JPMorgan Chase & Co. Issues Positive Forecast for Nutanix (NASDAQ:NTNX) Stock Price

Nutanix (NASDAQ:NTNX) had its target price hoisted by stock analysts at JPMorgan Chase & Co. from $83.00 to $90.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 29.78% from the stock’s previous close.

A number of other research analysts also recently weighed in on the stock. Oppenheimer began coverage on shares of Nutanix in a report on Wednesday, November 13th. They set an “outperform” rating and a $80.00 price target on the stock. Barclays set a $94.00 target price on Nutanix and gave the company an “overweight” rating in a report on Thursday. Morgan Stanley upped their price target on Nutanix from $78.00 to $85.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. UBS Group assumed coverage on Nutanix in a research note on Thursday, December 12th. They issued a “buy” rating and a $81.00 price objective on the stock. Finally, Needham & Company LLC upped their target price on Nutanix from $90.00 to $92.00 and gave the stock a “buy” rating in a research report on Thursday. Two 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.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $83.86.

Nutanix Stock Performance

NASDAQ:NTNX opened at $69.35 on Thursday. The company has a market capitalization of $18.58 billion, a P/E ratio of -198.14, a P/E/G ratio of 11.80 and a beta of 1.17. The stock’s 50 day moving average price is $66.49 and its 200 day moving average price is $63.92. Nutanix has a 52 week low of $43.35 and a 52 week high of $75.80.

Insider Activity at Nutanix

In other news, CEO Rajiv Ramaswami sold 95,852 shares of the business’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $70.00, for a total transaction of $6,709,640.00. Following the transaction, the chief executive officer now owns 540,463 shares in the company, valued at approximately $37,832,410. The trade was a 15.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Virginia Gambale sold 6,060 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $64.73, for a total transaction of $392,263.80. Following the completion of the sale, the director now owns 45,330 shares of the company’s stock, valued at approximately $2,934,210.90. The trade was a 11.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 177,917 shares of company stock worth $12,114,781 in the last ninety days. 6.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Harbour Investments Inc. increased its holdings in Nutanix by 2,612.5% in the 4th quarter. Harbour Investments Inc. now owns 434 shares of the technology company’s stock valued at $27,000 after buying an additional 418 shares during the period. Colonial Trust Co SC acquired a new stake in shares of Nutanix during the 4th quarter valued at about $28,000. Allworth Financial LP increased its stake in Nutanix by 123.1% in the fourth quarter. Allworth Financial LP now owns 464 shares of the technology company’s stock valued at $31,000 after acquiring an additional 256 shares during the period. Larson Financial Group LLC lifted its stake in Nutanix by 122.7% during the third quarter. Larson Financial Group LLC now owns 510 shares of the technology company’s stock worth $30,000 after purchasing an additional 281 shares during the period. Finally, Advisors Asset Management Inc. boosted its holdings in Nutanix by 150.7% during the third quarter. Advisors Asset Management Inc. now owns 534 shares of the technology company’s stock valued at $32,000 after purchasing an additional 321 shares in the last quarter. 85.25% of the stock is owned by institutional investors.

Nutanix Company Profile

Nutanix, Inc engages in the provision of a cloud platform leveraging web-scale engineering and consumer-grade design. It operates through the following geographic segments: United States, Europe, the Middle East, Africa, Asia Pacific, and Other Americas. The firm also provides software solutions and cloud services to customers’ enterprise infrastructure.