Needham Downgrades Nimble Storage to Hold

By Austin Angelo

In a report released today, Richard Kugele from Needham downgraded Nimble Storage (NYSE: NMBL) to Hold. The company’s shares closed last Friday at $12.46, close to its 52-week high of $12.58.

According to, Kugele is a 4-star analyst with an average return of 8.7% and a 58.6% success rate. Kugele covers the Technology sector, focusing on stocks such as Hewlett Packard Enterprise, Hutchinson Technology Inc, and Dot Hill Systems Corp.

Currently, the analyst consensus on Nimble Storage is Hold and the average price target is $12.88, representing a 3.4% upside.

In a report issued on March 7, Jefferies also downgraded the stock to Hold with a $12.50 price target.

Based on Nimble Storage’s latest earnings report for the quarter ending January 31, the company posted quarterly revenue of $117 million and GAAP net loss of $36.41 million. In comparison, last year the company earned revenue of $90.09 million and had a GAAP net loss of $32.4 million.

Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NMBL in relation to earlier this year. Most recently, in September 2016, William John Schroeder, a Director at NMBL bought 7,500 shares for a total of $55,025.

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Nimble Storage, Inc. provides data storage platform. The company’s adaptive flash platform, CASL flash-optimized file system and infosight cloud-based management software are delivered as CS-series storage arrays coupled with support services and InfoSight subscription services. It enables IT organizations to accurately predict, manage and deliver the storage required to improve business applications and workloads across their IT environments. Nimble Storage was founded by Varun Mehta and Umesh Maheshwari in November 2007 and is headquartered in San Jose, CA.