Gigamon Inc. (GIMO) Lowered to “Market Perform” at Citigroup Inc.
Gigamon Inc. (NYSE:GIMO) was downgraded by investment analysts at Citigroup Inc. to a “market perform” rating in a research note issued to investors on Wednesday, The Fly reports. The analysts noted that the move was a valuation call.
GIMO has been the topic of a number of other reports. Stifel Nicolaus initiated coverage on Gigamon in a research note on Tuesday, August 30th. They issued a “hold” rating on the stock. William Blair reaffirmed an “outperform” rating on shares of Gigamon in a research note on Wednesday, September 14th. Zacks Investment Research raised Gigamon from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research note on Wednesday, September 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $52.00 price objective on shares of Gigamon in a research note on Wednesday, September 7th. Finally, Rosenblatt Securities initiated coverage on Gigamon in a research note on Monday, August 1st. They issued a “buy” rating and a $55.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $53.00.
Shares of Gigamon (NYSE:GIMO) traded down 0.29% during trading on Wednesday, hitting $51.48. 811,183 shares of the stock traded hands. Gigamon has a 52 week low of $19.86 and a 52 week high of $56.38. The company has a 50-day moving average of $49.29 and a 200-day moving average of $38.78. The firm has a market cap of $1.82 billion, a P/E ratio of 44.53 and a beta of 1.77.
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Gigamon (NYSE:GIMO) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.30 EPS for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.06. The company had revenue of $75.10 million for the quarter, compared to analyst estimates of $70.10 million. Gigamon had a return on equity of 6.28% and a net margin of 16.46%. The firm’s quarterly revenue was up 46.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.16 earnings per share. On average, analysts forecast that Gigamon will post $1.16 EPS for the current fiscal year.
In other news, insider Paul B. Shinn sold 132,978 shares of the business’s stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $45.75, for a total transaction of $6,083,743.50. Following the completion of the sale, the insider now owns 120,992 shares in the company, valued at $5,535,384. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Mike Burns sold 16,000 shares of the business’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $40.00, for a total value of $640,000.00. Following the sale, the chief financial officer now owns 93,847 shares of the company’s stock, valued at approximately $3,753,880. The disclosure for this sale can be found here. Insiders own 9.66% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. 1832 Asset Management L.P. purchased a new stake in Gigamon during the second quarter valued at approximately $45,596,000. AO Asset Management LLC bought a new stake in shares of Gigamon during the second quarter valued at about $20,695,000. Bank of Montreal Can bought a new stake in shares of Gigamon during the second quarter valued at about $13,572,000. Harvest Capital Strategies LLC bought a new stake in shares of Gigamon during the first quarter valued at about $7,160,000. Finally, Sylebra HK Co Ltd bought a new stake in shares of Gigamon during the second quarter valued at about $8,609,000. Hedge funds and other institutional investors own 78.33% of the company’s stock.
Gigamon Company Profile
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.
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