Gigamon Inc. (GIMO) Rating Lowered to Neutral at DA Davidson
Gigamon Inc. (NYSE:GIMO) was downgraded by equities researchers at DA Davidson from a “buy” rating to a “neutral” rating in a research note issued to investors on Wednesday. They presently have a $59.00 price objective on the stock. DA Davidson’s price objective would suggest a potential upside of 7.02% from the stock’s previous close. The analysts noted that the move was a valuation call.
A number of other research analysts also recently weighed in on GIMO. Citigroup Inc. downgraded Gigamon to a “market perform” rating in a research note on Wednesday. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Gigamon from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective for the company in a research report on Wednesday, July 27th. Needham & Company LLC restated a “buy” rating and issued a $50.00 price objective (up previously from $40.00) on shares of Gigamon in a research report on Monday, July 18th. Northland Securities initiated coverage on shares of Gigamon in a research report on Wednesday, June 22nd. They issued an “outperform” rating and a $50.00 price objective for the company. Finally, TheStreet upgraded shares of Gigamon from a “hold” rating to a “buy” rating in a research report on Thursday, July 28th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Gigamon presently has a consensus rating of “Buy” and an average price target of $53.00.
Shares of Gigamon (NYSE:GIMO) opened at 55.13 on Wednesday. The firm has a market cap of $1.94 billion, a PE ratio of 47.69 and a beta of 1.77. The company’s 50-day moving average price is $48.74 and its 200-day moving average price is $38.44. Gigamon has a 52-week low of $19.57 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 the 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 firm had revenue of $75.10 million for the quarter, compared to the consensus estimate of $70.10 million. During the same quarter in the prior year, the business earned $0.16 EPS. The business’s revenue for the quarter was up 46.1% compared to the same quarter last year. Equities analysts expect that Gigamon will post $1.17 earnings per share for the current fiscal year.
In other news, Director Ted C. Ho sold 60,000 shares of the stock in a transaction dated 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 transaction, the director now directly owns 11,837 shares in the company, valued at approximately $647,010.42. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Mike Burns sold 2,068 shares of the stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $54.24, for a total transaction 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 disclosure for this sale can be found here. Company insiders own 9.66% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors L.L.C. increased its position in Gigamon by 5.5% in the first quarter. Nisa Investment Advisors L.L.C. now owns 11,600 shares of the company’s stock worth $360,000 after buying an additional 600 shares in the last quarter. Teachers Advisors Inc. increased its position in Gigamon by 24.1% in the first quarter. Teachers Advisors Inc. now owns 356,138 shares of the company’s stock worth $11,047,000 after buying an additional 69,148 shares in the last quarter. Prudential Financial Inc. acquired a new position in Gigamon during the first quarter worth approximately $356,000. Algert Global LLC acquired a new position in Gigamon during the first quarter worth approximately $328,000. Finally, BlackRock Group LTD increased its position in Gigamon by 70.1% in the first quarter. BlackRock Group LTD now owns 27,799 shares of the company’s stock worth $862,000 after buying an additional 11,457 shares in 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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