Nutanix (NASDAQ:NTNX) Shares Gap Up Following Analyst Upgrade

Nutanix, Inc. (NASDAQ:NTNX)’s share price gapped up prior to trading on Wednesday after StockNews.com upgraded the stock from a buy rating to a strong-buy rating. The stock had previously closed at $72.35, but opened at $76.04. Nutanix shares last traded at $76.04, with a volume of 54,210 shares trading hands.

NTNX has been the subject of a number of other research reports. Piper Sandler raised 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. Barclays boosted their price objective on shares of Nutanix from $75.00 to $87.00 and gave the stock an “overweight” rating in a research note on Wednesday. Needham & Company LLC raised their target price on Nutanix from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday. Oppenheimer assumed coverage on Nutanix in a research report on Wednesday, November 13th. They issued an “outperform” rating and a $80.00 price target on the stock. Finally, Raymond James raised their price objective on Nutanix from $76.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $78.86.

Insider Activity

In other Nutanix news, COO David Sangster sold 11,950 shares of the company’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 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Rukmini Sivaraman sold 24,316 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 192,169 shares of the company’s stock, valued at $11,309,145.65. The trade was 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 currently owned by company insiders.

Institutional Investors Weigh In On Nutanix

A number of hedge funds have recently made changes to their positions in NTNX. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Nutanix in the second quarter worth $25,000. ORG Wealth Partners LLC purchased a new position in Nutanix in the 3rd quarter worth approximately $27,000. Larson Financial Group LLC boosted its position in Nutanix by 122.7% during the 3rd quarter. Larson Financial Group LLC now owns 510 shares of the technology company’s stock valued at $30,000 after buying an additional 281 shares during the period. Itau Unibanco Holding S.A. purchased a new stake in shares of Nutanix during the second quarter worth about $32,000. Finally, Advisors Asset Management Inc. grew its position 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 buying an additional 321 shares during the last quarter. 85.25% of the stock is currently owned by institutional investors.

Nutanix Stock Down 7.8 %

The firm 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. The firm’s fifty day moving average is $64.79 and its two-hundred day moving average is $59.45.

Nutanix (NASDAQ:NTNX) last announced its quarterly earnings data on Wednesday, August 28th. The technology company reported ($0.06) EPS for the quarter, beating 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 business had revenue of $547.95 million during the quarter, compared to analyst estimates of $537.12 million. As a group, sell-side analysts forecast that Nutanix, Inc. will post 0.31 EPS for the current year.

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.