Gigamon Inc. (GIMO) Upgraded by Bank of America Corp. to Buy
Bank of America Corp. upgraded shares of Gigamon Inc. (NYSE:GIMO) from a neutral rating to a buy rating in a research note released on Thursday morning. The firm currently has $61.00 price target on the stock, up from their prior price target of $48.00.
GIMO has been the topic of a number of other reports. Stifel Nicolaus initiated coverage on shares of Gigamon in a report on Tuesday, August 30th. They set a hold rating on the stock. William Blair restated an outperform rating on shares of Gigamon in a report on Wednesday, September 14th. 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 report on Wednesday, September 28th. Needham & Company LLC restated a buy rating and set a $52.00 price objective on shares of Gigamon in a report on Wednesday, September 7th. Finally, Rosenblatt Securities initiated coverage on shares of Gigamon in a report on Monday, August 1st. They set a buy rating and a $55.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the stock. Gigamon has an average rating of Hold and a consensus price target of $54.14.
Gigamon (NYSE:GIMO) traded down 0.30% during midday trading on Thursday, reaching $49.78. 225,560 shares of the company’s stock were exchanged. Gigamon has a 52 week low of $21.03 and a 52 week high of $56.38. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 43.06 and a beta of 1.77. The firm has a 50-day moving average price of $49.94 and a 200 day moving average price of $39.28.
Gigamon (NYSE:GIMO) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.06. The company had revenue of $75.10 million for the quarter, compared to analysts’ expectations of $70.10 million. Gigamon had a net margin of 16.46% and a return on equity of 6.28%. The business’s quarterly revenue was up 46.1% compared to the same quarter last year. During the same period last year, the firm posted $0.16 earnings per share. Analysts anticipate that Gigamon will post $1.16 EPS for the current year.
In related news, CFO Mike Burns sold 3,068 shares of Gigamon stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $45.41, for a total transaction of $139,317.88. Following the completion of the sale, the chief financial officer now owns 83,580 shares of the company’s stock, valued at approximately $3,795,367.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Paul Hooper sold 45,000 shares of Gigamon stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $44.92, for a total transaction of $2,021,400.00. Following the sale, the chief executive officer now directly owns 157,313 shares of the company’s stock, valued at approximately $7,066,499.96. The disclosure for this sale can be found here. Corporate insiders own 9.66% of the company’s stock.
Several hedge funds have recently made changes to their positions in GIMO. Advisor Group Inc. acquired a new stake in Gigamon during the second quarter worth about $112,000. Teacher Retirement System of Texas increased its stake 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 in the last quarter. Creative Planning increased its stake in Gigamon by 300.3% in the third quarter. Creative Planning now owns 2,802 shares of the company’s stock worth $154,000 after buying an additional 2,102 shares in the last quarter. Legal & General Group Plc increased its stake 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 in the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake 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 in the last quarter. 78.33% of the stock is owned by institutional investors and hedge funds.
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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