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Shares of Nimble Storage (NASDAQ:NMBL) traded down 8.1% on Friday after Stifel Nicolaus lowered their price target on the stock from $60.00 to $40.00, AR Network reports. Stifel Nicolaus currently has a buy rating on the stock. Nimble Storage traded as low as $23.55 and last traded at $24.69, with a volume of 2,194,050 shares. The stock had previously closed at $26.88.

Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital cut their price target on shares of Nimble Storage from $56.00 to $45.00 in a research note on Friday. They now have an “outperform” rating on the stock. Separately, analysts at Oppenheimer cut their price target on shares of Nimble Storage from $63.00 to $40.00 in a research note on Friday. They now have an “outperform” rating on the stock. Finally, analysts at Macquarie initiated coverage on shares of Nimble Storage in a research note on Wednesday. They set a “neutral” rating and a $30.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. Nimble Storage presently has an average rating of “Buy” and a consensus price target of $38.38.

The stock’s 50-day moving average is $27.17 and its 200-day moving average is $38.1. The company’s market cap is $1.766 billion.

Nimble Storage (NASDAQ:NMBL) last issued its quarterly earnings data on Thursday, May 29th. The company reported ($0.14) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.16) by $0.02. The company had revenue of $46.50 million for the quarter, compared to the consensus estimate of $43.70 million. The company’s quarterly revenue was up 110.4% on a year-over-year basis. On average, analysts predict that Nimble Storage will post $-0.59 earnings per share for the current fiscal year.

Nimble Storage, Inc provides its customers with data storage platform. The Company focuses on research and development of its technology platform, developing new products and enhancing its cloud-based management services.

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