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.

About Gigamon

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.

5 Day Chart for NYSE:GIMO

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