quarter. Nisa Investment Advisors L.L.C. now owns 11,600 shares of the company’s stock valued at $360,000 after buying an additional 600 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Gigamon by 2.4% in the second quarter. Alliancebernstein L.P. now owns 48,700 shares of the company’s stock valued at $1,821,000 after buying an additional 1,150 shares during the last quarter. Institutional investors own 78.33% of the company’s stock.
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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