Nutanix (NASDAQ:NTNX) Shares Gap Up After Earnings Beat

Nutanix, Inc. (NASDAQ:NTNX) gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $52.29, but opened at $60.99. Nutanix shares last traded at $61.93, with a volume of 1,945,401 shares trading hands.

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 net margin of 0.57% and a negative return on equity of 7.74%. The business had revenue of $547.95 million during the quarter, compared to analysts’ expectations of $537.12 million.

Analysts Set New Price Targets

Several analysts have recently weighed in on NTNX shares. Morgan Stanley boosted their target price on Nutanix from $62.00 to $71.00 and gave the company an “equal weight” rating in a report on Thursday. Northland Capmk cut Nutanix from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 30th. Northland Securities downgraded Nutanix from an “outperform” rating to a “market perform” rating and set a $71.00 price objective for the company. in a report on Thursday, May 30th. Piper Sandler lifted their target price on shares of Nutanix from $76.00 to $77.00 and gave the company an “overweight” rating in a report on Thursday. Finally, KeyCorp increased their price target on shares of Nutanix from $69.00 to $79.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.08.

Insiders Place Their Bets

In other news, COO David Sangster sold 10,384 shares of the firm’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 value of $562,708.96. Following the completion of the sale, the chief operating officer now directly owns 64,333 shares of the company’s stock, valued at approximately $3,486,205.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Rukmini Sivaraman sold 12,566 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $53.22, for a total transaction of $668,762.52. Following the sale, the chief financial officer now owns 144,902 shares of the company’s stock, valued at $7,711,684.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO David Sangster sold 10,384 shares of Nutanix stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $54.19, for a total transaction of $562,708.96. Following the sale, the chief operating officer now owns 64,333 shares of the company’s stock, valued at $3,486,205.27. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,936 shares of company stock worth $2,531,273. Company insiders own 0.46% of the company’s stock.

Institutional Investors Weigh In On Nutanix

Institutional investors and hedge funds have recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Nutanix during the second quarter worth $25,000. Atlantic Edge Private Wealth Management LLC acquired a new stake in Nutanix in the 4th quarter valued at about $29,000. GAMMA Investing LLC acquired a new stake in Nutanix in the 4th quarter valued at about $30,000. Itau Unibanco Holding S.A. acquired a new position in Nutanix during the second quarter worth about $32,000. Finally, Kapitalo Investimentos Ltda acquired a new position in Nutanix during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 85.25% of the company’s stock.

Nutanix Stock Up 20.3 %

The firm’s fifty day simple moving average is $52.68 and its 200-day simple moving average is $58.68. The company has a market cap of $15.52 billion, a PE ratio of -898.71, a P/E/G ratio of 4.45 and a beta of 1.16.

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.