Gigamon Shares Tumble 9% Following Bottom-Line Q2 Miss; Analysts Lower Targets

Gigamon

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.

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