(Corrects from "Elliot" to "Elliott" throughout)
May 8 (Reuters) - Activist investor Elliott Management reported a 15.3 percent stake in Gigamon Inc, making it the software maker's top shareholder, and called the shares "significantly undervalued."
Gigamon shares jumped 10.3 percent to $38.60 in early trading on Monday.
Elliott plans to discuss with Gigamon's board opportunities to maximize shareholder value, according to the filing, according to a according to a regulatory filing. (bit.ly/2qhlQ7H)
The Paul Singer-led hedge fund said it may develop plans and proposals suggesting potential changes in the company's operations and management, among other possible moves.
The activist investor becomes the top shareholder in the network specialist, followed by The Vanguard Group Inc, which has a 7.64 percent stake, according to Thomson Reuters data.
Two weeks back, Gigamon reported a loss of $2.23 million for the first quarter, compared with profit of $2.97 million a year earlier.
Dougherty & Co analyst Catharine Trebnick said after the results that Gigamon had multiple red flags, including weakness in its enterprise business and no acceleration in customer additions.
The company's stock had fallen about 23 percent this year through Friday. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Savio D'Souza)