Nutanix (NASDAQ:NTNX) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Nutanix (NASDAQ:NTNX) had its price objective hoisted by Needham & Company LLC from $80.00 to $90.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 34.93% from the company’s current price.

Several other equities analysts have also commented on NTNX. Bank of America raised their price objective on Nutanix from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Morgan Stanley raised shares of Nutanix from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $71.00 to $72.00 in a research report on Monday, October 28th. Raymond James upped their price objective on shares of Nutanix from $76.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Oppenheimer initiated coverage on shares of Nutanix in a report on Wednesday, November 13th. They set an “outperform” rating and a $80.00 target price for the company. Finally, Northland Securities restated a “market perform” rating and issued a $77.00 price target (up previously from $74.00) on shares of Nutanix in a research note on Wednesday. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $78.86.

Nutanix Price Performance

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

Nutanix (NASDAQ:NTNX) last released its earnings results on Wednesday, August 28th. The technology company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $547.95 million during 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%. Analysts expect that Nutanix will post 0.31 EPS for the current fiscal year.

Insider Activity at Nutanix

In related news, COO David Sangster sold 11,950 shares of the company’s stock in a transaction 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 completion of the sale, the chief operating officer now owns 123,868 shares in the company, valued at approximately $7,411,022.44. This represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Rukmini Sivaraman sold 24,316 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $58.85, for a total value of $1,430,996.60. Following the completion of the transaction, the chief financial officer now directly owns 192,169 shares in the company, valued at approximately $11,309,145.65. This represents a 11.23 % decrease in their position. The disclosure for this sale can be found here. 6.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Nutanix

Hedge funds and other institutional investors have recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Nutanix during the second quarter valued at approximately $25,000. ORG Wealth Partners LLC purchased a new position in shares of Nutanix during the 3rd quarter worth $27,000. Larson Financial Group LLC boosted its stake in shares of Nutanix by 122.7% during the 3rd quarter. Larson Financial Group LLC now owns 510 shares of the technology company’s stock worth $30,000 after acquiring an additional 281 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in shares of Nutanix during the 2nd quarter valued at $32,000. Finally, Advisors Asset Management Inc. increased its stake in shares of Nutanix by 150.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 534 shares of the technology company’s stock worth $32,000 after purchasing an additional 321 shares in the last quarter. Hedge funds and other institutional investors own 85.25% of the company’s stock.

About Nutanix

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.