Gigamon Inc. (GIMO) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Gigamon Inc. (NYSE:GIMO) from a hold rating to a buy rating in a research note issued to investors on Wednesday. The firm currently has $62.00 price target on the stock.
According to Zacks, “Gigamon Inc. is engaged in providing intelligent Traffic Visibility solutions for enterprises, data centers and service providers. Its products consist of GigaVUE, GigaSECURE, GigaSMART and GigaTAP products. The Company’s fabric enables information technology organizations to forward traffic from network infrastructure to management, analysis, and compliance and security tools. It has operations primarily in the United States, the rest of North America, Europe, the Middle East, Africa, and the Asia Pacific. Gigamon Inc. is headquartered in Milpitas, California. “
Several other research analysts also recently commented on GIMO. Needham & Company LLC reiterated a buy rating and set a $40.00 target price on shares of Gigamon in a research note on Wednesday, June 1st. Northland Securities initiated coverage on Gigamon in a research note on Wednesday, June 22nd. They set an outperform rating and a $50.00 target price for the company. TheStreet upgraded Gigamon from a hold rating to a buy rating in a research note on Thursday, July 28th. Rosenblatt Securities initiated coverage on Gigamon in a research note on Monday, August 1st. They set a buy rating and a $55.00 target price for the company. Finally, Stifel Nicolaus initiated coverage on Gigamon in a research note on Tuesday, August 30th. They set a hold rating for the company. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $51.80.
Gigamon (NYSE:GIMO) opened at 56.13 on Wednesday. Gigamon has a one year low of $19.57 and a one year high of $56.38. The stock has a 50 day moving average price of $47.71 and a 200-day moving average price of $37.66. The firm has a market cap of $1.98 billion, a P/E ratio of 48.56 and a beta of 1.83.
Gigamon (NYSE:GIMO) last issued its earnings results on Thursday, July 28th. The company reported $0.30 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.06. Gigamon had a return on equity of 6.28% and a net margin of 16.46%. The company earned $75.10 million during the quarter, compared to the consensus estimate of $70.10 million. During the same period in the previous year, the company posted $0.16 EPS. The firm’s revenue for the quarter was up 46.1% compared to the same quarter last year. Analysts predict that Gigamon will post $1.17 EPS for the current fiscal year.
In other news, CFO Mike Burns sold 2,068 shares of the business’s stock in a transaction on Thursday, September 22nd. The stock was sold at an average price of $54.24, for a total transaction of $112,168.32. Following the completion of the transaction, the chief financial officer now owns 78,705 shares of the company’s stock, valued at approximately $4,268,959.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Paul B. Shinn sold 132,978 shares of the business’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of $45.75, for a total value of $6,083,743.50. Following the transaction, the insider now directly owns 120,992 shares of the company’s stock, valued at approximately $5,535,384. The disclosure for this sale can be found here. Insiders own 9.66% of the company’s stock.
Several institutional investors have recently bought and sold shares of GIMO. Advisor Group Inc. purchased a new position in shares of Gigamon during the second quarter worth about $112,000. Teacher Retirement System of Texas boosted its position 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 worth $145,000 after buying an additional 1,777 shares during the last quarter. Legal & General Group Plc boosted its position 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 worth $159,000 after buying an additional 164 shares during the last quarter. Gerstein Fisher purchased a new position in shares of Gigamon during the second quarter worth about $206,000. Finally, Bank of Nova Scotia purchased a new position in shares of Gigamon during the second quarter worth about $225,000. 78.33% of the stock is owned by institutional investors.
Gigamon Company Profile
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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