Insider Selling: Gigamon Inc. (NYSE:GIMO) Director Sells 30,000 Shares of Stock
Gigamon Inc. (NYSE:GIMO) Director Ted C. Ho sold 30,000 shares of Gigamon stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $40.68, for a total transaction of $1,220,400.00. Following the completion of the sale, the director now directly owns 16,919 shares of the company’s stock, valued at approximately $688,264.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
Shares of Gigamon Inc. (NYSE:GIMO) traded up 0.64% during trading on Friday, reaching $39.50. 303,556 shares of the company traded hands. Gigamon Inc. has a 52 week low of $28.50 and a 52 week high of $61.25. The firm has a 50 day moving average of $39.38 and a 200 day moving average of $36.98. The stock has a market capitalization of $1.48 billion, a PE ratio of 500.00 and a beta of 1.53.
Gigamon (NYSE:GIMO) last issued its earnings results on Thursday, July 27th. The technology company reported ($0.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by $0.12. Gigamon had a return on equity of 0.41% and a net margin of 0.95%. The firm had revenue of $69.10 million for the quarter, compared to analysts’ expectations of $71.36 million. During the same period last year, the firm earned $0.30 earnings per share. Gigamon’s revenue for the quarter was down 8.0% on a year-over-year basis. On average, equities analysts predict that Gigamon Inc. will post $0.79 EPS for the current year.
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A number of research firms have commented on GIMO. Stifel Nicolaus reaffirmed a “buy” rating and issued a $48.00 target price on shares of Gigamon in a research report on Sunday, July 30th. Dougherty & Co raised shares of Gigamon from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a report on Monday, July 31st. Vetr cut shares of Gigamon from a “strong-buy” rating to a “hold” rating and set a $42.50 price target on the stock. in a research note on Monday, May 8th. Bank of America Corporation restated a “neutral” rating and set a $43.00 target price (up from $33.00) on shares of Gigamon in a research report on Thursday, June 22nd. Finally, DA Davidson upped their target price on shares of Gigamon from $40.00 to $41.00 and gave the company a “neutral” rating in a research report on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. Gigamon has an average rating of “Hold” and a consensus price target of $45.38.
Institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its stake in Gigamon by 95.7% in the second quarter. BlackRock Inc. now owns 3,940,796 shares of the technology company’s stock worth $155,072,000 after buying an additional 1,927,607 shares during the period. Vanguard Group Inc. increased its stake in Gigamon by 15.5% in the second quarter. Vanguard Group Inc. now owns 2,949,083 shares of the technology company’s stock worth $116,046,000 after buying an additional 394,726 shares during the period. Elliott Management Corp bought a new stake in Gigamon during the second quarter worth about $103,546,000. Credit Suisse AG increased its stake in Gigamon by 3,567.2% in the first quarter. Credit Suisse AG now owns 1,525,774 shares of the technology company’s stock worth $54,241,000 after buying an additional 1,484,168 shares during the period. Finally, Nomura Holdings Inc. bought a new stake in Gigamon during the second quarter worth about $55,350,000. 78.19% of the stock is currently owned by institutional investors.
Gigamon Company Profile
Gigamon Inc offers a solution that delivers visibility and control of data-in-motion traversing enterprise, federal and service provider networks. The Company’s Visibility Platform consists of a distributed system of nodes (that in combination establish a Visibility Fabric). The Visibility Platform includes physical appliances and virtual nodes that can be deployed in data centers, central offices, virtualized/private cloud/public cloud environments, and small form-factor remote site appliances, which in combination enable pervasive visibility of network infrastructures.
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