Piper Sandler Forecasts Strong Price Appreciation for Nutanix (NASDAQ:NTNX) Stock

Nutanix (NASDAQ:NTNX) had its price target hoisted by Piper Sandler from $77.00 to $83.00 in a report released on Wednesday,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

NTNX has been the subject of a number of other research reports. Barclays upped their price objective on shares of Nutanix from $75.00 to $87.00 and gave the company an “overweight” rating in a report on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Nutanix from $65.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Oppenheimer began coverage on Nutanix in a report on Wednesday, November 13th. They issued an “outperform” rating and a $80.00 price objective on the stock. Royal Bank of Canada increased their price objective on Nutanix from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Raymond James lifted their target price on Nutanix from $76.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.86.

Nutanix Price Performance

NTNX stock opened at $65.28 on Wednesday. Nutanix has a 1 year low of $42.22 and a 1 year high of $75.80. The firm has a market capitalization of $17.31 billion, a PE ratio of -186.51, a price-to-earnings-growth ratio of 11.04 and a beta of 1.17. The business has a 50 day simple moving average of $64.88 and a 200-day simple moving average of $59.45.

Nutanix (NASDAQ:NTNX) last issued 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. Nutanix had a negative return on equity of 12.43% and a negative net margin of 3.54%. The company had revenue of $547.95 million during the quarter, compared to analysts’ expectations of $537.12 million. On average, equities research analysts expect that Nutanix will post 0.31 EPS for the current year.

Insider Activity at Nutanix

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

Hedge Funds Weigh In On Nutanix

Several hedge funds and other institutional investors have recently made changes to their positions in NTNX. Freedom Investment Management Inc. raised its holdings in Nutanix by 4.0% in the third quarter. Freedom Investment Management Inc. now owns 3,883 shares of the technology company’s stock valued at $230,000 after acquiring an additional 151 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of Nutanix by 3.4% during the 3rd quarter. CIBC Asset Management Inc now owns 7,036 shares of the technology company’s stock worth $417,000 after purchasing an additional 233 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Nutanix by 35.2% during the second quarter. GAMMA Investing LLC now owns 933 shares of the technology company’s stock worth $53,000 after purchasing an additional 243 shares in the last quarter. Paragon Capital Management Inc. increased its holdings in Nutanix by 1.0% in the third quarter. Paragon Capital Management Inc. now owns 26,082 shares of the technology company’s stock valued at $1,545,000 after buying an additional 258 shares during the last quarter. Finally, Larson Financial Group LLC raised its stake in 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 buying an additional 281 shares in the last quarter. Hedge funds and other institutional investors own 85.25% of the company’s stock.

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.