Nutanix (NASDAQ:NTNX) Upgraded to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Nutanix to “Strong Buy” from “Hold.” Across analysts, the stock carries a “Moderate Buy” consensus rating with an average price target of $60.
• Nutanix shares opened at $59.05, up 3.9%, with a market capitalization of approximately $15.96 billion. The stock has traded between $34.01 and $82.42 over the past 52 weeks.
• The company exceeded quarterly expectations, reporting $0.47 in EPS versus a $0.35 estimate and $703.07 million in revenue versus a $686.34 million forecast; revenue increased 10% year over year.

Nutanix (NASDAQ:NTNX - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

NTNX has been the subject of several other research reports. Needham & Company LLC raised their price objective on shares of Nutanix from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Barclays increased their target price on shares of Nutanix from $47.00 to $53.00 and gave the stock an "equal weight" rating in a report on Thursday, May 28th. Northland Securities set a $47.00 price target on shares of Nutanix in a research report on Thursday, May 28th. JPMorgan Chase & Co. boosted their price target on shares of Nutanix from $44.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday, May 28th. Finally, Piper Sandler reaffirmed an "overweight" rating on shares of Nutanix in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $60.00.

Nutanix Stock Up 3.9%

NTNX opened at $59.05 on Monday. Nutanix has a 52 week low of $34.01 and a 52 week high of $82.42. The business has a fifty day simple moving average of $51.34 and a 200-day simple moving average of $44.99. The firm has a market cap of $15.96 billion, a P/E ratio of 62.16, a P/E/G ratio of 5.01 and a beta of 0.61.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Nutanix by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 27,514,943 shares of the technology company's stock valued at $1,422,247,000 after purchasing an additional 832,468 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Nutanix by 72.8% during the fourth quarter. AQR Capital Management LLC now owns 11,452,714 shares of the technology company's stock worth $591,991,000 after purchasing an additional 4,826,443 shares in the last quarter. Geode Capital Management LLC increased its holdings in Nutanix by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 5,283,964 shares of the technology company's stock valued at $272,452,000 after buying an additional 135,533 shares during the last quarter. FIL Ltd increased its holdings in Nutanix by 180.1% in the fourth quarter. FIL Ltd now owns 4,333,937 shares of the technology company's stock valued at $224,021,000 after buying an additional 2,786,929 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in Nutanix by 14.0% in the fourth quarter. First Trust Advisors LP now owns 3,647,276 shares of the technology company's stock valued at $188,528,000 after buying an additional 447,806 shares in the last quarter. Institutional investors and hedge funds own 85.25% of the company's stock.

About Nutanix

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.

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