Gigamon’s (GIMO) Outperform Rating Reiterated at William Blair

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Gigamon Inc. (NYSE:GIMO)‘s stock had its “outperform” rating reissued by equities research analysts at William Blair in a report issued on Wednesday.
Several other brokerages also recently weighed in on GIMO. TheStreet upgraded shares of Gigamon from a “hold” rating to a “buy” rating in a research note on Thursday, July 28th. Rosenblatt Securities initiated coverage on shares of Gigamon in a research note on Monday, August 1st. They issued a “buy” rating and a $55.00 target price for the company. Credit Suisse Group AG restated an “outperform” rating and issued a $40.00 target price on shares of Gigamon in a research note on Wednesday, May 18th. Needham & Company LLC restated a “buy” rating and issued a $40.00 target price on shares of Gigamon in a research note on Wednesday, June 1st. Finally, Northland Securities initiated coverage on shares of Gigamon in a research note on Wednesday, June 22nd. They issued an “outperform” rating and a $50.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Gigamon has an average rating of “Buy” and a consensus target price of $49.00.
Gigamon (NYSE:GIMO) traded up 7.9929% during midday trading on Wednesday, hitting $48.7264. The stock had a trading volume of 946,307 shares. The firm has a 50-day moving average of $44.99 and a 200 day moving average of $35.78. The firm has a market capitalization of $1.72 billion, a P/E ratio of 42.1509 and a beta of 1.83. Gigamon has a 52-week low of $18.93 and a 52-week high of $49.34.

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Gigamon (NYSE:GIMO) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.06. Gigamon had a net margin of 16.46% and a return on equity of 6.28%. The firm had revenue of $75.10 million for the quarter, compared to the consensus estimate of $70.10 million. During the same period last year, the firm earned $0.16 earnings per share. The company’s quarterly revenue was up 46.1% on a year-over-year basis. On average, equities analysts forecast that Gigamon will post $1.17 EPS for the current year.
In related news, insider Paul B. Shinn sold 132,978 shares of the firm’s stock in a transaction on Friday, August 12th. The shares were sold at an average price of $45.75, for a total transaction of $6,083,743.50. Following the completion of the transaction, the insider now owns 120,992 shares of the company’s stock, valued at $5,535,384. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mike Burns sold 8,272 shares of the firm’s stock in a transaction on Monday, June 20th. The stock was sold at an average price of $37.00, for a total transaction of $306,064.00. Following the transaction, the chief financial officer now directly owns 89,784 shares of the company’s stock, valued at approximately $3,322,008. The disclosure for this sale can be found here. Insiders own 9.66% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of GIMO. Vanguard Group Inc. boosted its position in shares of 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. Granahan Investment Management Inc. MA boosted its position in shares of Gigamon by 2.0% in the first quarter. Granahan Investment Management Inc. MA now owns 1,268,255 shares of the company’s stock valued at $39,341,000 after buying an additional 24,933 shares during the period. Gilder Gagnon Howe & Co. LLC boosted its position in shares of Gigamon by 9.6% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 1,255,168 shares of the company’s stock valued at $46,931,000 after buying an additional 109,824 shares during the period. Acadian Asset Management LLC boosted its position in shares of Gigamon by 77.3% in the first quarter. Acadian Asset Management LLC now owns 1,042,373 shares of the company’s stock valued at $32,337,000 after buying an additional 454,494 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Gigamon by 23.7% in the first quarter. Renaissance Technologies LLC now owns 996,600 shares of the company’s stock valued at $30,915,000 after buying an additional 191,200 shares during the period. 78.33% of the stock is owned by hedge funds and other institutional investors.
About Gigamon
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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