Nutanix (NASDAQ:NTNX) Shares Down 4.8% - Time to Sell?

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Piper Sandler reiterated an "overweight" rating and set a $88.00 target price (up from $76.00) on shares of Nutanix in a report on Thursday, May 29th. Morgan Stanley reiterated an "overweight" rating and set a $90.00 target price (up from $75.00) on shares of Nutanix in a report on Tuesday, May 20th. KeyCorp began coverage on shares of Nutanix in a report on Thursday, June 26th. They set an "overweight" rating and a $95.00 target price for the company. Susquehanna upped their target price on Nutanix from $90.00 to $95.00 and gave the stock a "positive" rating in a report on Thursday, May 29th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $92.00 target price on shares of Nutanix in a report on Thursday, May 29th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $90.71.

Nutanix Trading Down 1.6%

The firm has a market capitalization of $19.41 billion, a P/E ratio of 156.22, a P/E/G ratio of 7.07 and a beta of 0.67. The company has a 50 day simple moving average of $76.34 and a two-hundred day simple moving average of $70.32.

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

Insider Activity at Nutanix

In other news, CEO Rajiv Ramaswami sold 61,057 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $79.00, for a total value of $4,823,503.00. Following the completion of the sale, the chief executive officer owned 497,309 shares of the company's stock, valued at approximately $39,287,411. This represents a 10.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Rukmini Sivaraman sold 2,100 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was 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 directly 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 disclosure for this sale can be found here. Insiders have sold 5,552,549 shares of company stock valued at $426,621,281 over the last 90 days. 6.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nutanix

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Nutanix by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 25,636,598 shares of the technology company's stock worth $1,568,447,000 after buying an additional 146,854 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Nutanix by 6.5% during the fourth quarter. Renaissance Technologies LLC now owns 4,418,900 shares of the technology company's stock worth $270,348,000 after purchasing an additional 268,400 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Nutanix by 4.0% during the fourth quarter. Geode Capital Management LLC now owns 4,311,000 shares of the technology company's stock worth $263,275,000 after purchasing an additional 163,874 shares during the last quarter. Jericho Capital Asset Management L.P. raised its holdings in shares of Nutanix by 46.8% during the first quarter. Jericho Capital Asset Management L.P. now owns 4,102,993 shares of the technology company's stock worth $286,430,000 after purchasing an additional 1,308,357 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Nutanix by 65.5% during the first quarter. AQR Capital Management LLC now owns 3,604,005 shares of the technology company's stock worth $246,874,000 after purchasing an additional 1,426,049 shares during the last quarter. Hedge funds and other institutional investors own 85.25% of the company's stock.

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.