Nimble Storage Shares Down 5.6% Following Insider Selling (NMBL)
Nimble Storage (NASDAQ:NMBL)’s share price traded down 5.6% during mid-day trading on Thursday following insider selling activity, Stock Ratings Network.com reports. The company traded as low as $26.73 and last traded at $27.19, with a volume of 1,079,084 shares changing hands. The stock had previously closed at $28.79.
Specifically, CTO Umesh Maheshwari unloaded 32,000 shares of Nimble Storage stock on the open market in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $29.51, for a total value of $944,320.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of research firms have recently commented on NMBL. Analysts at Raymond James raised their price target on shares of Nimble Storage from $33.00 to $35.00 in a research note on Wednesday. Separately, analysts at Barclays raised their price target on shares of Nimble Storage from $28.00 to $30.00 in a research note on Wednesday. They now have an “equal weight” rating on the stock. Finally, 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. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Nimble Storage has a consensus rating of “Buy” and an average price target of $39.19.
The stock has a 50-day moving average of $27.10 and a 200-day moving average of $32.31. The company’s market cap is $1.972 billion.
Nimble Storage (NASDAQ:NMBL) last announced its earnings results on Tuesday, August 26th. The company reported ($0.15) earnings per share for the quarter, beating the analysts’ 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 last year, the company posted ($0.51) earnings per share. Nimble Storage’s revenue was up 86.9% 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.
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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