Gigamon Inc. (NYSE:GIMO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday.
According to Zacks, “Gigamon Inc. is engaged in providing intelligent Traffic Visibility solutions for enterprises, data centers and service providers. Its products consist of GigaVUE, GigaSECURE, GigaSMART and GigaTAP products. The Company’s fabric enables information technology organizations to forward traffic from network infrastructure to management, analysis, and compliance and security tools. It has operations primarily in the United States, the rest of North America, Europe, the Middle East, Africa, and the Asia Pacific. Gigamon Inc. is headquartered in Milpitas, California. “
Other equities research analysts have also recently issued research reports about the company. Needham & Company LLC restated a “buy” rating and set a $58.00 target price on shares of Gigamon in a research note on Wednesday, December 21st. DA Davidson set a $52.00 target price on Gigamon and gave the stock a “buy” rating in a research note on Wednesday. Dougherty & Co initiated coverage on Gigamon in a research note on Wednesday, December 21st. They set a “buy” rating and a $58.00 target price for the company. Stifel Nicolaus decreased their target price on Gigamon from $53.00 to $40.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, Rosenblatt Securities restated a “buy” rating and set a $70.00 target price on shares of Gigamon in a research note on Wednesday, November 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $52.44.
Gigamon (NYSE:GIMO) traded up 4.62% during midday trading on Thursday, reaching $32.85. The company’s stock had a trading volume of 2,925,652 shares. The stock’s 50 day moving average is $46.53 and its 200 day moving average is $48.43. The stock has a market cap of $1.19 billion, a P/E ratio of 26.90 and a beta of 1.62. Gigamon has a 12-month low of $21.23 and a 12-month high of $61.25.
Gigamon (NYSE:GIMO) last announced its quarterly earnings data on Thursday, October 27th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.05. The business earned $83.50 million during the quarter, compared to analysts’ expectations of $79.56 million. Gigamon had a return on equity of 7.15% and a net margin of 15.56%. The business’s quarterly revenue was up 47.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.22 EPS. Analysts anticipate that Gigamon will post $1.25 earnings per share for the current year.
In other Gigamon news, Director Ted C. Ho sold 60,000 shares of Gigamon stock in a transaction that occurred on Friday, January 6th. The stock was sold at an average price of $43.70, for a total transaction of $2,622,000.00. Following the transaction, the director now owns 11,837 shares of the company’s stock, valued at $517,276.90. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Paul Hooper sold 45,000 shares of Gigamon stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $54.28, for a total value of $2,442,600.00. Following the transaction, the chief executive officer now directly owns 183,693 shares in the company, valued at approximately $9,970,856.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 269,355 shares of company stock worth $13,713,913. 9.66% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GIMO. Vanguard Group Inc. raised its position in Gigamon by 7.2% in the second quarter. Vanguard Group Inc. now owns 2,882,870 shares of the company’s stock valued at $107,791,000 after buying an additional 194,041 shares during the period. 1832 Asset Management L.P. raised its position in Gigamon by 80.2% in the third quarter. 1832 Asset Management L.P. now owns 1,345,100 shares of the company’s stock valued at $71,335,000 after buying an additional 598,600 shares during the period. Gilder Gagnon Howe & Co. LLC raised its position in Gigamon by 4.4% in the third quarter. Gilder Gagnon Howe & Co. LLC now owns 1,310,096 shares of the company’s stock worth $71,793,000 after buying an additional 54,928 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Gigamon by 2.3% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 899,376 shares of the company’s stock worth $49,286,000 after buying an additional 20,558 shares during the last quarter. Finally, Whale Rock Capital Management LLC bought a new position in Gigamon during the third quarter worth about $47,759,000. 81.52% of the stock is currently owned by institutional investors.
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.
Get a free copy of the Zacks research report on Gigamon (GIMO)
For more information about research offerings from Zacks Investment Research, visit Zacks.com