Piper Sandler Forecasts Strong Price Appreciation for Nutanix (NASDAQ:NTNX) Stock

Nutanix (NASDAQ:NTNX) had its price target boosted by research analysts at Piper Sandler from $77.00 to $83.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Piper Sandler’s price objective would indicate a potential upside of 19.00% from the company’s current price.

Several other equities research analysts also recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Nutanix from $65.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Morgan Stanley upgraded Nutanix from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $71.00 to $72.00 in a research note on Monday, October 28th. Royal Bank of Canada boosted their target price on shares of Nutanix from $70.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Oppenheimer began coverage on shares of Nutanix in a research note on Wednesday, November 13th. They issued an “outperform” rating and a $80.00 price target on the stock. Finally, Bank of America boosted their price objective on shares of Nutanix from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.50.

Nutanix Stock Performance

NASDAQ NTNX traded down $2.60 on Wednesday, hitting $69.75. 3,194,114 shares of the stock were exchanged, compared to its average volume of 2,560,928. Nutanix has a 52-week low of $40.44 and a 52-week high of $75.80. The firm has a market capitalization of $18.50 billion, a P/E ratio of -134.13, a P/E/G ratio of 12.05 and a beta of 1.17. The stock has a fifty day moving average price of $64.45 and a two-hundred day moving average price of $59.35.

Nutanix (NASDAQ:NTNX) last issued its quarterly earnings results on Wednesday, August 28th. The technology company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $547.95 million for the quarter, compared to the consensus estimate of $537.12 million. Nutanix had a negative net margin of 5.81% and a negative return on equity of 7.57%. Sell-side analysts expect that Nutanix will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Nutanix

In related news, CFO Rukmini Sivaraman sold 24,316 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $58.85, for a total transaction of $1,430,996.60. Following the transaction, the chief financial officer now directly owns 192,169 shares in the company, valued at $11,309,145.65. The trade was a 11.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO David Sangster sold 11,950 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.83, for a total value of $714,968.50. Following the transaction, the chief operating officer now directly owns 123,868 shares in the company, valued at $7,411,022.44. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Nutanix

Large investors have recently modified their holdings of the business. Bain Capital Investors LLC acquired a new stake in Nutanix in the 3rd quarter worth approximately $998,601,000. Driehaus Capital Management LLC raised its holdings in shares of Nutanix by 123.9% in the second quarter. Driehaus Capital Management LLC now owns 1,435,230 shares of the technology company’s stock worth $81,593,000 after buying an additional 794,215 shares during the last quarter. Two Sigma Advisers LP raised its holdings in shares of Nutanix by 32.8% in the third quarter. Two Sigma Advisers LP now owns 2,814,002 shares of the technology company’s stock worth $166,730,000 after buying an additional 695,567 shares during the last quarter. Marshall Wace LLP lifted its stake in shares of Nutanix by 47.5% during the second quarter. Marshall Wace LLP now owns 1,482,989 shares of the technology company’s stock worth $84,308,000 after buying an additional 477,838 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of Nutanix by 15.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 2,816,647 shares of the technology company’s stock valued at $166,886,000 after buying an additional 374,328 shares during the last quarter. Hedge funds and other institutional investors own 85.25% of the company’s stock.

About Nutanix

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.