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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
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November 19, 2014
08:03 EDTNMBLNimble Storage TAM expanded 7x, says Pacific Crest
Pacific Crest believes that the formal release of Fibre Channel support increases Nimble Storage's total addressable market by 7x, as it enables the company to target larger enterprises. The firm recommends buying Nimble, citing what it sees as the company's favorable risk-reward, 40%-plus growth trajectory and path to profitability next year. Pacific Crest keeps a $44 price target and Outperform rating on the shares.
November 18, 2014
10:14 EDTNMBLNimble Storage says Fibre Channel storage arrays now available
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November 7, 2014
07:24 EDTNMBLNimble Storage has begun testing Fibre Channel, says Piper Jaffray
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