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Investment analysts at Wunderlich initiated coverage on shares of Nimble Storage (NASDAQ:NMBL) in a note issued to investors on Thursday. The firm set a “buy” rating and a $38.00 price target on the stock. Wunderlich’s price objective points to a potential upside of 25.74% from the company’s current price.

The analysts wrote, “We are updating our rating and price target for Nimble Storage (NMBL) to Buy and $37. Both had been under review since transition of coverage to the current analyst last month. We believe Nimble is uniquely bringing Adaptive Hybrid FLASH technology to primary (tier-1), secondary (tier -2), and back up storage (converged storage). This capability positions Nimble with a large market opportunity that is being addressed with growth constrained primarily by the number of customers the company can engage. “We expect Nimble to continue moving aggressively to penetrate the market, drive innovation ahead of incumbents, and stake a claim that is defensible against new entrants. Our $37 target is derived from a model incorporating 20%+ non-GAAP operating margins approximately four years from now.”

A number of other analysts have also recently weighed in on NMBL. Analysts at Morgan Stanley upgraded shares of Nimble Storage from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, June 18th. They now have a $38.00 price target on the stock. Separately, analysts at Macquarie upgraded shares of Nimble Storage from a “neutral” rating to an “outperform” rating in a research note on Monday, June 16th. Finally, analysts at Raymond James upgraded shares of Nimble Storage from a “market perform” rating to a “strong-buy” rating in a research note on Friday, June 13th. They now have a $33.00 price target on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $39.07.

Shares of Nimble Storage (NASDAQ:NMBL) traded down 0.23% during mid-day trading on Thursday, hitting $30.15. The stock had a trading volume of 375,116 shares. Nimble Storage has a 52-week low of $19.17 and a 52-week high of $58.00. The stock has a 50-day moving average of $26.04 and a 200-day moving average of $36.58. The company’s market cap is $2.155 billion.

Nimble Storage (NASDAQ:NMBL) last issued its quarterly earnings data on Thursday, May 29th. The company reported ($0.14) earnings per share for the quarter, beating the analysts’ 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. Nimble Storage’s revenue was up 110.4% compared to the same quarter last year. On average, analysts predict that Nimble Storage will post $-0.59 earnings per share for the current fiscal year.

In other Nimble Storage news, VP Daniel Leary sold 19,800 shares of Nimble Storage stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $30.07, for a total value of $595,386.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

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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