Investors Buy Large Volume of Gigamon Put Options (GIMO)

Gigamon Inc. (NYSE:GIMO) saw unusually large options trading activity on Friday. Traders bought 517 put options on the company. This represents an increase of 127% compared to the typical volume of 228 put options.

Gigamon (NYSE GIMO) traded up 7.02% on Friday, reaching $40.40. 1,606,298 shares of the company’s stock traded hands. The company’s 50 day moving average is $39.34 and its 200-day moving average is $36.71. Gigamon has a 52-week low of $28.50 and a 52-week high of $61.25. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 40.40 and a beta of 1.53.

Gigamon (NYSE:GIMO) last released its earnings results on Thursday, July 27th. The technology company reported ($0.20) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by $0.12. The company had revenue of $69.10 million during the quarter, compared to analysts’ expectations of $71.36 million. Gigamon had a net margin of 0.95% and a return on equity of 0.41%. The firm’s revenue was down 8.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.30 earnings per share. Equities analysts expect that Gigamon will post $0.70 EPS for the current year.

In other news, Director Ted C. Ho sold 60,000 shares of the company’s stock in a transaction dated Friday, July 7th. The shares were sold at an average price of $38.58, for a total value of $2,314,800.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Helmut Wilke sold 15,000 shares of the company’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $34.66, for a total transaction of $519,900.00. Following the completion of the sale, the vice president now directly owns 52,441 shares in the company, valued at $1,817,605.06. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 208,964 shares of company stock valued at $7,732,298. Company insiders own 4.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Credit Suisse AG boosted its position in Gigamon by 3,567.2% in the first quarter. Credit Suisse AG now owns 1,525,774 shares of the technology company’s stock worth $54,241,000 after buying an additional 1,484,168 shares during the last quarter. American Capital Management Inc. boosted its position in Gigamon by 33.6% in the second quarter. American Capital Management Inc. now owns 1,118,115 shares of the technology company’s stock worth $43,998,000 after buying an additional 281,510 shares during the last quarter. Penserra Capital Management LLC bought a new position in Gigamon during the first quarter worth $38,045,000. Champlain Investment Partners LLC bought a new position in Gigamon during the first quarter worth $34,143,000. Finally, State Street Corp boosted its position in Gigamon by 5.4% in the fourth quarter. State Street Corp now owns 644,275 shares of the technology company’s stock worth $29,348,000 after buying an additional 33,040 shares during the last quarter. Hedge funds and other institutional investors own 84.20% of the company’s stock.

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus reaffirmed a “buy” rating and issued a $45.00 target price on shares of Gigamon in a report on Monday, June 5th. DA Davidson cut shares of Gigamon from a “buy” rating to a “neutral” rating and upped their target price for the company from $36.00 to $40.00 in a report on Tuesday, May 9th. Vetr cut shares of Gigamon from a “strong-buy” rating to a “hold” rating and set a $42.50 target price on the stock. in a report on Monday, May 8th. Zacks Investment Research cut shares of Gigamon from a “hold” rating to a “sell” rating in a report on Wednesday, June 14th. Finally, Needham & Company LLC set a $50.00 target price on shares of Gigamon and gave the company a “buy” rating in a report on Saturday. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $45.79.

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About Gigamon

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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