Nimble Storage Inc. (NYSE:NMBL) had its price objective dropped by equities researchers at BMO Capital Markets from $13.00 to $12.00 in a report issued on Wednesday. The brokerage currently has an “outperform” rating on the stock. BMO Capital Markets’ target price suggests a potential upside of 54.44% from the company’s previous close.

A number of other research analysts have also issued reports on the company. Jefferies Group boosted their price target on Nimble Storage from $13.50 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, August 24th. Zacks Investment Research upgraded Nimble Storage from a “sell” rating to a “hold” rating in a research report on Tuesday. Barclays PLC reiterated an “equal weight” rating on shares of Nimble Storage in a research report on Tuesday, November 8th. Pacific Crest reiterated a “hold” rating on shares of Nimble Storage in a research report on Wednesday, August 24th. Finally, Oppenheimer Holdings Inc. reissued a “hold” rating on shares of Nimble Storage in a research note on Tuesday. Fourteen research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Nimble Storage has an average rating of “Buy” and an average price target of $11.94.

Analyst Recommendations for Nimble Storage (NYSE:NMBL)

Shares of Nimble Storage (NYSE:NMBL) traded down 15.91% on Wednesday, hitting $7.77. The stock had a trading volume of 5,285,583 shares. The firm’s market cap is $661.22 million. The company’s 50-day moving average price is $8.23 and its 200 day moving average price is $8.00. Nimble Storage has a 12-month low of $5.64 and a 12-month high of $11.33.

Nimble Storage (NYSE:NMBL) last released its quarterly earnings data on Tuesday, November 22nd. The company reported ($0.18) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.18). Nimble Storage had a negative return on equity of 97.66% and a negative net margin of 40.53%. The business earned $102 million during the quarter, compared to analyst estimates of $101.99 million. During the same quarter in the previous year, the firm posted ($0.14) EPS. The business’s revenue for the quarter was up 26.4% compared to the same quarter last year. On average, equities research analysts forecast that Nimble Storage will post ($0.73) earnings per share for the current fiscal year.

In other news, Director Ping Li sold 23,000 shares of the stock in a transaction dated Tuesday, October 4th. The stock was sold at an average price of $8.62, for a total transaction of $198,260.00. Following the transaction, the director now owns 35,676 shares of the company’s stock, valued at approximately $307,527.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Suresh Vasudevan sold 22,773 shares of the stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $7.76, for a total value of $176,718.48. Following the transaction, the chief executive officer now directly owns 1,048,972 shares in the company, valued at approximately $8,140,022.72. The disclosure for this sale can be found here. Insiders own 20.90% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nationwide Fund Advisors raised its position in shares of Nimble Storage by 24.4% in the second quarter. Nationwide Fund Advisors now owns 40,812 shares of the company’s stock worth $325,000 after buying an additional 7,999 shares in the last quarter. Royce & Associates LP bought a new position in shares of Nimble Storage during the second quarter worth approximately $342,000. State Board of Administration of Florida Retirement System raised its position in shares of Nimble Storage by 5.3% in the second quarter. State Board of Administration of Florida Retirement System now owns 22,990 shares of the company’s stock worth $183,000 after buying an additional 1,155 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Nimble Storage by 895.3% in the second quarter. California Public Employees Retirement System now owns 320,000 shares of the company’s stock worth $2,547,000 after buying an additional 287,850 shares in the last quarter. Finally, Swiss National Bank raised its position in shares of Nimble Storage by 49.9% in the second quarter. Swiss National Bank now owns 94,300 shares of the company’s stock worth $751,000 after buying an additional 31,400 shares in the last quarter. 59.94% of the stock is currently owned by institutional investors and hedge funds.

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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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