Wells Fargo & Company Increases Nutanix (NASDAQ:NTNX) Price Target to $75.00

Nutanix (NASDAQ:NTNX) had its target price upped by Wells Fargo & Company from $60.00 to $75.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 12.44% from the company’s current price.

A number of other research analysts have also recently issued reports on NTNX. Piper Sandler boosted their price objective on shares of Nutanix from $77.00 to $83.00 and gave the company an “overweight” rating in a report on Wednesday. Raymond James upped their price objective on shares of Nutanix from $76.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Barclays raised their price objective on Nutanix from $75.00 to $87.00 and gave the stock an “overweight” rating in a research note on Wednesday. Northland Securities restated a “market perform” rating and issued a $77.00 price target (up from $74.00) on shares of Nutanix in a report on Wednesday. Finally, Needham & Company LLC raised their price target on 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, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $78.86.

Nutanix Price Performance

NTNX opened at $66.70 on Wednesday. Nutanix has a fifty-two week low of $40.44 and a fifty-two week high of $75.80. The company has a market cap of $17.69 billion, a price-to-earnings ratio of -128.27, a price-to-earnings-growth ratio of 12.05 and a beta of 1.17. The firm has a 50 day simple moving average of $64.79 and a 200 day simple moving average of $59.45.

Nutanix (NASDAQ:NTNX) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. Nutanix had a negative return on equity of 7.57% and a negative net margin of 5.81%. The company had revenue of $547.95 million for the quarter, compared to the consensus estimate of $537.12 million. As a group, 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 the firm’s stock in a transaction on 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 transaction, the chief operating officer now directly owns 123,868 shares of the company’s stock, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rukmini Sivaraman sold 24,316 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 192,169 shares in the company, valued at $11,309,145.65. This trade represents a 11.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nutanix

Several hedge funds have recently bought and sold shares of NTNX. Tidal Investments LLC raised its stake in Nutanix by 4.0% in the 3rd quarter. Tidal Investments LLC now owns 22,297 shares of the technology company’s stock valued at $1,321,000 after acquiring an additional 862 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Nutanix in the third quarter valued at $111,000. Sanctuary Advisors LLC bought a new position in shares of Nutanix in the third quarter valued at about $555,000. Geode Capital Management LLC lifted its stake in shares of Nutanix by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 4,147,126 shares of the technology company’s stock worth $245,968,000 after buying an additional 22,091 shares during the last quarter. Finally, Groupama Asset Managment boosted its holdings in shares of Nutanix by 1.0% during the 3rd quarter. Groupama Asset Managment now owns 707,000 shares of the technology company’s stock worth $41,890,000 after buying an additional 7,000 shares during the period. 85.25% of the stock is currently owned by institutional investors and hedge funds.

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.