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

Nutanix, Inc. (NASDAQ:NTNX) gapped up before the market opened on Wednesday after Wells Fargo & Company raised their price target on the stock from $60.00 to $75.00. The stock had previously closed at $72.35, but opened at $76.04. Wells Fargo & Company currently has an equal weight rating on the stock. Nutanix shares last traded at $76.04, with a volume of 54,210 shares trading hands.

NTNX has been the subject of several other research reports. Royal Bank of Canada increased 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. JPMorgan Chase & Co. boosted their price objective on shares of Nutanix from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Barclays upped their target price on shares of Nutanix from $75.00 to $87.00 and gave the company an “overweight” rating in a report on Wednesday. Piper Sandler lifted their price target on Nutanix from $77.00 to $83.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, 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. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.86.

Insider Buying and Selling at Nutanix

In related news, CFO Rukmini Sivaraman sold 24,316 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $58.85, for a total transaction 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 represents a 11.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO David Sangster sold 11,950 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.83, for a total transaction of $714,968.50. Following the completion of the transaction, the chief operating officer now directly 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 disclosure for this sale can be found here. Insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Freedom Investment Management Inc. boosted its stake in shares of Nutanix by 4.0% in the 3rd quarter. Freedom Investment Management Inc. now owns 3,883 shares of the technology company’s stock valued at $230,000 after purchasing an additional 151 shares in the last quarter. CIBC Asset Management Inc boosted its position in Nutanix by 3.4% in the third quarter. CIBC Asset Management Inc now owns 7,036 shares of the technology company’s stock valued at $417,000 after buying an additional 233 shares in the last quarter. GAMMA Investing LLC boosted its position in Nutanix by 35.2% in the second quarter. GAMMA Investing LLC now owns 933 shares of the technology company’s stock valued at $53,000 after buying an additional 243 shares in the last quarter. Paragon Capital Management Inc. grew its stake in shares of Nutanix by 1.0% during the third quarter. Paragon Capital Management Inc. now owns 26,082 shares of the technology company’s stock worth $1,545,000 after buying an additional 258 shares during the last quarter. Finally, Larson Financial Group LLC increased its holdings in shares of Nutanix by 122.7% during the third quarter. Larson Financial Group LLC now owns 510 shares of the technology company’s stock worth $30,000 after buying an additional 281 shares in the last quarter. 85.25% of the stock is currently owned by institutional investors and hedge funds.

Nutanix Stock Performance

The company has a market cap of $17.69 billion, a price-to-earnings ratio of -128.27, a P/E/G ratio of 12.05 and a beta of 1.17. The company has a fifty day moving average of $64.64 and a two-hundred day moving average of $59.40.

Nutanix (NASDAQ:NTNX) last announced its quarterly 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 firm 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%. Equities analysts expect that Nutanix, Inc. will post 0.31 EPS for the current fiscal 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.