Nutanix (NASDAQ:NTNX) Price Target Raised to $90.00 at Needham & Company LLC

Nutanix (NASDAQ:NTNX) had its price target raised by Needham & Company LLC from $80.00 to $90.00 in a research note published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.

Other analysts have also recently issued research reports about the stock. Bank of America increased their price target on shares of Nutanix from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Barclays raised their price target on Nutanix from $71.00 to $75.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Raymond James upped their price objective on Nutanix from $76.00 to $85.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Oppenheimer initiated coverage on Nutanix in a research report on Wednesday, November 13th. They set an “outperform” rating and a $80.00 price objective for the company. Finally, Piper Sandler boosted their target price on Nutanix from $76.00 to $77.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Nutanix currently has a consensus rating of “Moderate Buy” and an average price target of $78.86.

Nutanix Stock Performance

Nutanix stock opened at $66.70 on Wednesday. The company has a market capitalization 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 fifty-two week low of $40.44 and a fifty-two week high of $75.80. The stock has a 50-day simple moving average of $64.64 and a 200-day simple moving average of $59.40.

Nutanix (NASDAQ:NTNX) last issued its quarterly earnings data on Wednesday, August 28th. The technology company reported ($0.06) earnings per share 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%. As a group, analysts forecast that Nutanix will post 0.31 earnings per share for the current year.

Insider Buying and Selling at Nutanix

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

Hedge Funds Weigh In On Nutanix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NTNX. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Nutanix in the second quarter valued at approximately $25,000. ORG Wealth Partners LLC purchased a new stake in Nutanix in the 3rd quarter valued at approximately $27,000. Larson Financial Group LLC grew its holdings 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 last quarter. Itau Unibanco Holding S.A. acquired a new stake in Nutanix during the 2nd quarter valued at $32,000. Finally, Advisors Asset Management Inc. increased its position in Nutanix by 150.7% during the third quarter. Advisors Asset Management Inc. now owns 534 shares of the technology company’s stock worth $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.