Piper Sandler Cuts Nutanix (NASDAQ:NTNX) Price Target to $76.00

Nutanix (NASDAQ:NTNX) had its target price decreased by Piper Sandler from $88.00 to $76.00 in a report published on Tuesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the technology company’s stock.

Several other research firms also recently commented on NTNX. Needham & Company LLC lifted their price objective on Nutanix from $90.00 to $92.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. Royal Bank of Canada lifted their price target on shares of Nutanix from $83.00 to $95.00 and gave the stock an “outperform” rating in a research note on Thursday, February 27th. Northland Securities upgraded shares of Nutanix from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $77.00 to $97.00 in a research report on Thursday, February 27th. StockNews.com downgraded shares of Nutanix from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 21st. Finally, Morgan Stanley increased their price target on Nutanix from $78.00 to $85.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $87.85.

Nutanix Stock Performance

Shares of NASDAQ NTNX opened at $62.04 on Tuesday. The firm’s 50 day moving average price is $69.81 and its 200-day moving average price is $66.66. Nutanix has a 52-week low of $43.35 and a 52-week high of $79.99. The company has a market cap of $16.54 billion, a PE ratio of -177.26, a P/E/G ratio of 11.80 and a beta of 0.84.

Insider Activity at Nutanix

In related news, CEO Rajiv Ramaswami sold 95,852 shares of the company’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $70.00, for a total value of $6,709,640.00. Following the completion of the transaction, the chief executive officer now owns 540,463 shares of the company’s stock, valued at approximately $37,832,410. This represents a 15.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven J. Gomo sold 7,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $76.16, for a total value of $533,120.00. Following the sale, the director now directly owns 3,050 shares in the company, valued at approximately $232,288. This represents a 69.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,610,886 shares of company stock worth $417,646,356. 6.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Captrust Financial Advisors lifted its holdings in shares of Nutanix by 75.4% in the third quarter. Captrust Financial Advisors now owns 12,529 shares of the technology company’s stock worth $742,000 after buying an additional 5,386 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Nutanix by 0.8% in the 3rd quarter. Janus Henderson Group PLC now owns 114,923 shares of the technology company’s stock worth $6,807,000 after purchasing an additional 869 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Nutanix during the 3rd quarter valued at about $2,690,000. Geode Capital Management LLC grew its position in shares of Nutanix by 0.5% during the third quarter. Geode Capital Management LLC now owns 4,147,126 shares of the technology company’s stock valued at $245,968,000 after purchasing an additional 22,091 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of Nutanix in the third quarter worth about $555,000. 85.25% of the stock is currently owned by 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.