Wells Fargo & Company MN reduced its stake in shares of Gigamon Inc. (NYSE:GIMO) by 11.4% during the third quarter, Holdings Channel reports. The firm owned 262,560 shares of the company’s stock after selling 33,843 shares during the period. Wells Fargo & Company MN’s holdings in Gigamon were worth $14,388,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of GIMO. 1832 Asset Management L.P. acquired a new stake in Gigamon during the second quarter valued at $45,596,000. AO Asset Management LLC acquired a new stake in Gigamon during the second quarter valued at $20,695,000. Sumitomo Mitsui Asset Management Company LTD acquired a new stake in Gigamon during the third quarter valued at $27,612,000. Bank of Montreal Can acquired a new stake in Gigamon during the second quarter valued at $13,572,000. Finally, Sylebra HK Co Ltd acquired a new stake in Gigamon during the second quarter valued at $8,609,000. Institutional investors and hedge funds own 81.49% of the company’s stock.
Gigamon Inc. (NYSE:GIMO) traded down 2.7152% during mid-day trading on Monday, reaching $58.7114. The company had a trading volume of 516,551 shares. Gigamon Inc. has a 12-month low of $21.23 and a 12-month high of $61.25. The firm has a 50-day moving average price of $54.18 and a 200 day moving average price of $44.51. The firm has a market capitalization of $2.12 billion, a price-to-earnings ratio of 48.0847 and a beta of 1.75.
Gigamon (NYSE:GIMO) last released its quarterly earnings results on Thursday, October 27th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The firm earned $83.50 million during the quarter, compared to analyst estimates of $79.56 million. Gigamon had a net margin of 15.56% and a return on equity of 7.15%. The business’s revenue for the quarter was up 47.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.22 EPS. Analysts expect that Gigamon Inc. will post $1.26 EPS for the current year.
Several research firms have weighed in on GIMO. Zacks Investment Research cut Gigamon from a “hold” rating to a “sell” rating in a research note on Friday, October 7th. Bank of America Corp. upgraded Gigamon from a “neutral” rating to a “buy” rating and increased their price target for the company from $48.00 to $61.00 in a research note on Thursday, October 13th. William Blair reiterated an “outperform” rating on shares of Gigamon in a research note on Wednesday, September 14th. Needham & Company LLC increased their price target on Gigamon from $52.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, October 24th. Finally, JMP Securities assumed coverage on Gigamon in a research note on Thursday, October 6th. They issued a “market perform” rating for the company. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $56.71.
In other news, VP Helmut Wilke sold 5,000 shares of the business’s stock in a transaction on Friday, November 18th. The shares were sold at an average price of $57.68, for a total transaction of $288,400.00. Following the completion of the transaction, the vice president now directly owns 61,081 shares in the company, valued at approximately $3,523,152.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul B. Shinn sold 3,273 shares of the business’s stock in a transaction on Thursday, November 17th. The shares were sold at an average price of $58.38, for a total transaction of $191,077.74. Following the transaction, the insider now owns 27,826 shares of the company’s stock, valued at $1,624,481.88. The disclosure for this sale can be found here. Insiders own 9.66% of the company’s stock.
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.