Nutanix (NASDAQ:NTNX) Stock Has Consensus Target Price of $72.71

Shares of Nutanix (NASDAQ:NTNX) have received an average recommendation of “Moderate Buy” from the eighteen brokerages that are covering the stock, Marketbeat reports. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $73.07.

NTNX has been the topic of several research analyst reports. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Nutanix in a report on Tuesday, August 25th. Needham & Company LLC initiated coverage on shares of Nutanix in a report on Monday. They set a “buy” rating and a $90.00 price objective on the stock. Barclays raised their price objective on shares of Nutanix from $53.00 to $75.00 and gave the company an “equal weight” rating in a research report on Friday, August 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Nutanix in a research note on Monday, September 21st. Finally, Piper Sandler reiterated an “overweight” rating and set a $75.00 target price (up from $60.00) on shares of Nutanix in a research report on Thursday, August 27th.

Insider Buying and Selling at Nutanix

In related news, CFO Rukmini Sivaraman sold 38,139 shares of the business’s stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $70.00, for a total value of $2,669,730.00. Following the completion of the transaction, the chief financial officer owned 325,487 shares in the company, valued at $22,784,090. The trade was a 10.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nutanix

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC raised its holdings in Nutanix by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 5,283,964 shares of the technology company’s stock worth $272,452,000 after purchasing an additional 135,533 shares during the last quarter. Norges Bank bought a new position in shares of Nutanix in the 4th quarter valued at about $187,169,000. Assenagon Asset Management S.A. grew its position in shares of Nutanix by 1,535.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 3,262,231 shares of the technology company’s stock worth $166,243,000 after buying an additional 3,062,730 shares during the period. Jericho Capital Asset Management L.P. grew its position in shares of Nutanix by 27.3% during the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,107,481 shares of the technology company’s stock worth $160,626,000 after buying an additional 666,000 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Nutanix by 1.0% in the fourth quarter. Bank of New York Mellon Corp now owns 2,315,778 shares of the technology company’s stock valued at $119,703,000 after buying an additional 23,185 shares during the period. Institutional investors own 85.25% of the company’s stock.

Nutanix Stock Performance

NASDAQ:NTNX opened at $71.52 on Friday. The stock has a market capitalization of $19.35 billion, a P/E ratio of 13.86, a price-to-earnings-growth ratio of 3.49 and a beta of 0.64. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 1.92. Nutanix has a 1 year low of $34.01 and a 1 year high of $77.90. The firm has a 50 day moving average of $65.88 and a 200-day moving average of $53.07.

Nutanix (NASDAQ:NTNX) last released its quarterly earnings results on Wednesday, August 26th. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.11. Nutanix had a negative return on equity of 90.13% and a net margin of 52.81%.The business had revenue of $757.08 million for the quarter, compared to analyst estimates of $738.27 million. During the same period in the prior year, the company earned $0.37 EPS. Nutanix’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Nutanix will post 1.17 EPS for the current fiscal year.

Nutanix Company Profile

Nutanix, Inc develops enterprise cloud software that helps organizations manage applications and data across on-premises infrastructure, public clouds and hybrid multicloud environments. Its platform is designed to simplify the operation of data centers and cloud resources through a unified software experience.

The company’s offerings include hyperconverged infrastructure software, the Nutanix Cloud Infrastructure platform and AHV virtualization. Nutanix also provides services for file and object storage, databases, disaster recovery, Kubernetes and application management, as well as tools that help customers monitor, secure and govern their hybrid and multicloud environments.

Founded in 2009 and headquartered in San Jose, California, Nutanix serves businesses, government organizations and other institutions globally through direct sales and channel partners.