Nutanix (NASDAQ:NTNX) Receives "Buy" Rating from Needham & Company LLC

Nutanix (NASDAQ:NTNX - Get Free Report)'s stock had its "buy" rating reaffirmed by Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They currently have a $92.00 price target on the technology company's stock. Needham & Company LLC's target price points to a potential upside of 22.24% from the company's previous close.

Several other brokerages also recently issued reports on NTNX. Piper Sandler reduced their price objective on shares of Nutanix from $88.00 to $76.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Wells Fargo & Company upped their price objective on shares of Nutanix from $75.00 to $85.00 and gave the company an "equal weight" rating in a research note on Thursday, February 27th. UBS Group upped their price objective on shares of Nutanix from $81.00 to $91.00 and gave the company a "buy" rating in a research note on Thursday, February 27th. Oppenheimer upped their price objective on shares of Nutanix from $90.00 to $100.00 and gave the company an "outperform" rating in a research note on Thursday, February 27th. Finally, Raymond James downgraded shares of Nutanix from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 20th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Nutanix presently has a consensus rating of "Buy" and a consensus price target of $89.57.

Nutanix Stock Down 0.8%

Shares of NTNX traded down $0.59 on Thursday, hitting $75.26. 4,886,279 shares of the stock traded hands, compared to its average volume of 2,556,948. The firm has a market capitalization of $20.07 billion, a P/E ratio of -215.03, a P/E/G ratio of 11.80 and a beta of 0.70. The stock's 50 day moving average is $70.30 and its two-hundred day moving average is $68.82. Nutanix has a 1 year low of $43.35 and a 1 year high of $83.36.

Insider Activity

In other news, Director Groen Max Pieter De sold 5,500,000 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $74.51, for a total value of $409,805,000.00. Following the transaction, the director now owns 11,354,032 shares of the company's stock, valued at approximately $845,988,924.32. This trade represents a 32.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction of $4,823,503.00. Following the completion of the transaction, the chief executive officer now directly owns 497,309 shares in the company, valued at approximately $39,287,411. This represents a 10.93% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,568,797 shares of company stock valued at $415,209,003. Company insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On Nutanix

A number of hedge funds have recently made changes to their positions in NTNX. Harbour Investments Inc. increased its stake in Nutanix by 2,612.5% during the 4th quarter. Harbour Investments Inc. now owns 434 shares of the technology company's stock worth $27,000 after buying an additional 418 shares during the period. Colonial Trust Co SC purchased a new stake in Nutanix during the 4th quarter worth $28,000. Twin Tree Management LP purchased a new stake in Nutanix during the 1st quarter worth $29,000. MassMutual Private Wealth & Trust FSB increased its stake in Nutanix by 78.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 436 shares of the technology company's stock worth $30,000 after buying an additional 191 shares during the period. Finally, GW&K Investment Management LLC purchased a new stake in Nutanix during the 1st quarter worth $30,000. Hedge funds and other institutional investors own 85.25% of the company's stock.

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.