Short Interest in Nutanix (NASDAQ:NTNX) Declines By 15.2%

Key Points

• Short interest in Nutanix fell 15.2% in April to 10,654,482 shares, equal to 4.1% of the float and a short-interest ratio of 2.8 days based on average daily volume.
• Analysts maintain a Moderate Buy consensus with an average target price of $60.87 after several firms adjusted targets and ratings in late February/early March.
• Nutanix beat quarterly estimates, reporting $0.56 EPS versus $0.44 expected and $722.8M in revenue (up 10.4% year-over-year), with the stock trading at about a 46.3 P/E and a $11.3B market cap.

Nutanix (NASDAQ:NTNX - Get Free Report) saw a large decrease in short interest during the month of April. As of April 15th, there was short interest totaling 10,654,482 shares, a decrease of 15.2% from the March 31st total of 12,560,601 shares. Based on an average daily volume of 3,812,755 shares, the short-interest ratio is presently 2.8 days. Currently, 4.1% of the company's stock are short sold.

Wall Street Analyst Weigh In

Several brokerages have weighed in on NTNX. Needham & Company LLC dropped their target price on Nutanix from $65.00 to $55.00 and set a "buy" rating on the stock in a research report on Thursday, February 26th. Bank of America dropped their target price on Nutanix from $75.00 to $60.00 and set a "buy" rating on the stock in a research report on Thursday, February 26th. UBS Group upped their target price on Nutanix from $57.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Piper Sandler dropped their target price on Nutanix from $72.00 to $63.00 and set an "overweight" rating on the stock in a research report on Thursday, February 26th. Finally, Wall Street Zen lowered Nutanix from a "buy" rating to a "hold" rating in a research report on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, Nutanix has an average rating of "Moderate Buy" and an average target price of $60.87.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. New Millennium Group LLC acquired a new position in shares of Nutanix during the 4th quarter valued at about $28,000. V Square Quantitative Management LLC bought a new stake in Nutanix during the 4th quarter valued at approximately $39,000. Covestor Ltd boosted its stake in Nutanix by 73.1% during the 4th quarter. Covestor Ltd now owns 767 shares of the technology company's stock valued at $40,000 after purchasing an additional 324 shares during the period. Harbour Investments Inc. boosted its stake in Nutanix by 159.4% during the 4th quarter. Harbour Investments Inc. now owns 817 shares of the technology company's stock valued at $42,000 after purchasing an additional 502 shares during the period. Finally, GW&K Investment Management LLC boosted its stake in Nutanix by 78.7% during the 4th quarter. GW&K Investment Management LLC now owns 981 shares of the technology company's stock valued at $51,000 after purchasing an additional 432 shares during the period. Institutional investors and hedge funds own 85.25% of the company's stock.

Nutanix Stock Performance

Shares of NASDAQ NTNX traded up $1.73 during mid-day trading on Friday, reaching $42.62. 2,092,829 shares of the company traded hands, compared to its average volume of 4,413,834. The stock has a market cap of $11.30 billion, a PE ratio of 46.32, a price-to-earnings-growth ratio of 4.69 and a beta of 0.52. The company's fifty day moving average is $39.48 and its two-hundred day moving average is $48.67. Nutanix has a fifty-two week low of $34.01 and a fifty-two week high of $83.36.

Nutanix (NASDAQ:NTNX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 25th. The technology company reported $0.56 EPS for the quarter, beating analysts' consensus estimates of $0.44 by $0.12. The business had revenue of $722.83 million for the quarter, compared to analyst estimates of $709.83 million. Nutanix had a negative return on equity of 37.41% and a net margin of 9.95%.The firm's revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.47 EPS. Research analysts forecast that Nutanix will post 0.56 earnings per share for the current year.

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.

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