Bank of Nova Scotia Sells 2,002,241 Shares of Nutanix (NASDAQ:NTNX)

Key Points

• The Bank of Nova Scotia significantly reduced its holdings in Nutanix by 99.5%, selling over 2 million shares and leaving it with only 10,497 shares valued at $733,000.
• Insider trading activity included Director Groen Max Pieter De selling over 5.4 million shares, decreasing their position by 50%, while the CFO also sold shares, indicating notable insider movements.
• Nutanix reported a 21.8% year-over-year revenue increase for the most recent quarter, with an earnings per share of $0.42, surpassing analysts' expectations.

Bank of Nova Scotia lowered its position in Nutanix (NASDAQ:NTNX - Free Report) by 99.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,497 shares of the technology company's stock after selling 2,002,241 shares during the quarter. Bank of Nova Scotia's holdings in Nutanix were worth $733,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. True Wealth Design LLC grew its stake in Nutanix by 13.2% in the 4th quarter. True Wealth Design LLC now owns 1,249 shares of the technology company's stock valued at $76,000 after acquiring an additional 146 shares during the last quarter. Azzad Asset Management Inc. ADV boosted its position in shares of Nutanix by 0.5% in the fourth quarter. Azzad Asset Management Inc. ADV now owns 34,887 shares of the technology company's stock worth $2,134,000 after acquiring an additional 159 shares during the last quarter. Concurrent Investment Advisors LLC boosted its position in shares of Nutanix by 4.4% in the first quarter. Concurrent Investment Advisors LLC now owns 4,163 shares of the technology company's stock worth $291,000 after acquiring an additional 177 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of Nutanix by 78.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 436 shares of the technology company's stock worth $30,000 after acquiring an additional 191 shares during the last quarter. Finally, Coldstream Capital Management Inc. boosted its position in shares of Nutanix by 5.8% in the fourth quarter. Coldstream Capital Management Inc. now owns 3,588 shares of the technology company's stock worth $220,000 after acquiring an additional 196 shares during the last quarter. 85.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Groen Max Pieter De sold 5,480,467 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $76.81, for a total value of $420,954,670.27. Following the completion of the sale, the director owned 5,480,468 shares of the company's stock, valued at approximately $420,954,747.08. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Virginia Gambale sold 7,000 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $78.00, for a total value of $546,000.00. Following the completion of the sale, the director directly owned 38,330 shares of the company's stock, valued at approximately $2,989,740. The trade was a 15.44% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,491,492 shares of company stock worth $421,797,778. Corporate insiders own 6.80% of the company's stock.

Nutanix Stock Up 0.0%

Shares of NTNX stock traded up $0.03 during mid-day trading on Tuesday, reaching $68.83. 933,025 shares of the stock traded hands, compared to its average volume of 2,488,216. The stock's fifty day simple moving average is $74.54 and its two-hundred day simple moving average is $71.99. Nutanix has a 1-year low of $49.99 and a 1-year high of $83.36. The company has a market cap of $18.45 billion, a price-to-earnings ratio of 146.12, a price-to-earnings-growth ratio of 4.99 and a beta of 0.71.

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

Analysts Set New Price Targets

Several research firms have issued reports on NTNX. Citigroup upgraded shares of Nutanix to a "positive" rating in a research note on Tuesday, August 5th. Raymond James Financial cut shares of Nutanix from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 20th. Morgan Stanley reissued an "overweight" rating and set a $90.00 target price (up from $75.00) on shares of Nutanix in a research report on Tuesday, May 20th. Wall Street Zen cut shares of Nutanix from a "strong-buy" rating to a "buy" rating in a research report on Monday, June 30th. Finally, Needham & Company LLC reissued a "buy" rating and set a $92.00 target price on shares of Nutanix in a research report on Thursday, May 29th. Two research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $91.00.

Nutanix Company 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.