Royal Bank of Canada Issues Positive Forecast for Nutanix (NASDAQ:NTNX) Stock Price

Nutanix (NASDAQ:NTNX) had its target price increased by Royal Bank of Canada from $83.00 to $95.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the technology company’s stock.

NTNX has been the subject of a number of other reports. Piper Sandler lifted their target price on Nutanix from $83.00 to $88.00 and gave the company an “overweight” rating in a report on Thursday. Raymond James set a $83.00 price target on shares of Nutanix in a report on Thursday. JPMorgan Chase & Co. increased their price objective on Nutanix from $83.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday. Barclays set a $94.00 target price on shares of Nutanix and gave the company an “overweight” rating in a research report on Thursday. Finally, Needham & Company LLC raised their price target on Nutanix from $90.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.79.

Nutanix Stock Up 10.4 %

Shares of NTNX stock opened at $76.54 on Thursday. The firm has a 50 day moving average of $66.74 and a two-hundred day moving average of $64.01. The stock has a market capitalization of $20.51 billion, a PE ratio of -218.69, a P/E/G ratio of 11.80 and a beta of 1.17. Nutanix has a 52 week low of $43.35 and a 52 week high of $79.90.

Insiders Place Their Bets

In other news, 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 value of $392,263.80. Following the completion of the transaction, the director now owns 45,330 shares in the company, valued at $2,934,210.90. This trade represents a 11.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Rajiv Ramaswami sold 63,901 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $65.85, for a total transaction of $4,207,880.85. Following the sale, the chief executive officer now directly owns 649,034 shares in the company, valued at approximately $42,738,888.90. This represents a 8.96 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 177,917 shares of company stock worth $12,114,781. 6.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nutanix

Hedge funds have recently bought and sold shares of the company. Harbour Investments Inc. grew its holdings in Nutanix by 2,612.5% in the fourth quarter. Harbour Investments Inc. now owns 434 shares of the technology company’s stock valued at $27,000 after purchasing an additional 418 shares during the last quarter. Colonial Trust Co SC acquired a new stake in shares of Nutanix during the 4th quarter worth about $28,000. Larson Financial Group LLC raised its holdings in Nutanix by 122.7% in the 3rd quarter. Larson Financial Group LLC now owns 510 shares of the technology company’s stock valued at $30,000 after acquiring an additional 281 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of Nutanix by 123.1% during the fourth quarter. Allworth Financial LP now owns 464 shares of the technology company’s stock worth $31,000 after purchasing an additional 256 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in shares of 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 purchasing an additional 321 shares during the last quarter. 85.25% of the stock is owned by hedge funds and other institutional investors.

About Nutanix

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.