New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 10, 2014
10:00 EDTNMBLNimble Storage declines ahead of lock-up expiration
Shares of Nimble Storage (NMBL), which provides data storage platforms, are falling this morning ahead of the company's lock-up expiration tomorrow. At that time, about 62M of the company's shares can be sold for the first time, according to research firm PiperJaffray, though the firm does not expect much more than 6M of the shares to be sold. WHAT'S NEW: Approximately 62M shares of Nimble Software can be sold tomorrow without the restrictions that were put in place by the company's initial public offering, PiperJaffray analyst Andrew Nowinski wrote in a note to investors on May 30. The first day on which shares can be sold following restrictions is referred to as the "lock-up expiration" day. Only 6M of the shares set to be freed up by the lock-up expiration are held by Nimble's employees, as the company's management and venture capitalists hold 56M of the shares, according to Nowinski. Consequently, the analyst believes that "any selling pressure associated with the lockup expiration will be isolated to the 6M shares held by [Nimble's] employees." WHAT'S NOTABLE: On May 29, Nimble reported stronger than expected first quarter results. Nowinski called the results solid and kept an Overweight rating on the shares. Following Nimble's report, analysts at Stifel on May 30 said that the company added more customers than the firm anticipated last quarter, while the number of deals over $100K that it signed jumped 122% year-over-year. Stifel cut its price target on the stock to $40 from $60 to reflect multiple compression in high growth tech stocks, but kept a Buy rating on the shares. Less upbeat on Nimble today was Barclays, which initiated coverage of the stock with a $28 price target and Equalweight rating. PRICE ACTION: In early trading, Nimble Storage dropped 88c, or 3.5%, to $24.36.
News For NMBL From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
May 27, 2015
07:56 EDTNMBLNimble Storage profitability confidence should support stock, says UBS
Subscribe for More Information
May 26, 2015
19:25 EDTNMBLOn The Fly: After Hours Movers
Subscribe for More Information
16:04 EDTNMBLNimble Storage sees Q2 EPS (12c)-(11c), consensus (12c)
Subscribe for More Information
16:04 EDTNMBLNimble Storage reports Q1 EPS (10c), consensus (13c)
Subscribe for More Information
15:00 EDTNMBLNotable companies reporting after market close
Subscribe for More Information
10:38 EDTNMBLEMC to expand in cloud with purchase of Virtustream for $1.2B
Subscribe for More Information
May 21, 2015
11:39 EDTNMBLNetApp hits 52-week low after results, outlook miss expectations
Shares of storage company NetApp (NTAP) are falling after the company’s fourth quarter results and first quarter outlook significantly trailed analysts’ consensus estimates. WHAT'S NEW: Yesterday, NetApp reported Q4 adjusted earnings per share of 65c and revenue of $1.54B, trailing analysts’ consensus estimates of 72c and $1.59B, respectively. The company raised its quarterly dividend 9% to 18c per share. It also announced a “realignment” that will be implemented through the end of 3Q16. As part of the realignment, NetApp expects to reduce worldwide headcount by approximately 500 employees. The company expects to incur aggregate charges of approximately $25M-$35M for employee terminations and other costs associated with the realignment. WHAT’S NOTABLE: Looking ahead to Q1, NetApp forecast adjusted EPS of 20c-25c and revenue of $1.275B-$1.375B, well below the consensus of 60c and $1.46B, respectively. On the company’s conference call, management said it sees a return to a growth trajectory in second half of FY16. OEM revenue ended at less than 10% of FY15 net revenues and normalized to a level of revenue that the company will no longer discuss separately, management stated, adding that the company is well positioned for the era of cloud computing. They expect to reduce the company’s share count by another 5%, and see operating margins back in range in the second half of the year. ANALYST REACTION: This morning, JP Morgan, Cantor, Summit Research and Needham all downgraded NetApp following its Q4 report. JPMorgan went to Underweight on NetApp, citing the "tough" Cluster ONTAP product transition after the company's Q1 revenue guidance missed expectations. The firm cut its price target for shares to $29 from $35. Cantor Fitzgerald's Brian White downgraded NetApp to Hold from Buy, citing execution issues with the product transition and secular challenges for the storage market, and cut his price target for shares to $35 from $43. Last night marked the seventh time in eight quarters that NetApp missed estimates, Summit Research noted. PRICE ACTION: In late morning trading, NetApp fell $4.17, or about 12%, to $31.16 on nearly four times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $30.90. Including today's pull back, the shares have lost approximately 10% over the past 12 months. OTHERS TO WATCH: Other companies in the in the storage space include EMC Corporation (EMC), Dot Hill Systems (HILL) and Nimble Storage (NMBL).
May 20, 2015
13:37 EDTNMBLEarnings Watch: Analysts concerned with competition hurting NetApp results
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use