Nutanix (NASDAQ:NTNX) Trading Down 4.8% - What's Next?

Shares of Nutanix (NASDAQ:NTNX - Get Free Report) dropped 4.8% during trading on Thursday . The company traded as low as $72.02 and last traded at $72.84. Approximately 779,620 shares were traded during trading, a decline of 70% from the average daily volume of 2,558,112 shares. The stock had previously closed at $76.55.

Analysts Set New Price Targets

NTNX has been the subject of several research analyst reports. Piper Sandler restated 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. Raymond James Financial downgraded shares of Nutanix from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 20th. Susquehanna upped their price objective on shares of Nutanix from $90.00 to $95.00 and gave the company a "positive" rating in a research note on Thursday, May 29th. Morgan Stanley restated an "overweight" rating and issued a $90.00 price objective (up previously from $75.00) on shares of Nutanix in a research note on Tuesday, May 20th. Finally, KeyCorp initiated coverage on shares of Nutanix in a research note on Thursday, June 26th. They issued an "overweight" rating and a $95.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $90.71.

Nutanix Stock Down 1.6%

The stock has a market capitalization of $19.41 billion, a PE ratio of 147.76, a PEG ratio of 6.69 and a beta of 0.67. The firm's fifty day moving average is $76.33 and its 200-day moving average is $70.46.

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, topping the consensus estimate of $0.38 by $0.04. The firm had revenue of $638.98 million during the quarter, compared to analysts' expectations of $626.12 million. Nutanix had a net margin of 0.97% and a negative return on equity of 21.32%. The firm's revenue for the quarter was up 21.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.28 earnings per share. On average, analysts expect that Nutanix will post 0.31 EPS for the current year.

Insider Activity

In related news, Director Groen Max Pieter De sold 5,480,467 shares of the stock in a transaction dated 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 completion of the transaction, the director directly owned 5,480,468 shares of the company's stock, valued at $420,954,747.08. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Rukmini Sivaraman sold 2,100 shares of the stock in a transaction dated 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 transaction, the chief financial officer directly owned 209,070 shares of the company's stock, valued at approximately $15,205,661.10. This trade represents a 0.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,552,549 shares of company stock valued at $426,621,281. Company insiders own 6.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NTNX. Harbour Investments Inc. increased its holdings in Nutanix by 2,612.5% in the fourth quarter. Harbour Investments Inc. now owns 434 shares of the technology company's stock valued at $27,000 after buying an additional 418 shares in the last quarter. Colonial Trust Co SC acquired a new stake in shares of Nutanix in the fourth quarter valued at approximately $28,000. Twin Tree Management LP acquired a new stake in shares of Nutanix in the first quarter valued at approximately $29,000. MassMutual Private Wealth & Trust FSB grew 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 valued at $30,000 after purchasing an additional 191 shares during the last quarter. Finally, GW&K Investment Management LLC acquired a new stake in shares of Nutanix in the first quarter valued at approximately $30,000. 85.25% of the stock is owned by hedge funds and other institutional investors.

About Nutanix

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.