Nimble Storage Sees Unusually-High Trading Volume After Strong Earnings (NMBL)
Shares of Nimble Storage (NASDAQ:NMBL) saw unusually-strong trading volume on Wednesday following a better than expected earnings announcement, Analyst Ratings Network reports. Approximately 2,188,793 shares changed hands during trading, an increase of 196% from the previous session’s volume of 738,658 shares.The stock last traded at $29.77 and had previously closed at $29.58.
The company reported ($0.15) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.16) by $0.01. The company had revenue of $53.80 million for the quarter, compared to the consensus estimate of $50.54 million. During the same quarter in the prior year, the company posted ($0.51) earnings per share. The company’s quarterly revenue was up 86.9% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at Barclays reiterated an “equal weight” rating on shares of Nimble Storage in a research note on Wednesday. They now have a $30.00 price target on the stock, up previously from $28.00. Separately, analysts at Needham & Company LLC raised their price target on shares of Nimble Storage from $35.00 to $36.00 in a research note on Wednesday. They now have a “strong-buy” rating on the stock. Finally, analysts at Wells Fargo & Co. initiated coverage on shares of Nimble Storage in a research note on Friday, August 8th. They set an “outperform” rating and a $33.00 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 stock. The company has an average rating of “Buy” and an average target price of $39.06.
In other Nimble Storage news, CTO Umesh Maheshwari sold 32,000 shares of Nimble Storage stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $28.72, for a total value of $919,040.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
The stock has a 50-day moving average of $27.05 and a 200-day moving average of $32.33. The company’s market cap is $2.114 billion.
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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