Trade Report: Today, Gigamon Inc. (GIMO) Raised to Buy at Bank of America Corp.

Today, Gigamon Inc. (GIMO) Raised to Buy at Bank of America Corp.

Bank of America Corp. upgraded shares of Gigamon Inc. (NYSE:GIMO) from a neutral rating to a buy rating in a research note released on Thursday. They currently have $61.00 price target on the stock, up from their prior price target of $48.00.

Several other equities analysts have also recently weighed in on GIMO. Zacks Investment Research upgraded shares of Gigamon from a hold rating to a strong-buy rating and set a $48.00 price objective on the stock in a research report on Wednesday, July 27th. Needham & Company LLC reissued a buy rating and set a $50.00 target price (up previously from $40.00) on shares of Gigamon in a research note on Monday, July 18th. Northland Securities began coverage on shares of Gigamon in a research note on Wednesday, June 22nd. They set an outperform rating and a $50.00 target price for the company. TheStreet raised shares of Gigamon from a hold rating to a buy rating in a research note on Thursday, July 28th. Finally, JMP Securities began coverage on shares of Gigamon in a research note on Thursday, October 6th. They set a market perform rating for the company. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $54.14.

Shares of Gigamon (NYSE:GIMO) opened at 49.62 on Thursday. Gigamon has a one year low of $21.23 and a one year high of $56.38. The stock has a market capitalization of $1.75 billion, a P/E ratio of 42.92 and a beta of 1.76. The firm’s 50-day moving average price is $50.23 and its 200-day moving average price is $39.67.

Gigamon (NYSE:GIMO) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.30 earnings per share for the quarter, topping the 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 analysts’ expectations of $70.10 million. During the same period in the previous year, the company posted $0.16 EPS. The company’s quarterly revenue was up 46.1% compared to the same quarter last year. Equities research analysts anticipate that Gigamon will post $1.16 EPS for the current fiscal year.

In other Gigamon news, VP Helmut Wilke sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $45.24, for a total transaction of $180,960.00. Following the completion of the transaction, the vice president now owns 69,113 shares of the company’s stock, valued at approximately $3,126,672.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 transaction of $6,083,743.50. Following the transaction, the insider now directly owns 120,992 shares of the company’s stock, valued at approximately $5,535,384. The disclosure for this sale can be found here. 9.66% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Creative Planning increased its position in Gigamon by 300.3% in the third quarter. Creative Planning now owns 2,802 shares of the company’s stock valued at $154,000 after buying an additional 2,102 shares during the last quarter. Advisor Group Inc. bought a new position in Gigamon during the second quarter valued at about $112,000. BNP Paribas Arbitrage SA increased its position in Gigamon by 150.4% in the third quarter. BNP Paribas Arbitrage SA now owns 3,175 shares of the company’s stock valued at $174,000 after buying an additional 1,907 shares during the last quarter. Teacher Retirement System of Texas increased its position in Gigamon by 84.9% in the second quarter. Teacher Retirement System of Texas now owns 3,870 shares of the company’s stock valued at $145,000 after buying an additional 1,777 shares during the last quarter. Finally, Legal & General Group Plc increased its position in Gigamon by 3.9% in the second quarter. Legal & General Group Plc now owns 4,360 shares of the company’s stock valued at $159,000 after buying an additional 164 shares during the last quarter. 78.34% of the stock is owned by hedge funds and other institutional investors.

About Gigamon

Related posts

Leave a Comment