Nimble Storage Inc. (NMBL) Upgraded to “Hold” by Zacks Investment Research
Nimble Storage Inc. (NYSE:NMBL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Nimble Storage, Inc. offers flash-optimized hybrid storage platform. The company’s software and storage systems handle various mainstream applications which include virtual desktops, databases, email, collaboration and analytics. It serves industries comprising cloud-based service providers, education, financial services, healthcare, manufacturing, state and local government and technology. Nimble Storage, Inc. is based in San Jose, California. “
NMBL has been the subject of several other reports. Wells Fargo & Co. upgraded shares of Nimble Storage from a “market perform” rating to an “outperform” rating in a report on Wednesday, October 12th. Morgan Stanley lifted their target price on shares of Nimble Storage from $6.00 to $18.00 and gave the company an “overweight” rating in a report on Wednesday, August 24th. Needham & Company LLC reiterated a “buy” rating and set a $12.00 target price on shares of Nimble Storage in a report on Thursday, August 25th. Summit Redstone restated a “buy” rating and issued a $14.00 price objective (up from $12.00) on shares of Nimble Storage in a report on Thursday, August 25th. Finally, Piper Jaffray Cos. restated a “neutral” rating and issued a $9.00 price objective on shares of Nimble Storage in a report on Thursday, August 25th. Fourteen research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $11.99.
Shares of Nimble Storage (NYSE:NMBL) opened at 9.09 on Tuesday. The firm’s 50 day moving average price is $8.21 and its 200 day moving average price is $7.98. Nimble Storage has a 52-week low of $5.64 and a 52-week high of $11.33. The stock’s market cap is $773.55 million.
In other news, CFO Anup V. Singh sold 16,479 shares of the company’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $7.72, for a total transaction of $127,217.88. Following the sale, the chief financial officer now directly owns 286,131 shares in the company, valued at approximately $2,208,931.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William John Schroeder bought 5,000 shares of the firm’s stock in a transaction dated Wednesday, September 21st. The shares were acquired at an average price of $7.30 per share, for a total transaction of $36,500.00. Following the completion of the transaction, the director now directly owns 46,870 shares in the company, valued at approximately $342,151. The disclosure for this purchase can be found here. 20.90% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in NMBL. Renaissance Technologies LLC boosted its stake in shares of Nimble Storage by 111.8% in the first quarter. Renaissance Technologies LLC now owns 2,849,300 shares of the company’s stock valued at $22,339,000 after buying an additional 1,504,300 shares in the last quarter. Friess Associates LLC acquired a new stake in shares of Nimble Storage during the second quarter valued at about $4,856,000. Vanguard Group Inc. boosted its stake in shares of Nimble Storage by 13.2% in the second quarter. Vanguard Group Inc. now owns 4,147,386 shares of the company’s stock valued at $33,013,000 after buying an additional 482,263 shares in the last quarter. Polar Capital LLP boosted its stake in shares of Nimble Storage by 22.9% in the second quarter. Polar Capital LLP now owns 2,394,557 shares of the company’s stock valued at $19,050,000 after buying an additional 446,236 shares in the last quarter. Finally, Quentec Asset Management LLC boosted its stake in shares of Nimble Storage by 35.7% in the third quarter. Quentec Asset Management LLC now owns 1,506,499 shares of the company’s stock valued at $13,302,000 after buying an additional 396,439 shares in the last quarter. Hedge funds and other institutional investors own 59.94% of the company’s stock.
About Nimble Storage
Nimble Storage, Inc (Nimble Storage) engineers and delivers its customers with flash storage platform. The Company’s Predictive Flash platform consists of a Unified Flash Fabric that provides a single consolidation architecture with common data services across a portfolio of All Flash and Adaptive Flash arrays, and InfoSight predictive analytics with integrated support and service offerings.
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