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

Nutanix, Inc. (NASDAQ:NTNX)’s share price gapped up prior to trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $60.00 to $75.00. The stock had previously closed at $72.35, but opened at $76.04. Wells Fargo & Company currently has an equal weight rating on the stock. Nutanix shares last traded at $76.04, with a volume of 54,210 shares.

A number of other equities research analysts have also commented on the company. Oppenheimer started coverage on Nutanix in a research report on Wednesday, November 13th. They issued an “outperform” rating and a $80.00 price target on the stock. Morgan Stanley upped their target price on Nutanix from $72.00 to $78.00 and gave the company an “overweight” rating in a report on Wednesday. Royal Bank of Canada increased their target price on shares of Nutanix from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. boosted their price target on shares of Nutanix from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Finally, Needham & Company LLC increased their price objective on shares of Nutanix from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Nutanix has a consensus rating of “Moderate Buy” and an average target price of $78.86.

Insider Activity

In related news, CFO Rukmini Sivaraman sold 24,316 shares of Nutanix stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $58.85, for a total value of $1,430,996.60. Following the completion of the sale, the chief financial officer now owns 192,169 shares of the company’s stock, valued at approximately $11,309,145.65. This trade represents a 11.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO David Sangster sold 11,950 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $59.83, for a total transaction of $714,968.50. Following the sale, the chief operating officer now owns 123,868 shares of the company’s stock, valued at $7,411,022.44. This trade represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Nutanix

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Nutanix during the second quarter worth $25,000. ORG Wealth Partners LLC bought a new stake in shares of Nutanix in the 3rd quarter worth $27,000. Larson Financial Group LLC raised its holdings in shares of Nutanix by 122.7% in the third quarter. Larson Financial Group LLC now owns 510 shares of the technology company’s stock valued at $30,000 after purchasing an additional 281 shares during the last quarter. Itau Unibanco Holding S.A. bought a new position in shares of Nutanix during the second quarter valued at about $32,000. Finally, Advisors Asset Management Inc. boosted its holdings in 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. Institutional investors and hedge funds own 85.25% of the company’s stock.

Nutanix Trading Down 7.8 %

The firm has a market capitalization of $17.69 billion, a P/E ratio of -128.27, a P/E/G ratio of 12.05 and a beta of 1.17. The stock’s 50-day simple moving average is $64.64 and its 200-day simple moving average is $59.40.

Nutanix (NASDAQ:NTNX) last released its earnings results on Wednesday, August 28th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $547.95 million during the quarter, compared to analyst estimates of $537.12 million. Nutanix had a negative return on equity of 7.57% and a negative net margin of 5.81%. On average, equities research analysts expect that Nutanix, Inc. will post 0.31 EPS for the current year.

Nutanix Company Profile

Nutanix, Inc provides an enterprise cloud platform in North America, Europe, the Asia Pacific, the Middle East, Latin America, and Africa. The company offers hyperconverged infrastructure software stack that converges virtualization, storage, and networking services into a turnkey solution; Acropolis Hypervisor, an enterprise-grade virtualization solution; flow virtual networking and flow network security, which offers services to visualize the network, automate common network operations, and build virtual private networks; Nutanix Kubernetes Engine for automated deployment and management of Kubernetes clusters to simplify the provisioning, operations, and lifecycle management of cloud-native environments, applications, and microservices; and Nutanix Cloud Clusters.