Nutanix (NASDAQ:NTNX) Reaches New 52-Week High – Still a Buy?

Nutanix, Inc. (NASDAQ:NTNX) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $73.69 and last traded at $73.69, with a volume of 510828 shares trading hands. The stock had previously closed at $72.24.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on NTNX shares. Northland Securities upped their price objective on Nutanix from $71.00 to $74.00 and gave the company a “market perform” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. upped their price objective on Nutanix from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Royal Bank of Canada upped their price objective on Nutanix from $70.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Needham & Company LLC restated a “buy” rating and set a $80.00 price objective on shares of Nutanix in a research note on Thursday, August 29th. Finally, Barclays increased their price target on Nutanix from $71.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.86.

Nutanix Price Performance

The business has a fifty day moving average of $62.36 and a 200-day moving average of $58.87.

Nutanix (NASDAQ:NTNX) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $547.95 million during the quarter, compared to analyst estimates of $537.12 million. Nutanix had a negative return on equity of 7.57% and a negative net margin of 5.81%. On average, analysts anticipate that Nutanix, Inc. will post 0.27 earnings per share for the current fiscal year.

Insider Buying and Selling at Nutanix

In other news, COO David Sangster sold 11,950 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.83, for a total transaction of $714,968.50. Following the completion of the sale, the chief operating officer now owns 123,868 shares in the company, valued at approximately $7,411,022.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO David Sangster sold 11,950 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.83, for a total value of $714,968.50. Following the completion of the sale, the chief operating officer now owns 123,868 shares in the company, valued at $7,411,022.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Rukmini Sivaraman sold 24,316 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $58.85, for a total value of $1,430,996.60. Following the completion of the sale, the chief financial officer now owns 192,169 shares of the company’s stock, valued at $11,309,145.65. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 6.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Nutanix

Hedge funds and other institutional investors have recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Nutanix during the second quarter worth $25,000. ORG Wealth Partners LLC acquired a new stake in shares of Nutanix in the third quarter valued at about $27,000. Larson Financial Group LLC grew its position in shares of Nutanix by 122.7% in the third quarter. Larson Financial Group LLC now owns 510 shares of the technology company’s stock valued at $30,000 after purchasing an additional 281 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new stake in shares of Nutanix in the second quarter valued at about $32,000. Finally, Advisors Asset Management Inc. grew its position in Nutanix by 150.7% during the third quarter. Advisors Asset Management Inc. now owns 534 shares of the technology company’s stock worth $32,000 after buying an additional 321 shares in the last quarter. 85.25% of the stock is currently owned by hedge funds and other institutional investors.

Nutanix Company Profile

Nutanix, Inc provides an enterprise cloud platform in North America, Europe, the Asia Pacific, the Middle East, Latin America, and Africa. The company offers hyperconverged infrastructure software stack that converges virtualization, storage, and networking services into a turnkey solution; Acropolis Hypervisor, an enterprise-grade virtualization solution; flow virtual networking and flow network security, which offers services to visualize the network, automate common network operations, and build virtual private networks; Nutanix Kubernetes Engine for automated deployment and management of Kubernetes clusters to simplify the provisioning, operations, and lifecycle management of cloud-native environments, applications, and microservices; and Nutanix Cloud Clusters.