Nimble Storage Now Covered by Analysts at Wells Fargo & Co. (NMBL)
Analysts at Wells Fargo & Co. began coverage on shares of Nimble Storage (NASDAQ:NMBL) in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating and a $33.00 price target on the stock. Wells Fargo & Co.’s price target points to a potential upside of 25.14% from the stock’s previous close.
The analysts wrote, “Our Outperform rating is predicated on Nimble Storage’s growth opportunity from 1) material market share gain opportunity due to its relative nascency, 2) continued growth in its SMB market, 3) the market expansion opportunity in large enterprise driven, in part, by new products, 3) international expansion growth, 4) repeat customer buying patterns, and 5) channel leverage.”
NMBL has been the subject of a number of other recent research reports. Analysts at Pacific Crest raised their price target on shares of Nimble Storage from $42.00 to $44.00 in a research note on Monday, July 21st. Separately, analysts at Roth Capital initiated coverage on shares of Nimble Storage in a research note on Friday, July 18th. They set a “buy” rating and a $40.00 price target on the stock. Finally, analysts at Wunderlich initiated coverage on shares of Nimble Storage in a research note on Thursday, June 26th. They set a “buy” rating and a $38.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $38.88.
In other Nimble Storage news, CTO Umesh Maheshwari unloaded 32,000 shares of the company’s stock on the open market in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $25.78, for a total value of $824,960.00. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Shares of Nimble Storage (NASDAQ:NMBL) traded up 0.69% on Friday, hitting $26.37. 483,848 shares of the company’s stock traded hands. 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 $27.55 and a 200-day moving average of $33.81. The company’s market cap is $1.885 billion.
Nimble Storage (NASDAQ:NMBL) last posted its quarterly earnings results on Thursday, May 29th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the 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 revenue for the quarter was up 110.4% on a year-over-year basis. On average, analysts predict that Nimble Storage will post $-0.58 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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