Gigamon Inc. (GIMO) Downgraded by DA Davidson to “Neutral”
DA Davidson lowered shares of Gigamon Inc. (NYSE:GIMO) from a buy rating to a neutral rating in a report released on Wednesday. The firm currently has $59.00 price objective on the stock, up from their previous price objective of $54.00. The analysts noted that the move was a valuation call.
Several other equities research analysts also recently weighed in on the stock. Needham & Company LLC reissued a buy rating and set a $50.00 price target (up previously from $40.00) on shares of Gigamon in a research report on Monday, July 18th. Zacks Investment Research downgraded shares of Gigamon from a buy rating to a hold rating in a research report on Thursday, August 4th. William Blair reissued an outperform rating on shares of Gigamon in a research report on Wednesday, September 14th. Citigroup Inc. downgraded shares of Gigamon to a market perform rating in a research report on Wednesday. They noted that the move was a valuation call. Finally, Stifel Nicolaus began coverage on shares of Gigamon in a research report on Tuesday, August 30th. They set a hold rating for the company. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Gigamon has a consensus rating of Buy and a consensus target price of $53.00.
Gigamon (NYSE:GIMO) traded up 0.06% during trading on Wednesday, reaching $51.84. The company had a trading volume of 249,585 shares. The firm’s 50 day moving average price is $48.92 and its 200 day moving average price is $38.54. The firm has a market capitalization of $1.83 billion, a PE ratio of 44.84 and a beta of 1.77. Gigamon has a 12-month low of $19.57 and a 12-month high of $56.38.
Gigamon (NYSE:GIMO) last released its earnings results on Thursday, July 28th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm earned $75.10 million during the quarter, compared to analyst estimates of $70.10 million. During the same period last year, the business earned $0.16 earnings per share. The business’s revenue was up 46.1% on a year-over-year basis. Equities research analysts forecast that Gigamon will post $1.17 EPS for the current year.
In other news, Director Ted C. Ho sold 60,000 shares of the business’s stock in a transaction on Tuesday, October 4th. The shares were sold at an average price of $54.66, for a total transaction of $3,279,600.00. Following the completion of the sale, the director now owns 11,837 shares of the company’s stock, valued at approximately $647,010.42. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Mike Burns sold 2,068 shares of the business’s stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $54.24, for a total transaction of $112,168.32. Following the sale, the chief financial officer now directly owns 78,705 shares of the company’s stock, valued at approximately $4,268,959.20. The disclosure for this sale can be found here. 9.66% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of the stock. Advisor Group Inc. purchased a new position in Gigamon during the second quarter worth $112,000. Teacher Retirement System of Texas boosted its position 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 during the period. Legal & General Group Plc boosted its position 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 during the period. BNP Paribas Arbitrage SA boosted its position 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 during the period. Finally, Gerstein Fisher purchased a new position in Gigamon during the second quarter worth $206,000. 78.33% of the stock is owned by hedge funds and other 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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