Nutanix (NASDAQ:NTNX) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Nutanix (NASDAQ:NTNX) had its price objective raised by Needham & Company LLC from $80.00 to $90.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other research analysts also recently commented on NTNX. JPMorgan Chase & Co. upped their price objective on shares of Nutanix from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, August 29th. Bank of America increased their price target on shares of Nutanix from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Northland Securities reissued a “market perform” rating and set a $77.00 price objective (up from $74.00) on shares of Nutanix in a research note on Wednesday. Raymond James increased their target price on Nutanix from $76.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Piper Sandler boosted their price target on Nutanix from $76.00 to $77.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $78.86.

Nutanix Stock Performance

Shares of NASDAQ NTNX opened at $66.70 on Wednesday. The firm has a market cap of $17.69 billion, a P/E ratio of -128.27, a price-to-earnings-growth ratio of 12.05 and a beta of 1.17. Nutanix has a 1 year low of $40.44 and a 1 year high of $75.80. The firm’s 50 day moving average price is $64.64 and its 200 day moving average price is $59.40.

Nutanix (NASDAQ:NTNX) last posted its quarterly earnings data on Wednesday, August 28th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. The business had revenue of $547.95 million for the quarter, compared to analysts’ expectations of $537.12 million. Nutanix had a negative return on equity of 7.57% and a negative net margin of 5.81%. As a group, equities analysts predict that Nutanix will post 0.31 EPS for the current year.

Insider Transactions at Nutanix

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

Institutional Trading of Nutanix

Hedge funds have recently made changes to their positions in the stock. Freedom Investment Management Inc. boosted its stake in Nutanix by 4.0% during the 3rd quarter. Freedom Investment Management Inc. now owns 3,883 shares of the technology company’s stock valued at $230,000 after acquiring an additional 151 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Nutanix by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 7,036 shares of the technology company’s stock valued at $417,000 after purchasing an additional 233 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Nutanix by 35.2% during the second quarter. GAMMA Investing LLC now owns 933 shares of the technology company’s stock worth $53,000 after purchasing an additional 243 shares during the last quarter. Paragon Capital Management Inc. grew its stake in Nutanix by 1.0% in the third quarter. Paragon Capital Management Inc. now owns 26,082 shares of the technology company’s stock worth $1,545,000 after purchasing an additional 258 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in 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 buying an additional 281 shares during the last quarter. Institutional investors and hedge funds 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.