Piper Sandler Cuts Nutanix (NASDAQ:NTNX) Price Target to $76.00

Nutanix (NASDAQ:NTNX) had its price target reduced by research analysts at Piper Sandler from $88.00 to $76.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. Piper Sandler’s price objective points to a potential upside of 24.33% from the company’s previous close.

NTNX has been the topic of several other reports. UBS Group boosted their price target on Nutanix from $81.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. Oppenheimer raised their price target on shares of Nutanix from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Thursday, February 27th. JPMorgan Chase & Co. raised their price objective on Nutanix from $83.00 to $90.00 and gave the stock an “overweight” rating in a research report on Thursday, February 27th. Northland Capmk upgraded shares of Nutanix from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 27th. Finally, Wells Fargo & Company raised their target price on Nutanix from $75.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $86.93.

Nutanix Trading Up 4.3 %

NTNX stock traded up $2.51 during trading hours on Tuesday, hitting $61.13. 489,836 shares of the stock were exchanged, compared to its average volume of 2,484,550. Nutanix has a 12 month low of $43.35 and a 12 month high of $79.99. The company has a 50-day simple moving average of $70.44 and a two-hundred day simple moving average of $66.70. The firm has a market capitalization of $16.30 billion, a P/E ratio of -174.66, a P/E/G ratio of 11.80 and a beta of 0.84.

Insider Transactions at Nutanix

In other news, Director Groen Max Pieter De sold 5,500,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $74.51, for a total transaction of $409,805,000.00. Following the completion of the sale, the director now owns 11,354,032 shares in the company, valued at $845,988,924.32. This trade represents a 32.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Rajiv Ramaswami sold 95,852 shares of Nutanix stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $70.00, for a total value of $6,709,640.00. Following the completion of the sale, the chief executive officer now directly owns 540,463 shares of the company’s stock, valued at approximately $37,832,410. This trade represents a 15.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,610,886 shares of company stock worth $417,646,356 in the last 90 days. Insiders own 6.80% of the company’s stock.

Institutional Investors Weigh In On Nutanix

Several hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new stake in shares of Nutanix during the 4th quarter worth $195,758,000. Pictet Asset Management Holding SA boosted its holdings in shares of Nutanix by 6,785.3% during the fourth quarter. Pictet Asset Management Holding SA now owns 2,139,340 shares of the technology company’s stock worth $130,885,000 after purchasing an additional 2,108,269 shares during the period. Artisan Partners Limited Partnership purchased a new position in shares of Nutanix during the fourth quarter valued at approximately $91,639,000. Contour Asset Management LLC purchased a new stake in Nutanix in the fourth quarter worth about $87,318,000. Finally, Raymond James Financial Inc. purchased a new position in Nutanix during the 4th quarter valued at about $86,824,000. 85.25% of the stock is currently owned by institutional investors.

About Nutanix

Nutanix, Inc engages in the provision of a cloud platform leveraging web-scale engineering and consumer-grade design. It operates through the following geographic segments: United States, Europe, the Middle East, Africa, Asia Pacific, and Other Americas. The firm also provides software solutions and cloud services to customers’ enterprise infrastructure.