Gigamon Inc. (GIMO) Stock Rating Lowered by Citigroup Inc.
Gigamon Inc. (NYSE:GIMO) was downgraded by investment analysts at Citigroup Inc. to a “market perform” rating in a report released on Wednesday, The Fly reports. The analysts noted that the move was a valuation call.
GIMO has been the topic of a number of other research reports. Zacks Investment Research lowered shares of Gigamon from a “buy” rating to a “hold” rating in a report on Wednesday, June 15th. Northland Securities initiated coverage on shares of Gigamon in a report on Wednesday, June 22nd. They set an “outperform” rating and a $50.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price target (up previously from $40.00) on shares of Gigamon in a report on Monday, July 18th. TheStreet raised shares of Gigamon from a “hold” rating to a “buy” rating in a report on Thursday, July 28th. Finally, Rosenblatt Securities initiated coverage on shares of Gigamon in a report on Monday, August 1st. They issued a “buy” rating and a $55.00 price target on the stock. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $53.00.
Gigamon (NYSE:GIMO) opened at 55.13 on Wednesday. Gigamon has a one year low of $19.57 and a one year high of $56.38. The stock’s 50 day moving average is $48.74 and its 200-day moving average is $38.44. The firm has a market cap of $1.94 billion, a price-to-earnings ratio of 47.69 and a beta of 1.77.
Gigamon (NYSE:GIMO) last posted its quarterly 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. Gigamon had a net margin of 16.46% and a return on equity of 6.28%. The company had revenue of $75.10 million for the quarter, compared to analyst estimates of $70.10 million. During the same quarter in the previous year, the firm posted $0.16 earnings per share. The company’s quarterly revenue was up 46.1% compared to the same quarter last year. On average, equities research analysts expect that Gigamon will post $1.17 earnings per share for the current fiscal year.
In other news, CFO Mike Burns sold 1,000 shares of the company’s stock in a transaction on Monday, September 19th. The shares were sold at an average price of $52.10, for a total value of $52,100.00. Following the completion of the sale, the chief financial officer now owns 77,637 shares of the company’s stock, valued at approximately $4,044,887.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ted C. Ho sold 65,000 shares of the company’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $44.87, for a total transaction of $2,916,550.00. Following the completion of the sale, the director now directly owns 11,837 shares of the company’s stock, valued at approximately $531,126.19. The disclosure for this sale can be found here. 9.66% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the stock. Advisor Group Inc. purchased a new stake in shares of Gigamon during the second quarter valued at $112,000. Teacher Retirement System of Texas boosted its stake in shares of Gigamon by 84.9% in the second quarter. Teacher Retirement System of Texas now owns 3,870 shares of the company’s stock valued at $145,000 after buying an additional 1,777 shares during the last quarter. Legal & General Group Plc boosted 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. Gerstein Fisher purchased a new stake in shares of Gigamon during the second quarter valued at $206,000. Finally, Bank of Nova Scotia purchased a new stake in shares of Gigamon during the second quarter valued at $225,000. 78.33% of the stock is owned by institutional investors.
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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