Gigamon Shares Tumble 9% Following Bottom-Line Q2 Miss; Analysts Lower Targets
Gigamon (NASDAQ: GIMO) shares gapped lower Friday morning following a worse-than-expected quarterly bottom-line figure posted after the close Thursday evening. The price has tumbled much lower over the course of Friday's intraday session as a number of analysts are out with updated and seemingly more-bearish commentary.
The company issued a second-quarter adjusted loss of $0.04 per share on sales of $34.9 million. Analysts had been expecting a loss of about $0.02 per share on sales of about $34.6 million. Guidance was not given by Gigamon management.
Out with updated models Friday morning:
- Goldman Sachs - target lowered from $14 to $13, Neutral maintained;
- Barclays - target lowered from $16 to $14, Equalweight maintained;
- Needham - target lowered from $20 to $18, Buy maintained; and,
- Credit Suisse - target lowered from $19 to $18, Outperform maintained.
Shares of Gigamon last traded at $11.27, down nearly nine percent from Thursday's closing price.
Latest Ratings for GIMO
|Jun 2016||Northland Securities||Initiates Coverage on||Outperform|
|Mar 2016||Stifel Nicolaus||Initiates Coverage on||Hold|
|Jan 2016||Credit Suisse||Maintains||Outperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.