Comerica Bank Invests $2.31 Million in Gigamon Inc. (GIMO)
Comerica Bank acquired a new position in shares of Gigamon Inc. (NYSE:GIMO) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 58,715 shares of the technology company’s stock, valued at approximately $2,305,000. Comerica Bank owned 0.16% of Gigamon at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in GIMO. Credit Suisse AG raised its holdings 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 valued at $54,241,000 after buying an additional 1,484,168 shares during the period. Penserra Capital Management LLC purchased a new position in Gigamon in the first quarter valued at approximately $38,045,000. Champlain Investment Partners LLC purchased a new position in Gigamon in the first quarter valued at approximately $34,143,000. Omega Advisors Inc. purchased a new position in Gigamon in the first quarter valued at approximately $12,800,000. Finally, Soros Fund Management LLC purchased a new position in Gigamon in the first quarter valued at approximately $11,968,000. Institutional investors and hedge funds own 97.97% of the company’s stock.
In other news, insider Paul B. Shinn sold 2,706 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $39.63, for a total transaction of $107,238.78. Following the completion of the transaction, the insider now directly owns 32,985 shares in the company, valued at $1,307,195.55. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ted C. Ho sold 60,000 shares of the company’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $38.58, for a total value of $2,314,800.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 107,706 shares of company stock valued at $4,252,339. Corporate insiders own 4.50% of the company’s stock.
Several research analysts recently commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Gigamon in a report on Thursday, August 31st. Dougherty & Co upgraded shares of Gigamon from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Monday, July 31st. ValuEngine upgraded shares of Gigamon from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Stifel Nicolaus reiterated a “buy” rating and set a $48.00 price objective on shares of Gigamon in a research note on Sunday, July 30th. Finally, DA Davidson lifted their price objective on shares of Gigamon from $40.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $45.38.
Shares of Gigamon Inc. (GIMO) opened at 43.40 on Friday. The firm has a market cap of $1.62 billion, a P/E ratio of 549.37 and a beta of 1.51. The stock’s 50 day moving average is $40.46 and its 200-day moving average is $37.82. Gigamon Inc. has a 52-week low of $28.50 and a 52-week high of $61.25.
Gigamon (NYSE:GIMO) last issued its quarterly 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 business had revenue of $69.10 million for the quarter, compared to analyst estimates of $71.36 million. During the same quarter last year, the firm earned $0.30 earnings per share. The firm’s quarterly revenue was down 8.0% compared to the same quarter last year. Equities analysts anticipate that Gigamon Inc. will post $0.79 earnings per share for the current fiscal year.
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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