Needham & Company Reiterated a Buy rating and $39.00 price target on Gigamon (NYSE: GIMO) following the company's 3Q15 earnings results. Gigamon beat EPS estimates by 30%, and Revenues increased 44%.

Analyst Alex Henderson commented, "Gigamon beat EPS estimates by 30%. Product Sales increased 48% and Revenues increased 44%. GMs jumped and GIMO increased its long-term GM target by 200 bps. Operating Margin came in 499 bps ahead of forecast at 21.8%, up from 4% in the year ago and 17.4% last quarter. What's not to like? GIMO solidly raised guidance above Street estimates and demonstrated positive metrics almost across the board. We are strongly reiterating our Buy rating, $39 target price, and Single Best Idea status even as we raise our estimates once again."

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Shares of Gigamon closed at $22.40 yesterday.