Needham & Company LLC Reiterates “Buy” Rating for Nutanix (NASDAQ:NTNX)

Nutanix (NASDAQ:NTNX)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They currently have a $80.00 price objective on the technology company’s stock. Needham & Company LLC’s target price indicates a potential upside of 26.60% from the company’s previous close.

Several other analysts have also recently commented on NTNX. Bank of America increased their price target on shares of Nutanix from $72.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday. Raymond James increased their price target on shares of Nutanix from $72.00 to $76.00 and gave the company an “outperform” rating in a research note on Thursday, May 30th. Royal Bank of Canada increased their price target on shares of Nutanix from $72.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, May 29th. Northland Securities cut shares of Nutanix from an “outperform” rating to a “market perform” rating and set a $71.00 price target on the stock. in a research note on Thursday, May 30th. Finally, Northland Capmk cut shares of Nutanix from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 30th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $73.31.

Nutanix Trading Up 0.4 %

Shares of Nutanix stock opened at $63.19 on Thursday. The stock has a market capitalization of $15.59 billion, a price-to-earnings ratio of -902.71, a P/E/G ratio of 4.45 and a beta of 1.16. Nutanix has a 1-year low of $30.26 and a 1-year high of $73.69. The firm’s 50-day moving average price is $52.87 and its two-hundred day moving average price is $58.73.

Nutanix (NASDAQ:NTNX) last issued its quarterly earnings data on Wednesday, May 29th. The technology company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.12. The firm had revenue of $524.58 million for the quarter, compared to analysts’ expectations of $516.13 million. Nutanix had a negative net margin of 0.57% and a negative return on equity of 7.74%. As a group, equities research analysts predict that Nutanix will post 0.12 EPS for the current year.

Insider Buying and Selling at Nutanix

In other Nutanix news, CEO Rajiv Ramaswami sold 23,986 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $54.19, for a total value of $1,299,801.34. Following the transaction, the chief executive officer now directly owns 407,045 shares of the company’s stock, valued at $22,057,768.55. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Nutanix news, CFO Rukmini Sivaraman sold 12,566 shares of the stock in a transaction on Tuesday, June 18th. The shares were sold at an average price of $53.22, for a total value of $668,762.52. Following the sale, the chief financial officer now directly owns 144,902 shares in the company, valued at $7,711,684.44. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Rajiv Ramaswami sold 23,986 shares of the stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $54.19, for a total transaction of $1,299,801.34. Following the completion of the sale, the chief executive officer now owns 407,045 shares in the company, valued at $22,057,768.55. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,936 shares of company stock valued at $2,531,273. 0.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nutanix

Several hedge funds have recently bought and sold shares of NTNX. International Assets Investment Management LLC raised its holdings in Nutanix by 7,970.6% in the fourth quarter. International Assets Investment Management LLC now owns 103,869 shares of the technology company’s stock worth $4,954,000 after purchasing an additional 102,582 shares during the period. CWM LLC raised its holdings in Nutanix by 31.9% in the fourth quarter. CWM LLC now owns 5,970 shares of the technology company’s stock worth $285,000 after purchasing an additional 1,443 shares during the period. GAMMA Investing LLC acquired a new stake in shares of Nutanix during the fourth quarter worth $30,000. Victory Capital Management Inc. raised its holdings in shares of Nutanix by 30.1% during the fourth quarter. Victory Capital Management Inc. now owns 33,370 shares of the technology company’s stock worth $1,591,000 after acquiring an additional 7,720 shares during the period. Finally, New York Life Investment Management LLC raised its holdings in shares of Nutanix by 3.8% during the fourth quarter. New York Life Investment Management LLC now owns 26,726 shares of the technology company’s stock worth $1,275,000 after acquiring an additional 986 shares during the period. 85.25% of the stock is currently owned by institutional investors and hedge funds.

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.