Nutanix (NASDAQ:NTNX) Shares Gap Up After Analyst Upgrade

Nutanix, Inc. (NASDAQ:NTNX)’s stock price gapped up before the market opened on Wednesday after Piper Sandler raised their price target on the stock from $38.00 to $45.00. The stock had previously closed at $38.93, but opened at $40.00. Piper Sandler currently has an overweight rating on the stock. Nutanix shares last traded at $40.04, with a volume of 33,433 shares trading hands.

NTNX has been the subject of several other research reports. Morgan Stanley boosted their price objective on Nutanix from $35.00 to $41.00 and gave the stock an “equal weight” rating in a report on Wednesday. They noted that the move was a valuation call. JPMorgan Chase & Co. raised shares of Nutanix from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $30.00 to $38.00 in a research note on Tuesday, May 4th. Needham & Company LLC raised their price objective on shares of Nutanix from $47.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday. KeyCorp lifted their price objective on shares of Nutanix from $37.00 to $42.00 and gave the stock an “overweight” rating in a report on Thursday, February 25th. Finally, William Blair reissued an “outperform” rating on shares of Nutanix in a research note on Thursday, May 27th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $41.00.

In related news, insider Tarkan Maner sold 19,938 shares of the company’s stock in a transaction on Thursday, June 10th. The shares were sold at an average price of $35.00, for a total transaction of $697,830.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Aaron Boynton sold 2,000 shares of the stock in a transaction on Tuesday, June 8th. The shares were sold at an average price of $34.85, for a total transaction of $69,700.00. The disclosure for this sale can be found here. 6.66% of the stock is currently owned by company insiders.

Large investors have recently modified their holdings of the company. Generation Investment Management LLP grew its position in shares of Nutanix by 9.0% in the 1st quarter. Generation Investment Management LLP now owns 18,769,847 shares of the technology company’s stock worth $498,527,000 after buying an additional 1,544,339 shares during the last quarter. Primecap Management Co. CA lifted its stake in Nutanix by 19.8% in the first quarter. Primecap Management Co. CA now owns 3,443,485 shares of the technology company’s stock worth $91,459,000 after acquiring an additional 569,900 shares during the period. Norges Bank bought a new stake in Nutanix in the fourth quarter valued at $80,535,000. Geode Capital Management LLC increased its position in Nutanix by 3.5% during the 1st quarter. Geode Capital Management LLC now owns 2,360,009 shares of the technology company’s stock valued at $62,681,000 after purchasing an additional 79,468 shares during the period. Finally, Crosslink Capital Inc. raised its holdings in Nutanix by 10.4% in the 1st quarter. Crosslink Capital Inc. now owns 2,151,758 shares of the technology company’s stock worth $57,151,000 after purchasing an additional 203,320 shares in the last quarter. 70.27% of the stock is owned by hedge funds and other institutional investors.

The firm has a 50-day moving average price of $30.75. The company has a market capitalization of $8.52 billion, a PE ratio of -9.14 and a beta of 1.88.

Nutanix (NASDAQ:NTNX) last released its quarterly earnings results on Tuesday, May 25th. The technology company reported ($0.41) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.85) by $0.44. The company had revenue of $344.51 million during the quarter, compared to the consensus estimate of $336.62 million. Research analysts forecast that Nutanix, Inc. will post -3.38 earnings per share for the current year.

About Nutanix (NASDAQ:NTNX)

Nutanix, Inc develops and provides an enterprise cloud platform in North America, Europe, the Asia Pacific, the Middle East, Latin America, and Africa. The company offers Acropolis, an enterprise cloud platform that converges virtualization, enterprise storage services, and networking services; Nutanix Prism, a consumer-grade control plane, which provides management and analytics; and Acropolis Hypervisor, an enterprise-grade virtualization solution.

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