Nimble Storage Inc. (NMBL) Raised to Outperform at Wells Fargo & Co.
Wells Fargo & Co. upgraded shares of Nimble Storage Inc. (NYSE:NMBL) from a market perform rating to an outperform rating in a research report sent to investors on Thursday morning. Wells Fargo & Co. currently has $10.50 price objective on the stock, up from their previous price objective of $9.50.
NMBL has been the subject of a number of other research reports. Summit Redstone restated a buy rating on shares of Nimble Storage in a research report on Sunday, June 26th. Jefferies Group boosted their target price on Nimble Storage from $13.50 to $14.00 and gave the stock a buy rating in a research report on Wednesday, August 24th. Pacific Crest restated a hold rating on shares of Nimble Storage in a research report on Wednesday, August 24th. Barclays PLC restated an equal weight rating and set a $10.00 target price (up previously from $9.00) on shares of Nimble Storage in a research report on Wednesday, August 24th. Finally, RBC Capital Markets restated a sector perform rating and set a $10.00 target price (up previously from $8.00) on shares of Nimble Storage in a research report on Wednesday, August 24th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $14.99.
Nimble Storage (NYSE:NMBL) opened at 8.54 on Thursday. The company’s market cap is $726.75 million. The company’s 50-day moving average price is $8.18 and its 200 day moving average price is $7.83. Nimble Storage has a 52 week low of $5.64 and a 52 week high of $24.17.
Nimble Storage (NYSE:NMBL) last issued its quarterly earnings data on Tuesday, August 23rd. The company reported ($0.19) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.01. Nimble Storage had a negative return on equity of 97.66% and a negative net margin of 40.53%. The firm earned $97.10 million during the quarter, compared to the consensus estimate of $94.71 million. During the same quarter in the previous year, the company posted ($0.10) EPS. The business’s revenue for the quarter was up 21.2% compared to the same quarter last year. On average, analysts anticipate that Nimble Storage will post ($0.72) EPS for the current year.
In related news, Director William John Schroeder bought 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 21st. The shares were acquired at an average price of $7.30 per share, for a total transaction of $36,500.00. Following the completion of the acquisition, the director now owns 46,870 shares of the company’s stock, valued at approximately $342,151. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Anup V. Singh sold 16,479 shares of the company’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $7.72, for a total value of $127,217.88. Following the sale, the chief financial officer now owns 286,131 shares in the company, valued at approximately $2,208,931.32. The disclosure for this sale can be found here. 20.90% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Quentec Asset Management LLC raised its stake in Nimble Storage by 66.4% in the first quarter. Quentec Asset Management LLC now owns 1,048,122 shares of the company’s stock valued at $8,217,000 after buying an additional 418,122 shares during the last quarter. Sterling Ridge Capital Management LP bought a new stake in Nimble Storage during the first quarter valued at about $505,000. Renaissance Technologies LLC raised its stake in Nimble Storage by 111.8% in the first quarter. Renaissance Technologies LLC now owns 2,849,300 shares of the company’s stock valued at $22,339,000 after buying an additional 1,504,300 shares during the last quarter. Granahan Investment Management Inc. MA raised its stake in Nimble Storage by 76.2% in the first quarter. Granahan Investment Management Inc. MA now owns 655,364 shares of the company’s stock valued at $5,138,000 after buying an additional 283,360 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Nimble Storage by 7.6% in the first quarter. Geode Capital Management LLC now owns 355,917 shares of the company’s stock valued at $2,790,000 after buying an additional 25,192 shares during the last quarter. Institutional investors and hedge funds own 61.23% of the company’s stock.
Nimble Storage Company Profile
Nimble Storage, Inc (Nimble Storage) engineers and delivers its customers with flash storage platform. The Company’s Predictive Flash platform consists of a Unified Flash Fabric that provides a single consolidation architecture with common data services across a portfolio of All Flash and Adaptive Flash arrays, and InfoSight predictive analytics with integrated support and service offerings.
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