Nutanix (NASDAQ:NTNX) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Nutanix (NASDAQ:NTNX - Get Free Report) had its price target increased by investment analysts at Needham & Company LLC from $80.00 to $90.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Needham & Company LLC's price objective would suggest a potential upside of 34.17% from the stock's previous close.

Several other brokerages have also commented on NTNX. Oppenheimer assumed coverage on Nutanix in a report on Wednesday, November 13th. They set an "outperform" rating and a $80.00 price target for the company. Royal Bank of Canada lifted their price target on shares of Nutanix from $70.00 to $75.00 and gave the company an "outperform" rating in a research report on Thursday, August 29th. JPMorgan Chase & Co. upped their price objective on shares of Nutanix from $65.00 to $75.00 and gave the stock an "overweight" rating in a report on Thursday, August 29th. Barclays lifted their target price on shares of Nutanix from $71.00 to $75.00 and gave the company an "overweight" rating in a report on Thursday, August 29th. Finally, Raymond James upped their price target on Nutanix from $76.00 to $85.00 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 fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $78.86.

Nutanix Stock Performance

Shares of NASDAQ NTNX traded down $5.27 during trading on Wednesday, hitting $67.08. 5,804,690 shares of the company were exchanged, compared to its average volume of 2,574,010. Nutanix has a 12-month low of $40.44 and a 12-month high of $75.80. The company has a fifty day moving average price of $64.45 and a 200-day moving average price of $59.35. The firm has a market capitalization of $17.79 billion, a PE ratio of -130.25, a P/E/G ratio of 12.05 and a beta of 1.17.

Nutanix (NASDAQ:NTNX - Get Free Report) last posted its earnings results on Wednesday, August 28th. The technology company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $547.95 million for the quarter, compared to analyst estimates of $537.12 million. Nutanix had a negative net margin of 5.81% and a negative return on equity of 7.57%. Research analysts anticipate that Nutanix will post 0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO David Sangster sold 11,950 shares of Nutanix stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $59.83, for a total value of $714,968.50. Following the sale, the chief operating officer now directly owns 123,868 shares in the company, valued at $7,411,022.44. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Rukmini Sivaraman sold 24,316 shares of the firm's stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $58.85, for a total value 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. This trade represents a 11.23 % decrease in their position. The disclosure for this sale can be found here. 6.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nutanix

Hedge funds and other institutional investors have recently modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Nutanix during the 2nd quarter worth about $25,000. ORG Wealth Partners LLC purchased a new stake in Nutanix in the 3rd quarter worth approximately $27,000. Larson Financial Group LLC raised its holdings in Nutanix by 122.7% in the 3rd quarter. Larson Financial Group LLC now owns 510 shares of the technology company's stock valued at $30,000 after acquiring an additional 281 shares during the last quarter. Itau Unibanco Holding S.A. purchased a new position in shares of Nutanix during the 2nd quarter worth $32,000. Finally, Advisors Asset Management Inc. boosted its holdings in shares of 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 purchasing an additional 321 shares during the last quarter. 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.