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

Nutanix (NASDAQ:NTNX) had its price target hoisted by stock analysts at Piper Sandler from $77.00 to $83.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Piper Sandler’s price objective indicates a potential upside of 24.44% from the company’s current price.

NTNX has been the subject of several other research reports. Barclays upped their target price on shares of Nutanix from $75.00 to $87.00 and gave the stock an “overweight” rating in a research report on Wednesday. Needham & Company LLC lifted their target price on Nutanix from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday. Bank of America boosted their price target on Nutanix from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Morgan Stanley upgraded shares of Nutanix from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $71.00 to $72.00 in a research note on Monday, October 28th. Finally, Oppenheimer began coverage on shares of Nutanix in a research report on Wednesday, November 13th. They issued an “outperform” rating and a $80.00 target price for the company. Three analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Nutanix presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.86.

Nutanix Stock Down 7.8 %

Shares of NTNX stock opened at $66.70 on Wednesday. The business has a 50 day moving average of $64.79 and a two-hundred day moving average of $59.45. The company has a market cap of $17.69 billion, a P/E ratio of -128.27, a PEG ratio of 12.05 and a beta of 1.17. Nutanix has a 52 week low of $40.44 and a 52 week high of $75.80.

Nutanix (NASDAQ:NTNX) last issued its earnings results on Wednesday, August 28th. The technology company reported ($0.06) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $547.95 million for the quarter, compared to analyst estimates of $537.12 million. Analysts expect that Nutanix will post 0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Rukmini Sivaraman sold 24,316 shares of the firm’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 completion of the sale, the chief financial officer now owns 192,169 shares of the company’s stock, valued at $11,309,145.65. This trade represents a 11.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO David Sangster sold 11,950 shares of the stock in a transaction dated 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 sale, the chief operating officer now directly owns 123,868 shares of the company’s stock, valued at approximately $7,411,022.44. This represents a 8.80 % 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.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. O Shaughnessy Asset Management LLC acquired a new position in shares of Nutanix in the first quarter worth $213,000. Tidal Investments LLC increased its position in Nutanix by 37.0% in the 1st quarter. Tidal Investments LLC now owns 23,551 shares of the technology company’s stock worth $1,454,000 after purchasing an additional 6,364 shares during the last quarter. Burney Co. purchased a new stake in shares of Nutanix during the 1st quarter worth about $688,000. Cetera Investment Advisers lifted its holdings in shares of Nutanix by 48.7% during the 1st quarter. Cetera Investment Advisers now owns 76,103 shares of the technology company’s stock valued at $4,697,000 after buying an additional 24,918 shares during the last quarter. Finally, Cetera Advisors LLC bought a new stake in shares of Nutanix in the 1st quarter valued at approximately $3,141,000. Institutional investors and hedge funds 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.