Nutanix (NASDAQ:NTNX) Shares Gap Up - Should You Buy?

Nutanix, Inc. (NASDAQ:NTNX - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $61.59, but opened at $64.25. Nutanix shares last traded at $63.84, with a volume of 260,601 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NTNX. Raymond James upped their price target on shares of Nutanix from $76.00 to $85.00 and gave the company an "outperform" rating in a report on Thursday, August 29th. Barclays increased their target price on shares of Nutanix from $71.00 to $75.00 and gave the company an "overweight" rating in a research note on Thursday, August 29th. Piper Sandler lifted their price target on shares of Nutanix from $76.00 to $77.00 and gave the stock an "overweight" rating in a research report on Thursday, August 29th. Bank of America increased their price objective on Nutanix from $72.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, August 29th. Finally, Royal Bank of Canada raised their price objective on Nutanix from $70.00 to $75.00 and gave the stock an "outperform" rating in a research note on Thursday, August 29th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Nutanix presently has a consensus rating of "Moderate Buy" and an average target price of $73.38.

Nutanix Trading Up 4.1 %

The firm has a 50-day moving average of $59.91 and a two-hundred day moving average of $58.43.

Nutanix (NASDAQ:NTNX - Get Free Report) last posted 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 business had revenue of $547.95 million during the quarter, compared to analysts' expectations of $537.12 million. Nutanix had a negative net margin of 5.81% and a negative return on equity of 7.57%. Equities analysts predict that Nutanix, Inc. will post 0.27 EPS for the current fiscal year.

Insider Transactions at Nutanix

In other news, CFO Rukmini Sivaraman sold 24,316 shares of Nutanix stock in a transaction dated 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 sale, the chief financial officer now directly owns 192,169 shares in the company, valued at $11,309,145.65. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO David Sangster sold 11,950 shares of the firm's stock in a transaction on Monday, September 16th. The shares were sold at an average price of $59.83, for a total transaction of $714,968.50. Following the transaction, the chief operating officer now owns 123,868 shares in the company, valued at approximately $7,411,022.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Rukmini Sivaraman sold 24,316 shares of Nutanix stock in a transaction on 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 directly owns 192,169 shares of the company's stock, valued at approximately $11,309,145.65. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 6.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nutanix

Several institutional investors have recently bought and sold shares of the stock. Stephens Investment Management Group LLC increased its holdings in shares of Nutanix by 76.9% during the 3rd quarter. Stephens Investment Management Group LLC now owns 162,284 shares of the technology company's stock valued at $9,615,000 after acquiring an additional 70,523 shares during the last quarter. First Trust Direct Indexing L.P. grew its holdings in Nutanix by 10.0% during the third quarter. First Trust Direct Indexing L.P. now owns 4,246 shares of the technology company's stock valued at $252,000 after purchasing an additional 385 shares during the last quarter. Smith Group Asset Management LLC raised its position in shares of Nutanix by 21.4% in the third quarter. Smith Group Asset Management LLC now owns 27,209 shares of the technology company's stock valued at $1,612,000 after purchasing an additional 4,790 shares during the period. Pallas Capital Advisors LLC lifted its stake in shares of Nutanix by 71.1% in the third quarter. Pallas Capital Advisors LLC now owns 13,048 shares of the technology company's stock worth $809,000 after buying an additional 5,424 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Nutanix by 125.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 13,728 shares of the technology company's stock worth $813,000 after buying an additional 7,628 shares during the period. 85.25% of the stock is currently owned by institutional investors.

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.