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Gigamon (NASDAQ:GIMO) shares reached a new 52-week low during mid-day trading on Wednesday after DA Davidson downgraded the stock from a buy rating to a neutral rating, Analyst RN reports. DA Davidson now has a $13.00 price target on the stock, down from their previous price target of $22.50. Gigamon traded as low as $12.05 and last traded at $12.28, with a volume of 6,575,911 shares trading hands. The stock had previously closed at $18.18.

Other equities research analysts have also recently issued reports about the stock. Analysts at Goldman Sachs downgraded shares of Gigamon from a “buy” rating to a “neutral” rating in a research note on Wednesday. They now have a $14.00 price target on the stock, down previously from $29.00. Separately, analysts at Needham & Company LLC downgraded shares of Gigamon from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. They now have a $20.00 price target on the stock, down previously from $34.00. Finally, analysts at William Blair downgraded shares of Gigamon from an “outperform” rating to a “market perform” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. Gigamon has an average rating of “Hold” and an average price target of $21.99.

The stock has a 50-day moving average of $18.15 and a 200-day moving average of $24.61. The company’s market cap is $395.9 million.

Gigamon (NASDAQ:GIMO) last announced its earnings results on Thursday, April 24th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.07). The company had revenue of $31.80 million for the quarter, compared to the consensus estimate of $31.30 million. During the same quarter in the previous year, the company posted $0.02 earnings per share. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. On average, analysts predict that Gigamon will post $0.31 earnings per share for the current fiscal year.

Gigamon Inc has developed solution that delivers visibility and control of traffic across networks. Its solution, which it refers to as its traffic visibility fabric, consists of distributed network appliances that provide an advanced level of network traffic intelligence.

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