Baker Avenue Asset Management LP Invests $261,000 in Nutanix (NASDAQ:NTNX)

Key Points

• Baker Avenue Asset Management LP purchased 3,740 shares of Nutanix, valued at approximately $261,000, during the first quarter.
• Nutanix reported $0.42 earnings per share for the last quarter, surpassing analyst estimates of $0.38 and showing a year-over-year revenue increase of 21.8%.
• Most analysts have a positive outlook on Nutanix, with a consensus rating of "Moderate Buy" and an average price target of $91.00.

Baker Avenue Asset Management LP bought a new stake in Nutanix (NASDAQ:NTNX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,740 shares of the technology company's stock, valued at approximately $261,000.

Other institutional investors also recently modified their holdings of the company. Contour Asset Management LLC acquired a new position in Nutanix during the fourth quarter worth about $87,318,000. Perpetual Ltd increased its stake in shares of Nutanix by 10,205.2% in the first quarter. Perpetual Ltd now owns 875,946 shares of the technology company's stock valued at $61,150,000 after buying an additional 867,446 shares during the period. Cadian Capital Management LP increased its stake in shares of Nutanix by 68.5% in the fourth quarter. Cadian Capital Management LP now owns 1,455,792 shares of the technology company's stock valued at $89,065,000 after buying an additional 591,892 shares during the period. Annex Advisory Services LLC acquired a new position in shares of Nutanix in the first quarter valued at approximately $37,294,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Nutanix by 48.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,314,509 shares of the technology company's stock valued at $80,422,000 after buying an additional 428,171 shares during the period. Institutional investors own 85.25% of the company's stock.

Nutanix Trading Down 0.6%

NASDAQ NTNX traded down $0.46 during mid-day trading on Tuesday, hitting $73.30. The company's stock had a trading volume of 2,516,673 shares, compared to its average volume of 1,911,284. The company's 50 day simple moving average is $75.02 and its 200 day simple moving average is $71.75. Nutanix has a twelve month low of $46.19 and a twelve month high of $83.36. The firm has a market capitalization of $19.65 billion, a price-to-earnings ratio of 150.53, a PEG ratio of 5.14 and a beta of 0.71.

Nutanix (NASDAQ:NTNX - Get Free Report) last posted its quarterly earnings results on Wednesday, June 4th. The technology company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. Nutanix had a net margin of 0.97% and a negative return on equity of 21.32%. The business had revenue of $638.98 million during the quarter, compared to the consensus estimate of $626.12 million. During the same quarter last year, the firm posted $0.28 EPS. Nutanix's revenue was up 21.8% compared to the same quarter last year. As a group, research analysts forecast that Nutanix will post 0.31 EPS for the current year.

Insider Buying and Selling

In other Nutanix news, CFO Rukmini Sivaraman sold 2,100 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $72.73, for a total transaction of $152,733.00. Following the transaction, the chief financial officer directly owned 209,070 shares in the company, valued at approximately $15,205,661.10. This trade represents a 0.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rajiv Ramaswami sold 61,057 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $79.00, for a total value of $4,823,503.00. Following the transaction, the chief executive officer owned 497,309 shares in the company, valued at approximately $39,287,411. This trade represents a 10.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,552,549 shares of company stock valued at $426,621,281 in the last 90 days. Insiders own 6.80% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on NTNX. Piper Sandler reaffirmed an "overweight" rating and issued a $88.00 price objective (up previously from $76.00) on shares of Nutanix in a research note on Thursday, May 29th. The Goldman Sachs Group began coverage on Nutanix in a research note on Tuesday, July 15th. They issued a "buy" rating and a $95.00 price objective for the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $92.00 price objective on shares of Nutanix in a research note on Thursday, May 29th. Morgan Stanley reissued an "overweight" rating and set a $90.00 target price (up previously from $75.00) on shares of Nutanix in a research report on Tuesday, May 20th. Finally, KeyCorp began coverage on shares of Nutanix in a research report on Thursday, June 26th. They set an "overweight" rating and a $95.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $91.00.

Nutanix Profile

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.