Nutanix (NASDAQ:NTNX) Shares Gap Up on Strong Earnings

Nutanix, Inc. (NASDAQ:NTNX) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $32.58, but opened at $34.90. Nutanix shares last traded at $33.78, with a volume of 27,692 shares traded.

The technology company reported ($0.22) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.12. The business had revenue of $378.50 million for the quarter, compared to analyst estimates of $367.83 million. Nutanix’s revenue was up 21.0% on a year-over-year basis. During the same period last year, the business posted ($0.88) EPS.

A number of research firms recently issued reports on NTNX. JMP Securities raised their price target on Nutanix from $45.00 to $48.00 and gave the stock an “outperform” rating in a research note on Thursday, September 2nd. Zacks Investment Research downgraded Nutanix from a “buy” rating to a “hold” rating and set a $40.00 price target on the stock. in a research note on Monday, August 16th. OTR Global upgraded Nutanix from a “mixed” rating to a “positive” rating in a research note on Thursday, November 18th. Needham & Company LLC raised their price target on Nutanix from $64.00 to $71.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley dropped their price target on Nutanix from $41.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Nutanix currently has a consensus rating of “Buy” and a consensus price target of $46.91.

In other news, CFO Duston Williams sold 43,632 shares of the business’s stock in a transaction on Thursday, October 7th. The stock was sold at an average price of $37.06, for a total value of $1,617,001.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Tyler Wall sold 15,282 shares of the business’s stock in a transaction on Thursday, September 16th. The stock was sold at an average price of $41.74, for a total value of $637,870.68. Following the completion of the transaction, the insider now directly owns 115,471 shares of the company’s stock, valued at $4,819,759.54. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 173,044 shares of company stock worth $6,792,459. Company insiders own 0.92% of the company’s stock.

Several large investors have recently made changes to their positions in NTNX. Advisory Services Network LLC purchased a new stake in shares of Nutanix in the second quarter valued at $44,000. O Shaughnessy Asset Management LLC grew its position in shares of Nutanix by 3,822.6% in the second quarter. O Shaughnessy Asset Management LLC now owns 1,216 shares of the technology company’s stock valued at $46,000 after purchasing an additional 1,185 shares during the period. Geneos Wealth Management Inc. grew its position in shares of Nutanix by 97.6% in the first quarter. Geneos Wealth Management Inc. now owns 1,838 shares of the technology company’s stock valued at $49,000 after purchasing an additional 908 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Nutanix by 20.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,606 shares of the technology company’s stock valued at $61,000 after purchasing an additional 270 shares during the period. Finally, Koshinski Asset Management Inc. purchased a new stake in shares of Nutanix in the third quarter valued at $88,000. 72.75% of the stock is owned by institutional investors and hedge funds.

The stock has a 50-day simple moving average of $36.35 and a 200-day simple moving average of $36.11. The stock has a market cap of $7.54 billion, a PE ratio of -7.03 and a beta of 1.63.

About Nutanix (NASDAQ:NTNX)

Nutanix, Inc engages in the provision of enterprise virtualization and storage solutions. It engages in cloud operating system that converges traditional silos of server, virtualization, storage, and networking into one integrated solution and unifies private and public cloud into a single software fabric.

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