Nutanix (NASDAQ:NTNX) Shares Cross Above 50 Day Moving Average - Here's What Happened

Key Points

• Nutanix shares rose above their 50-day moving average, reaching $68.80 before trading at $66.61, compared with a 50-day average of $54.56.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $61.86; Needham also raised its target to $60.
• Nutanix exceeded quarterly expectations, reporting $0.47 in adjusted EPS versus estimates of $0.35 and revenue of $703.07 million, up 10% year over year. Institutional investors own approximately 85.25% of the stock.

Nutanix (NASDAQ:NTNX - Get Free Report)'s share price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $54.56 and traded as high as $68.80. Nutanix shares last traded at $66.61, with a volume of 2,270,906 shares.

Wall Street Analyst Weigh In

Several research firms have recently commented on NTNX. KeyCorp reaffirmed an "overweight" rating on shares of Nutanix in a report on Thursday, May 28th. Northland Securities set a $47.00 price objective on shares of Nutanix in a research note on Thursday, May 28th. Zacks Research raised shares of Nutanix from a "hold" rating to a "strong-buy" rating in a report on Monday, July 27th. Wall Street Zen upgraded Nutanix from a "hold" rating to a "buy" rating in a research note on Saturday, July 4th. Finally, Needham & Company LLC upped their target price on Nutanix from $55.00 to $60.00 and gave the company a "buy" rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $61.86.

Nutanix Price Performance

The firm has a market cap of $18.01 billion, a price-to-earnings ratio of 70.12, a P/E/G ratio of 4.50 and a beta of 0.60. The firm's fifty day moving average is $54.56 and its two-hundred day moving average is $46.34.

Nutanix (NASDAQ:NTNX - Get Free Report) last released its earnings results on Wednesday, May 27th. The technology company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.35 by $0.12. The firm had revenue of $703.07 million for the quarter, compared to analysts' expectations of $686.34 million. Nutanix had a net margin of 10.03% and a negative return on equity of 38.96%. Nutanix's quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the company earned $0.22 EPS. On average, equities analysts forecast that Nutanix will post 0.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nutanix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NTNX. CoreCap Advisors LLC increased its stake in Nutanix by 28.6% in the 2nd quarter. CoreCap Advisors LLC now owns 900 shares of the technology company's stock worth $46,000 after purchasing an additional 200 shares in the last quarter. Utah Retirement Systems raised its position in Nutanix by 0.6% during the fourth quarter. Utah Retirement Systems now owns 42,355 shares of the technology company's stock valued at $2,189,000 after buying an additional 257 shares during the period. International Assets Investment Management LLC lifted its stake 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 worth $179,000 after acquiring an additional 259 shares in the last quarter. Asset Management One Co. Ltd. lifted its stake in Nutanix by 0.3% in the 4th quarter. Asset Management One Co. Ltd. now owns 93,016 shares of the technology company's stock worth $4,868,000 after acquiring an additional 260 shares in the last quarter. Finally, CX Institutional boosted its position in Nutanix by 134.6% during the 2nd quarter. CX Institutional now owns 488 shares of the technology company's stock worth $25,000 after acquiring an additional 280 shares during the period. 85.25% of the stock is owned by institutional investors.

Nutanix Company Profile

Nutanix, Inc is an enterprise cloud computing company that develops software to simplify the deployment and management of datacenter infrastructure. Founded in 2009 and headquartered in San Jose, California, Nutanix is best known for pioneering hyperconverged infrastructure (HCI), an approach that integrates compute, storage and virtualization into a single software-defined platform aimed at reducing complexity and operational overhead in private and hybrid cloud environments.

The company's product portfolio centers on the Nutanix Cloud Platform, which includes its core AOS software for HCI, Prism for infrastructure management and automation, and a suite of additional services such as Calm for application automation, Files and Volumes for file and block services, Karbon for Kubernetes orchestration, and Era for database management.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source