Zacks: Analysts Expect Gigamon Inc. (GIMO) Will Post Quarterly Sales of $85.00 Million
Analysts expect that Gigamon Inc. (NYSE:GIMO) will post $85.00 million in sales for the current quarter, according to Zacks. Four analysts have provided estimates for Gigamon’s earnings, with the highest sales estimate coming in at $86.50 million and the lowest estimate coming in at $84.00 million. Gigamon posted sales of $83.51 million during the same quarter last year, which would indicate a positive year over year growth rate of 1.8%. The business is scheduled to report its next quarterly earnings report on Thursday, October 26th.
According to Zacks, analysts expect that Gigamon will report full year sales of $85.00 million for the current year, with estimates ranging from $319.20 million to $326.20 million. For the next financial year, analysts forecast that the business will report sales of $379.23 million per share, with estimates ranging from $364.00 million to $390.00 million. Zacks’ sales calculations are an average based on a survey of research firms that cover Gigamon.
Gigamon (NYSE:GIMO) last issued its quarterly earnings data on Thursday, July 27th. The technology company reported ($0.20) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by $0.12. Gigamon had a return on equity of 0.41% and a net margin of 0.95%. The company had revenue of $69.10 million during the quarter, compared to the consensus estimate of $71.36 million. During the same quarter last year, the company posted $0.30 earnings per share. The firm’s revenue for the quarter was down 8.0% compared to the same quarter last year.
Several equities research analysts have recently weighed in on the company. Zacks Investment Research lowered Gigamon from a “hold” rating to a “sell” rating in a research report on Wednesday, June 14th. Bank of America Corporation reaffirmed a “neutral” rating and set a $43.00 price target (up previously from $33.00) on shares of Gigamon in a research report on Thursday, June 22nd. Needham & Company LLC lifted their price target on Gigamon from $34.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, June 5th. Rosenblatt Securities reiterated a “hold” rating and issued a $40.00 target price on shares of Gigamon in a research note on Sunday, April 30th. Finally, JMP Securities reiterated an “outperform” rating and issued a $37.00 target price (down from $45.00) on shares of Gigamon in a research note on Monday, May 1st. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $45.38.
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Gigamon (NYSE GIMO) traded down 0.25% during mid-day trading on Friday, hitting $40.70. 56,184 shares of the stock were exchanged. Gigamon has a 52-week low of $28.50 and a 52-week high of $61.25. The stock has a 50 day moving average of $39.57 and a 200-day moving average of $37.27. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 515.19 and a beta of 1.53.
In related news, Director Ted C. Ho sold 60,000 shares of Gigamon stock in a transaction on Friday, July 7th. The stock was sold at an average price of $38.58, for a total transaction of $2,314,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ted C. Ho sold 30,000 shares of Gigamon stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $40.68, for a total value of $1,220,400.00. Following the transaction, the director now directly owns 16,919 shares of the company’s stock, valued at $688,264.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 167,706 shares of company stock worth $6,747,139. Company insiders own 4.50% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Gigamon by 95.7% in the second quarter. BlackRock Inc. now owns 3,940,796 shares of the technology company’s stock valued at $155,072,000 after buying an additional 1,927,607 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Gigamon by 15.5% in the second quarter. Vanguard Group Inc. now owns 2,949,083 shares of the technology company’s stock valued at $116,046,000 after buying an additional 394,726 shares in the last quarter. Elliott Management Corp purchased a new position in shares of Gigamon during the second quarter valued at about $103,546,000. Credit Suisse AG boosted its position in shares of Gigamon by 3,567.2% in the first quarter. Credit Suisse AG now owns 1,525,774 shares of the technology company’s stock valued at $54,241,000 after buying an additional 1,484,168 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new position in shares of Gigamon during the second quarter valued at about $55,350,000. 97.97% of the stock is owned by hedge funds and other institutional investors.
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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