Morgan Stanley Upgrades Nutanix (NASDAQ:NTNX) to Overweight

Nutanix (NASDAQ:NTNX) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Monday, Marketbeat.com reports. The firm currently has a $72.00 price target on the technology company’s stock, up from their prior price target of $71.00. Morgan Stanley’s price target suggests a potential upside of 10.82% from the company’s previous close.

A number of other research firms also recently weighed in on NTNX. Piper Sandler raised their target price on shares of Nutanix from $76.00 to $77.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Needham & Company LLC reiterated a “buy” rating and set a $80.00 target price on shares of Nutanix in a report on Thursday, August 29th. Royal Bank of Canada raised their price target on Nutanix from $70.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. JPMorgan Chase & Co. upped their price objective on Nutanix from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Finally, Raymond James raised their target price on shares of Nutanix from $76.00 to $85.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.38.

Nutanix Price Performance

NTNX opened at $64.97 on Monday. The company has a market capitalization of $17.23 billion, a price-to-earnings ratio of -124.94, a P/E/G ratio of 12.48 and a beta of 1.18. The business’s 50-day moving average price is $60.39 and its two-hundred day moving average price is $58.44. Nutanix has a 1 year low of $34.80 and a 1 year high of $73.69.

Nutanix (NASDAQ:NTNX) last released its earnings results on Wednesday, August 28th. The technology company reported ($0.06) EPS for the quarter, beating the consensus estimate 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 7.57% and a negative net margin of 5.81%. Sell-side analysts anticipate that Nutanix will post 0.27 earnings per share for the current fiscal year.

Insider Transactions at Nutanix

In other news, COO David Sangster sold 11,950 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $59.83, for a total transaction of $714,968.50. Following the transaction, the chief operating officer now owns 123,868 shares in the company, valued at approximately $7,411,022.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Nutanix news, COO David Sangster sold 11,950 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.83, for a total value of $714,968.50. Following the completion of the sale, the chief operating officer now owns 123,868 shares of the company’s stock, valued at $7,411,022.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Rukmini Sivaraman sold 24,316 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $58.85, for a total transaction of $1,430,996.60. Following the transaction, the chief financial officer now directly owns 192,169 shares in the company, valued at $11,309,145.65. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On Nutanix

Several hedge funds have recently bought and sold shares of NTNX. Vanguard Group Inc. lifted its holdings in shares of Nutanix by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 25,087,143 shares of the technology company’s stock worth $1,548,378,000 after acquiring an additional 346,414 shares during the period. Price T Rowe Associates Inc. MD raised its position in Nutanix by 29.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,358,768 shares of the technology company’s stock valued at $269,024,000 after purchasing an additional 985,421 shares in the last quarter. Jericho Capital Asset Management L.P. lifted its stake in Nutanix by 13.1% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,988,923 shares of the technology company’s stock worth $246,196,000 after purchasing an additional 462,000 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Nutanix by 7.4% in the 2nd quarter. Renaissance Technologies LLC now owns 3,738,756 shares of the technology company’s stock valued at $212,548,000 after purchasing an additional 256,156 shares in the last quarter. Finally, Nordea Investment Management AB increased its stake in shares of Nutanix by 387.1% in the 1st quarter. Nordea Investment Management AB now owns 2,612,812 shares of the technology company’s stock valued at $162,229,000 after purchasing an additional 2,076,377 shares during the last quarter. 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.