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

Nutanix (NASDAQ:NTNX - Get Free Report) had its target price cut by investment analysts at Piper Sandler from $88.00 to $76.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. Piper Sandler's price objective indicates a potential upside of 28.16% from the stock's current price.

NTNX has been the subject of several other reports. UBS Group lifted their price objective on shares of Nutanix from $81.00 to $91.00 and gave the stock a "buy" rating in a research report on Thursday, February 27th. Oppenheimer lifted their price target on Nutanix from $90.00 to $100.00 and gave the stock an "outperform" rating in a report on Thursday, February 27th. Northland Capmk upgraded Nutanix from a "hold" rating to a "strong-buy" rating in a report on Thursday, February 27th. Morgan Stanley boosted their target price on Nutanix from $78.00 to $85.00 and gave the stock an "overweight" rating in a research note on Tuesday, December 17th. Finally, Raymond James set a $83.00 price target on shares of Nutanix in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Nutanix currently has an average rating of "Buy" and a consensus price target of $87.85.

Nutanix Stock Down 4.4 %

NASDAQ:NTNX traded down $2.74 on Tuesday, reaching $59.30. The company's stock had a trading volume of 4,399,701 shares, compared to its average volume of 2,510,680. Nutanix has a 12-month low of $43.35 and a 12-month high of $79.99. The stock has a 50 day moving average price of $69.57 and a 200 day moving average price of $66.64. The firm has a market cap of $15.81 billion, a price-to-earnings ratio of -169.43, a price-to-earnings-growth ratio of 11.80 and a beta of 0.84.

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Insider Activity at Nutanix

In other news, Director Groen Max Pieter De sold 5,500,000 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $74.51, for a total transaction of $409,805,000.00. Following the sale, the director now owns 11,354,032 shares in the company, valued at $845,988,924.32. This represents a 32.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Steven J. Gomo sold 7,000 shares of the company's stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $76.16, for a total value of $533,120.00. Following the completion of the sale, the director now owns 3,050 shares in the company, valued at $232,288. This represents a 69.65 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,610,886 shares of company stock worth $417,646,356. 6.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Harbour Investments Inc. grew its stake in shares of Nutanix by 2,612.5% in the fourth quarter. Harbour Investments Inc. now owns 434 shares of the technology company's stock worth $27,000 after purchasing an additional 418 shares during the last quarter. Colonial Trust Co SC acquired a new position in Nutanix during the 4th quarter worth about $28,000. MassMutual Private Wealth & Trust FSB grew its position in shares of Nutanix by 78.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 436 shares of the technology company's stock valued at $30,000 after buying an additional 191 shares during the last quarter. Allworth Financial LP increased its stake in shares of Nutanix by 123.1% in the fourth quarter. Allworth Financial LP now owns 464 shares of the technology company's stock valued at $31,000 after buying an additional 256 shares during the period. Finally, Principal Securities Inc. increased its stake in shares of Nutanix by 52.4% in the fourth quarter. Principal Securities Inc. now owns 579 shares of the technology company's stock valued at $35,000 after buying an additional 199 shares during the period. 85.25% of the stock is currently owned by institutional investors and hedge funds.

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.