Nutanix (NASDAQ:NTNX) Stock Gets Price Target Boost from Needham & Company LLC

Key Points

• Needham raised Nutanix’s price target from $85 to $90 and maintained a “buy” rating, implying approximately 32.3% upside from the prior close.
• Nutanix reported quarterly EPS of $0.60, exceeding the $0.49 consensus estimate, while revenue of $757.08 million rose 15.9% year over year and topped expectations.
• Analyst sentiment is broadly positive, with a “Moderate Buy” consensus rating and an average price target of $73.07; institutional investors own 85.25% of the stock.

Nutanix (NASDAQ:NTNX - Get Free Report) had its target price hoisted by equities researchers at Needham & Company LLC from $85.00 to $90.00 in a report issued on Monday, Marketbeat.com 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 32.29% from the stock's previous close.

NTNX has been the topic of several other reports. Barclays raised their price target on Nutanix from $53.00 to $75.00 and gave the stock an "equal weight" rating in a research report on Friday, August 28th. Weiss Ratings reissued a "hold (c)" rating on shares of Nutanix in a report on Monday, September 21st. Oppenheimer boosted their target price on Nutanix from $80.00 to $85.00 and gave the company an "outperform" rating in a research note on Thursday, August 27th. Bank of America restated a "buy" rating on shares of Nutanix in a report on Thursday, August 27th. Finally, Morgan Stanley upped their target price on shares of Nutanix from $55.00 to $63.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 27th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $73.07.

Nutanix Stock Performance

NTNX opened at $68.03 on Monday. Nutanix has a 1-year low of $34.01 and a 1-year high of $78.45. The firm has a 50-day moving average price of $64.57 and a two-hundred day moving average price of $52.19. The stock has a market capitalization of $18.41 billion, a PE ratio of 13.18, a PEG ratio of 3.83 and a beta of 0.62. The company has a current ratio of 1.80, a quick ratio of 1.80 and a debt-to-equity ratio of 1.92.

Nutanix (NASDAQ:NTNX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 26th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.11. The firm had revenue of $757.08 million for the quarter, compared to the consensus estimate of $738.27 million. Nutanix had a negative return on equity of 90.13% and a net margin of 52.81%.The business's revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.37 EPS. As a group, equities analysts anticipate that Nutanix will post 1.03 earnings per share for the current fiscal year.

Insider Activity at Nutanix

In other news, CFO Rukmini Sivaraman sold 38,139 shares of Nutanix stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $70.00, for a total value of $2,669,730.00. Following the completion of the transaction, the chief financial officer owned 325,487 shares of the company's stock, valued at $22,784,090. This trade represents a 10.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nutanix

A number of institutional investors and hedge funds have recently modified their holdings of the company. Parkside Financial Bank & Trust lifted its stake in shares of Nutanix by 43.8% during the 2nd quarter. Parkside Financial Bank & Trust now owns 578 shares of the technology company's stock worth $29,000 after buying an additional 176 shares during the last quarter. CoreCap Advisors LLC grew its stake in Nutanix by 28.6% in the 2nd quarter. CoreCap Advisors LLC now owns 900 shares of the technology company's stock valued at $46,000 after buying an additional 200 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Nutanix by 5.8% in the 1st quarter. International Assets Investment Management LLC now owns 4,700 shares of the technology company's stock valued at $179,000 after acquiring an additional 259 shares during the period. CX Institutional raised its holdings in Nutanix by 134.6% in the 2nd quarter. CX Institutional now owns 488 shares of the technology company's stock valued at $25,000 after acquiring an additional 280 shares during the period. Finally, B. Metzler seel. Sohn & Co. AG lifted its position in Nutanix by 1.7% during the second quarter. B. Metzler seel. Sohn & Co. AG now owns 22,673 shares of the technology company's stock worth $1,155,000 after acquiring an additional 373 shares during the last quarter. 85.25% of the stock is owned by institutional investors.

About Nutanix

Nutanix, Inc is a cloud computing software company that provides infrastructure and management solutions for enterprise data centers, private clouds, public clouds and hybrid multicloud environments. Its platform is designed to simplify the deployment, operation and management of applications and workloads across on-premises infrastructure and multiple cloud providers.

The company's offerings include the Nutanix Cloud Infrastructure platform, which combines compute, storage and virtualization capabilities; the Nutanix Cloud Manager suite for monitoring, automation, governance and cost management; and Nutanix Unified Storage.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.