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Nimble Storage, Inc. (NMBL)

  • Fri, Jan. 16, 12:08 PM
    • Nimble Storage (NYSE:NMBL) is now down 17% since last Friday's close. Today's decline has come on volume of 1M shares, already well above a 3-month daily average of 640K.
    • Likely hurting shares today: A less-than-flattering statement by the company about the recent departure of sales chief Eric Mann (disclosed on Jan. 9). "Eric Mann made the personal decision to leave Nimble acknowledging that he underestimated the level of personal and professional commitment required to build and lead a high-performance sales team..."
    • Nimble adds regional sales chiefs will directly report to CEO Suresh Vasudevan while a search for Mann's successor continues.
    • Yesterday, in a talk with Barron's, Vasudevan reiterated Nimble's expectations that the recent addition of Fibre Channel support for its hybrid storage arrays will help it crack major enterprise accounts, and stated the company expects to reach breakeven free cash flow around the middle of FY16 (ends Jan. '16).
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  • Nov. 26, 2014, 10:39 AM
    • After barely budging AH yesterday following its FQ3 report, Nimble Storage (NYSE:NMBL) is selling off today. The hybrid storage array vendor is guiding for FQ4 revenue of $65M-$67M and EPS of -$0.14 to -$0.15 vs. a consensus of $64.5M and -$0.13.
    • Gross margin was 67.1%, -30 bps Q/Q and +70 bps Y/Y. Thanks in part to a post-IPO surge in stock compensation expenses, GAAP opex rose 102% Y/Y to $65.6M.
    • On its CC (transcript), Nimble reiterated it expects to reach breakeven net income by the end of FY16 (ends Jan. '16), and reach breakeven free cash flow before that.
    • Nimble ended FQ3 with over 4,300 customers, up from 3,750 at the end of FQ2. The company says it saw "a sizable increase" in $100K+ deals.
    • FQ3 results, PR
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  • Nov. 25, 2014, 4:02 PM
    • Nimble Storage (NYSE:NMBL): Q3 EPS of -$0.15 beats by $0.01.
    • Revenue of $59.09M (+76.9% Y/Y) beats by $1.34M.
    • Press Release
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  • Nov. 24, 2014, 5:35 PM
  • Nov. 21, 2014, 1:01 PM
    • Maxim Group has launched coverage on Nimble Storage (NMBL -4.1%) with a Hold rating and $28 target. The launch comes ahead of Nimble's Nov. 25 FQ3 report, and three days after the company officially added Fibre Channel support to its CS-series arrays.
    • Meanwhile, founder/CTO Umesh Maheshwari has disclosed he sold 32K shares on Tuesday and Wednesday, and marketing chief Daniel Leary has disclosed the sale of 17K shares on Tuesday. Maheshwari had already unloaded a large chunk of his Nimble holdings earlier this year.
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  • Nov. 18, 2014, 6:32 PM
    • Ahead of its Nov. 25 FQ3 report, Nimble Storage (NYSE:NMBL) has officially added Fibre Channel connectivity support for its CS-series hybrid storage arrays. In addition to delivering better performance than the iSCSI protocol (used by Nimble's arrays to date), Nimble asserts Fibre Channel allows it to scale the capacity of its clusters to over 1.6PB (1600 TB).
    • The feature has long been viewed by analysts as a prerequisite for Nimble, which depends heavily on SMB clients, to grow its presence in the enterprise market, where Fibre Channel arrays are the norm. Nimble says a beta test involving 40+ customers resulted in purchases.
    • Needham's Richard Kugele (Strong Buy). "While the announcement was widely expected, FC support does expand the company’s [addressable market] to the rest of the mid-range/entry-level enterprise not already addressed, and eliminates what had been an often-cited competitive talking point."
    • Shares rose 1.9% today. They're still over 50% below a post-IPO high of $58.00.
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  • Aug. 26, 2014, 4:36 PM
    • Nimble Storage (NYSE:NMBL) is guiding for FQ3 revenue of $56M-$58M and EPS of -$0.16 to -$0.17 vs. a consensus of $55M and -$0.15.
    • 663 customers were added in FQ2, up from 450 in FQ1 and raising the total base to 3,756 (+115% Y/Y). A "record number" of $100K+ deals were signed, and "large enterprise" accounts now total 235.
    • International bookings still only make up 17% of total bookings. Fibre Channel support (considered crucial to growing high-end/enterprise sales) remains set to arrive by the end of FQ4.
    • Gross margin rose to 67.4% from 66% in FQ1 and 64.3% a year ago. GAAP opex rose 115% Y/Y to $61.2M, with sales/marketing spend rising 111% to $36.6M.
    • FQ2 results, PR, shareholder letter (.pdf)
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  • Aug. 26, 2014, 4:05 PM
    • Nimble Storage (NYSE:NMBL): Q2 EPS of -$0.15 beats by $0.01.
    • Revenue of $53.76M (+88.8% Y/Y) beats by $3.22M.
    • Shares +3.11% AH.
    • Press Release
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  • Aug. 25, 2014, 5:35 PM
  • Aug. 8, 2014, 9:22 AM
    • Wells Fargo's Maynard Um has launched coverage on Nimble (NYSE:NMBL) with an Outperform and $32-$34 valuation range. He cites the potential for "material" share gains, international expansion, large enterprise expansion (fueled by new products), repeat orders, channel leverage, and continued growth in Nimble's core SMB market,
    • The hybrid storage system vendor delivers its FQ2 report on Aug. 26. A slew of other firms have upgraded or launched coverage with bullish ratings since May.
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  • Aug. 5, 2014, 12:45 PM
    • Cautious overall on small caps (NYSEARCA:IWM) due to valuation concerns, Goldman's David Kostin nevertheless has a list of 25 names with market caps less than $4B which could offer at least 25% upside to his firm's price target over the next year.
    • The list skews towards Consumer Discretionary - Lumber Lidquidators (LL +2.1%), Office Depot (ODP -2.4%), RetailMeNot (SALE -26.1%), Ryland (RYL +0.5%), Steven Madden (SHOO +2.7%), Vitamin Shoppe (VSI -8.2%) - and Tech - Universal Display (OLED -0.2%), Qlik Technologies (QLIK -1.6%), Proofpoint (PFPT -1.5%), Polycom (PLCM +0.2%), Nimble Storage (NMBL -0.3%), Marketo (MKTO +1.1%), Infinera (INFN +1.1%), Cornerstone Ondemand (CSOD -0.9%), GT Advanced Technology (GTAT +5.7%).
    • Also included are Health Care names: Agios Pharmaceuticals (AGIO -1.1%), NPS Pharma (NPSP +0.7%), NuVasive (NUVA -1.8%), Synageva (GEVA -1.6%); Consumer Staples: Darling Ingredients (DAR -0.8%); Materials: Axiall (AXLL -1%), Boise Cascade (BCC -0.9%); Industrials: Granite Construction (GVA +0.7%), Financials: MGIC Investment (MTG +1.2%), Radian (RDN +1.7%).
  • Jul. 18, 2014, 9:22 AM
    • Roth has started coverage on Nimble Storage (NYSE:NMBL) with a Buy and $40 PT. Shares have moved above $25 in response.
    • Morgan Stanley upgraded Nimble in June, while Goldman and two other firms did so in May. 4.1M shares were shorted as of June 30.
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  • Jun. 18, 2014, 10:09 AM
    • Morgan Stanley's Katy Huberty has upgraded Nimble Storage (NMBL) to Overweight, and also hiked her revenue estimates above consensus. Her PT is at $38.
    • Recent talks with management suggested new products will boost Nimble's enterprise penetration, that the company's moat is "intact and sustainable," and that its gross margin remains stable.
    • Piper and William Blair have noted the pending arrival of Fibre Channel support could boost Nimble's enterprise uptake; the company heavily depends on SMBs for now. Blair also sees adoption of Nimble's scale-out storage software boosting its enterprise fortunes.
    • Macquarie and Raymond James have already upgraded Nimble following its June 11 lockup expiration.
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  • Jun. 16, 2014, 9:46 AM
    • SanDisk's $1.1B deal to acquire PCIe server flash module leader Fusion-io is giving a lift to hybrid storage array vendor Nimble Storage (NMBL +3.7%) and flash array vendor Violin Memory (VMEM +2.5%).
    • Nimble also might be benefiting from an upgrade to Outperform from Macquarie. Shares failed to get a boost on Friday from an upgrade to Strong Buy from Raymond James. Both moves follow the end of Nimble's lockup expiration last Wednesday.
    • Struggling Violin was reported in February to have held buyout talks with several firms. Activist investor The Clinton Group, which once had been calling for a sale, struck a deal with management in April.
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  • Jun. 11, 2014, 5:50 PM
    • After starting lockup expiration day lower, Nimble Storage (NMBL) closed moderately higher. Volume (2.1M shares) was over 3x a 3-month average of 655K.
    • Nimble used the day to launch its CS700 hybrid flash/disk arrays, which add support for all-flash expansion shelves containing up to 12.8TB of capacity. Nimble argues the shelves, together with clustering support, can yield major performance gains over prior-gen systems.
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  • Jun. 10, 2014, 4:54 PM
    • 62M Nimble (NMBL -2.5%) shares (over 85% of outstanding shares) become eligible for sale tomorrow as the company's lockup expires.
    • The fact shares are down 58% from a high of $58 might keep a lid on selling. As might the fact 3.1M shares (~30% of the current float) were shorted as of May 15.
    • Previous: Street mulls growth, lockup following Nimble's earnings
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Company Description
Nimble Storage Inc designs & sells a flash-optimized hybrid storage platform that it believes is disrupting the market by enabling improvements in application performance and storage capacity with data protection.
Sector: Technology
Country: United States