Bank of Montreal Can Buys New Stake in Gigamon Inc. (GIMO)
Bank of Montreal Can bought a new stake in Gigamon Inc. (NYSE:GIMO) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 362,979 shares of the company’s stock, valued at approximately $13,572,000. Bank of Montreal Can owned about 1.04% of Gigamon at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of the company. Old Mutual Global Investors UK Ltd. boosted its stake in Gigamon by 136.8% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 56,969 shares of the company’s stock valued at $2,130,000 after buying an additional 32,915 shares in the last quarter. Nordea Investment Management AB bought a new stake in Gigamon during the second quarter valued at $565,000. Eagle Asset Management Inc. bought a new stake in Gigamon during the second quarter valued at $8,319,000. Hamilton Lane Advisors LLC boosted its stake in Gigamon by 135.9% in the second quarter. Hamilton Lane Advisors LLC now owns 22,551 shares of the company’s stock valued at $702,000 after buying an additional 12,992 shares during the period. Finally, Royal Bank of Canada boosted its stake in Gigamon by 24.8% in the first quarter. Royal Bank of Canada now owns 24,647 shares of the company’s stock valued at $765,000 after buying an additional 4,904 shares during the period. Institutional investors and hedge funds own 78.33% of the company’s stock.
Shares of Gigamon Inc. (NYSE:GIMO) traded down 0.53% during midday trading on Friday, reaching $54.80. 841,511 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $48.24 and its 200-day moving average is $37.96. Gigamon Inc. has a 12-month low of $19.57 and a 12-month high of $56.38. The stock has a market cap of $1.93 billion, a PE ratio of 47.40 and a beta of 1.83.
Gigamon (NYSE:GIMO) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.06. The business earned $75.10 million during the quarter, compared to analyst estimates of $70.10 million. Gigamon had a net margin of 16.46% and a return on equity of 6.28%. The company’s revenue was up 46.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.16 earnings per share. On average, equities analysts expect that Gigamon Inc. will post $1.17 EPS for the current year.
Several analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Gigamon from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research report on Wednesday. Rosenblatt Securities assumed coverage on shares of Gigamon in a research report on Monday, August 1st. They set a “buy” rating and a $55.00 price objective on the stock. TheStreet upgraded shares of Gigamon from a “hold” rating to a “buy” rating in a research report on Thursday, July 28th. William Blair restated an “outperform” rating on shares of Gigamon in a research report on Wednesday, September 14th. Finally, Needham & Company LLC restated a “buy” rating and set a $52.00 price objective on shares of Gigamon in a research report on Wednesday, September 7th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $51.80.
In other news, 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 value of $112,168.32. Following the transaction, the chief financial officer now owns 78,705 shares of the company’s stock, valued at $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 transaction of $6,083,743.50. Following the completion of the transaction, the insider now directly owns 120,992 shares in the company, valued at approximately $5,535,384. The disclosure for this sale can be found here. 9.66% of the stock is currently owned by company insiders.
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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