Primecap Management Co. CA Reduces Stock Holdings in Nutanix (NASDAQ:NTNX)

Key Points

• Primecap Management Co. CA has reduced its stake in Nutanix by 8.5%, now owning approximately 1.24% of the company's shares valued at $231.27 million after selling over 300,000 shares in Q1.
• Several analysts have recently placed **buy ratings** on Nutanix, with price targets ranging from **$92.00 to $95.00**, indicating a consensus rating of "Moderate Buy" and an average target price of $91.00.
• Insiders, including CEO Rajiv Ramaswami, have sold significant portions of their shares recently, with a total of **5.5 million shares** sold over the last three months, representing a decrease in their overall ownership.

Primecap Management Co. CA lessened its holdings in Nutanix (NASDAQ:NTNX - Free Report) by 8.5% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,312,903 shares of the technology company's stock after selling 308,550 shares during the period. Primecap Management Co. CA owned approximately 1.24% of Nutanix worth $231,274,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. LPL Financial LLC lifted its stake in Nutanix by 4.8% in the fourth quarter. LPL Financial LLC now owns 71,732 shares of the technology company's stock valued at $4,389,000 after purchasing an additional 3,276 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its stake in Nutanix by 5.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 4,602 shares of the technology company's stock valued at $282,000 after purchasing an additional 249 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new position in Nutanix in the fourth quarter valued at approximately $4,385,000. Aviva PLC purchased a new position in Nutanix in the fourth quarter valued at approximately $8,707,000. Finally, Envestnet Asset Management Inc. lifted its stake in Nutanix by 22.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 41,686 shares of the technology company's stock valued at $2,550,000 after purchasing an additional 7,728 shares during the last quarter. Hedge funds and other institutional investors own 85.25% of the company's stock.

Insider Activity at Nutanix

In other news, CFO Rukmini Sivaraman sold 2,100 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $72.73, for a total transaction of $152,733.00. Following the completion of the sale, the chief financial officer owned 209,070 shares of the company's stock, valued at $15,205,661.10. The trade was a 0.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Groen Max Pieter De sold 5,480,467 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $76.81, for a total transaction of $420,954,670.27. Following the sale, the director directly owned 5,480,468 shares of the company's stock, valued at approximately $420,954,747.08. The trade was a 50.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,552,549 shares of company stock worth $426,621,281. Company insiders own 6.80% of the company's stock.

Nutanix Stock Performance

Shares of NTNX traded down $0.98 on Friday, hitting $71.60. 1,976,150 shares of the stock traded hands, compared to its average volume of 1,984,088. The company has a market capitalization of $19.19 billion, a PE ratio of 146.12, a P/E/G ratio of 4.99 and a beta of 0.71. The business has a 50 day simple moving average of $74.71 and a 200 day simple moving average of $71.92. Nutanix has a one year low of $48.54 and a one year high of $83.36.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on NTNX shares. Needham & Company LLC reissued a "buy" rating and set a $92.00 target price on shares of Nutanix in a report on Thursday, May 29th. Piper Sandler reissued an "overweight" rating and set a $88.00 target price (up previously from $76.00) on shares of Nutanix in a report on Thursday, May 29th. Susquehanna boosted their target price on shares of Nutanix from $90.00 to $95.00 and gave the company a "positive" rating in a report on Thursday, May 29th. KeyCorp assumed coverage on shares of Nutanix in a report on Thursday, June 26th. They set an "overweight" rating and a $95.00 target price on the stock. Finally, Citigroup raised shares of Nutanix to a "positive" rating in a report on Tuesday, August 5th. Two analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Nutanix currently has an average rating of "Moderate Buy" and an average price target 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.