Nutanix (NASDAQ:NTNX) Price Target Raised to $75.00 at Bank of America

Nutanix (NASDAQ:NTNX) had its target price hoisted by Bank of America from $72.00 to $75.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

NTNX has been the topic of a number of other reports. Needham & Company LLC increased their target price on Nutanix from $72.00 to $80.00 and gave the stock a buy rating in a report on Thursday, May 30th. Northland Securities cut Nutanix from an outperform rating to a market perform rating and set a $71.00 target price on the stock. in a report on Thursday, May 30th. Morgan Stanley cut their target price on Nutanix from $72.00 to $62.00 and set an equal weight rating on the stock in a report on Friday, June 21st. JPMorgan Chase & Co. cut their target price on Nutanix from $80.00 to $65.00 and set an overweight rating on the stock in a report on Friday, August 23rd. Finally, Royal Bank of Canada increased their price target on Nutanix from $72.00 to $80.00 and gave the company an overweight rating in a research report on Wednesday, May 29th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Nutanix has an average rating of Moderate Buy and an average price target of $73.08.

Nutanix Stock Performance

Nutanix stock opened at $62.91 on Thursday. The stock has a market capitalization of $15.52 billion, a price-to-earnings ratio of -898.71, a PEG ratio of 4.45 and a beta of 1.16. Nutanix has a 52-week low of $30.26 and a 52-week high of $73.69. The stock’s 50 day moving average price is $52.68 and its two-hundred day moving average price is $58.68.

Nutanix (NASDAQ:NTNX) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $547.95 million for the quarter, compared to analysts’ expectations of $537.12 million. Nutanix had a negative return on equity of 7.74% and a negative net margin of 0.57%. On average, equities research analysts forecast that Nutanix will post 0.12 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Rukmini Sivaraman sold 12,566 shares of Nutanix stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $53.22, for a total transaction of $668,762.52. Following the completion of the sale, the chief financial officer now owns 144,902 shares in the company, valued at approximately $7,711,684.44. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, COO David Sangster sold 10,384 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $54.19, for a total transaction of $562,708.96. Following the transaction, the chief operating officer now directly owns 64,333 shares of the company’s stock, valued at $3,486,205.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Rukmini Sivaraman sold 12,566 shares of Nutanix stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $53.22, for a total value of $668,762.52. Following the sale, the chief financial officer now owns 144,902 shares in the company, valued at $7,711,684.44. The disclosure for this sale can be found here. Insiders sold a total of 46,936 shares of company stock worth $2,531,273 in the last quarter. 0.46% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nutanix

Hedge funds have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Nutanix in the second quarter worth $25,000. Itau Unibanco Holding S.A. bought a new stake in Nutanix in the second quarter worth $32,000. Atlantic Edge Private Wealth Management LLC bought a new stake in Nutanix in the fourth quarter worth $29,000. GAMMA Investing LLC bought a new position in shares of Nutanix during the fourth quarter valued at $30,000. Finally, Kapitalo Investimentos Ltda bought a new position in shares of Nutanix during the fourth quarter valued at $37,000. 85.25% of the stock is owned by institutional investors.

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.