Gigamon Inc. (GIMO) Upgraded by Bank of America Corp. to Buy
Gigamon Inc. (NYSE:GIMO) was upgraded by equities research analysts at Bank of America Corp. from a “neutral” rating to a “buy” rating in a research note issued on Thursday, The Fly reports.
A number of other brokerages have also issued reports on GIMO. Zacks Investment Research upgraded Gigamon from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research report on Wednesday, September 28th. Citigroup Inc. downgraded Gigamon to a “market perform” rating in a research note on Wednesday, October 5th. They noted that the move was a valuation call. Raymond James Financial Inc. downgraded Gigamon from an “outperform” rating to a “market perform” rating in a research note on Wednesday, October 5th. DA Davidson downgraded Gigamon from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $54.00 to $59.00 in a research note on Wednesday, October 5th. They noted that the move was a valuation call. Finally, JMP Securities initiated coverage on Gigamon in a research note on Thursday, October 6th. They issued a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $53.00.
Shares of Gigamon (NYSE:GIMO) opened at 49.77 on Thursday. Gigamon has a 52 week low of $20.01 and a 52 week high of $56.38. The firm has a market capitalization of $1.76 billion, a price-to-earnings ratio of 43.05 and a beta of 1.77. The firm has a 50-day moving average price of $49.79 and a 200-day moving average price of $39.21.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/13/gigamon-inc-gimo-upgraded-by-bank-of-america-corp-to-buy.html
Gigamon (NYSE:GIMO) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.06. Gigamon had a return on equity of 6.28% and a net margin of 16.46%. The company earned $75.10 million during the quarter, compared to analyst estimates of $70.10 million. During the same quarter in the previous year, the firm posted $0.16 EPS. The firm’s quarterly revenue was up 46.1% on a year-over-year basis. On average, equities analysts expect that Gigamon will post $1.16 earnings per share for the current fiscal year.
In other news, Director Ted C. Ho sold 60,000 shares of the business’s stock in a transaction on Tuesday, October 4th. The stock was sold at an average price of $54.66, for a total transaction of $3,279,600.00. Following the sale, the director now directly owns 11,837 shares of the company’s stock, valued at $647,010.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul B. Shinn sold 132,978 shares of the business’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of $45.75, for a total value of $6,083,743.50. Following the sale, the insider now directly owns 120,992 shares in the company, valued at $5,535,384. The disclosure for this sale can be found here. 9.66% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in GIMO. Legal & General Group Plc raised its stake in shares of Gigamon by 3.9% in the second quarter. Legal & General Group Plc now owns 4,360 shares of the company’s stock worth $159,000 after buying an additional 164 shares during the period. Navellier & Associates Inc raised its stake in shares of Gigamon by 3.2% in the second quarter. Navellier & Associates Inc now owns 9,390 shares of the company’s stock worth $351,000 after buying an additional 290 shares during the period. Principal Financial Group Inc. raised its stake in shares of Gigamon by 6.0% in the second quarter. Principal Financial Group Inc. now owns 7,475 shares of the company’s stock worth $279,000 after buying an additional 421 shares during the period. Nisa Investment Advisors L.L.C. raised its stake in shares of Gigamon by 5.5% in the first quarter. Nisa Investment Advisors L.L.C. now owns 11,600 shares of the company’s stock worth $360,000 after buying an additional 600 shares during the period. Finally, Alliancebernstein L.P. raised its stake in shares of Gigamon by 2.4% in the second quarter. Alliancebernstein L.P. now owns 48,700 shares of the company’s stock worth $1,821,000 after buying an additional 1,150 shares during the period. 78.33% of the stock is currently owned by institutional investors.
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.
Receive News & Ratings for Gigamon Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gigamon Inc. and related companies with MarketBeat.com's FREE daily email newsletter.