Nutanix (NASDAQ:NTNX) Stock Price Expected to Rise, Piper Sandler Analyst Says

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

A number of other equities research analysts have also recently commented on NTNX. Needham & Company LLC upped their target price on shares of Nutanix from $80.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday. Oppenheimer started coverage on shares of Nutanix in a research report on Wednesday, November 13th. They issued an “outperform” rating and a $80.00 price objective on the stock. Bank of America lifted their target price on shares of Nutanix from $72.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Royal Bank of Canada lifted their price objective on Nutanix from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Nutanix from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Three analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $78.86.

Nutanix Price Performance

NASDAQ NTNX opened at $66.70 on Wednesday. Nutanix has a 12 month low of $40.44 and a 12 month high of $75.80. The company has a market capitalization 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’s fifty day moving average price is $64.79 and its 200 day moving average price is $59.45.

Nutanix (NASDAQ:NTNX) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.02. The company had revenue of $547.95 million for the quarter, compared to analyst estimates of $537.12 million. Nutanix had a negative return on equity of 7.57% and a negative net margin of 5.81%. As a group, sell-side analysts forecast that Nutanix will post 0.31 earnings per share for the current year.

Insider Transactions at Nutanix

In related news, CFO Rukmini Sivaraman sold 24,316 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer now owns 192,169 shares in the company, valued at approximately $11,309,145.65. The trade was a 11.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO David Sangster sold 11,950 shares of the firm’s stock in a transaction that occurred 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 sale, the chief operating officer now 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 position. The disclosure for this sale can be found here. Corporate insiders own 6.80% of the company’s stock.

Institutional Trading of Nutanix

A number of hedge funds have recently made changes to their positions in NTNX. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Nutanix in the second quarter valued at $25,000. ORG Wealth Partners LLC bought a new position in shares of Nutanix during the third quarter worth about $27,000. Larson Financial Group LLC grew its stake in Nutanix by 122.7% in the third quarter. Larson Financial Group LLC now owns 510 shares of the technology company’s stock worth $30,000 after purchasing an additional 281 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in Nutanix in the second quarter valued at about $32,000. Finally, Advisors Asset Management Inc. raised its stake in Nutanix by 150.7% during the third quarter. Advisors Asset Management Inc. now owns 534 shares of the technology company’s stock valued at $32,000 after buying an additional 321 shares in the last quarter. Institutional investors and hedge funds 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.