Gigamon Inc (GIMO) Short Interest Up 56.6% in March
Gigamon Inc (NYSE:GIMO) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 2,818,199 shares, an increase of 56.6% from the March 15th total of 1,799,613 shares. Based on an average daily volume of 925,540 shares, the short-interest ratio is presently 3.0 days. Currently, 8.5% of the shares of the company are short sold.
A number of brokerages have recently weighed in on GIMO. FBN Securities began coverage on Gigamon in a research note on Thursday, March 16th. They set an “outperform” rating and a $40.00 target price on the stock. Zacks Investment Research lowered Gigamon from a “hold” rating to a “strong sell” rating in a research note on Thursday, January 19th. JMP Securities upgraded Gigamon from a “market perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research note on Friday, March 17th. Needham & Company LLC lowered their target price on Gigamon from $48.00 to $38.00 and set a “buy” rating on the stock in a research note on Friday, February 3rd. Finally, Stifel Nicolaus upgraded Gigamon from a “hold” rating to a “buy” rating and increased their target price for the stock from $30.00 to $42.00 in a research note on Thursday. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Gigamon currently has an average rating of “Buy” and an average target price of $51.67.
In other news, Director Ted C. Ho sold 60,000 shares of the stock in a transaction that occurred on Tuesday, February 7th. The stock was sold at an average price of $32.01, for a total transaction of $1,920,600.00. Following the transaction, the director now owns 11,837 shares in the company, valued at $378,902.37. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ted C. Ho sold 30,000 shares of the stock in a transaction that occurred on Monday, February 6th. The stock was sold at an average price of $31.44, for a total value of $943,200.00. Following the transaction, the director now owns 11,837 shares in the company, valued at approximately $372,155.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 210,000 shares of company stock worth $6,904,200. 9.66% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the company. Allianz Asset Management AG raised its stake in shares of Gigamon by 110.7% in the fourth quarter. Allianz Asset Management AG now owns 2,239,382 shares of the technology company’s stock valued at $102,003,000 after buying an additional 1,176,397 shares during the period. 1832 Asset Management L.P. increased its position in shares of Gigamon by 80.2% in the third quarter. 1832 Asset Management L.P. now owns 1,345,100 shares of the technology company’s stock worth $71,335,000 after buying an additional 598,600 shares in the last quarter. Gilder Gagnon Howe & Co. LLC increased its position in shares of Gigamon by 4.4% in the third quarter. Gilder Gagnon Howe & Co. LLC now owns 1,310,096 shares of the technology company’s stock worth $71,793,000 after buying an additional 54,928 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Gigamon by 2.3% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 899,376 shares of the technology company’s stock worth $49,286,000 after buying an additional 20,558 shares in the last quarter. Finally, Whale Rock Capital Management LLC acquired a new position in shares of Gigamon during the third quarter worth $47,759,000. Institutional investors and hedge funds own 83.97% of the company’s stock.
Gigamon (NYSE:GIMO) opened at 35.00 on Friday. The firm’s 50-day moving average price is $34.41 and its 200-day moving average price is $43.05. Gigamon has a 1-year low of $28.43 and a 1-year high of $61.25. The company has a market cap of $1.28 billion, a price-to-earnings ratio of 26.72 and a beta of 1.56.
Gigamon (NYSE:GIMO) last issued its quarterly earnings data on Thursday, February 2nd. The technology company reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.01. Gigamon had a net margin of 15.90% and a return on equity of 6.57%. The business earned $85.03 million during the quarter, compared to analyst estimates of $91.60 million. During the same period last year, the business posted $0.29 earnings per share. Gigamon’s quarterly revenue was up 26.9% compared to the same quarter last year. Equities research analysts forecast that Gigamon will post $1.04 EPS for the current fiscal year.
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Gigamon Company Profile
Gigamon Inc offers a solution that delivers visibility and control of data-in-motion traversing enterprise, federal and service provider networks. The Company’s Visibility Platform consists of a distributed system of nodes (that in combination establish a Visibility Fabric). The Visibility Platform includes physical appliances and virtual nodes that can be deployed in data centers, central offices, virtualized/private cloud/public cloud environments, and small form-factor remote site appliances, which in combination enable pervasive visibility of network infrastructures.
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