Nutanix (NASDAQ:NTNX) Cut to "Buy" at Wall Street Zen

Nutanix (NASDAQ:NTNX - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a note issued to investors on Saturday.

NTNX has been the subject of a number of other research reports. JPMorgan Chase & Co. increased their target price on Nutanix from $83.00 to $90.00 and gave the stock an "overweight" rating in a report on Thursday, February 27th. 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. Northland Securities upgraded shares of Nutanix from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $77.00 to $97.00 in a research note on Thursday, February 27th. Piper Sandler restated an "overweight" rating and set a $88.00 price objective (up from $76.00) on shares of Nutanix in a research note on Thursday, May 29th. Finally, Susquehanna increased their price objective on shares of Nutanix from $90.00 to $95.00 and gave the stock a "positive" rating in a research note on Thursday, May 29th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $90.38.

Nutanix Stock Up 1.7%

Shares of NTNX traded up $1.25 during trading hours on Friday, reaching $73.65. The stock had a trading volume of 3,527,091 shares, compared to its average volume of 2,547,740. The firm has a 50-day moving average of $72.55 and a 200 day moving average of $69.28. The company has a market cap of $19.74 billion, a P/E ratio of -263.04, a P/E/G ratio of 6.58 and a beta of 0.69. Nutanix has a 52 week low of $43.35 and a 52 week high of $83.36.

Insiders Place Their Bets

In related news, CEO Rajiv Ramaswami sold 7,740 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $75.00, for a total value of $580,500.00. Following the transaction, the chief executive officer now owns 558,366 shares in the company, valued at approximately $41,877,450. This trade represents a 1.37% decrease in their ownership of the stock. 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 dated Monday, June 16th. The stock was sold at an average price of $72.73, for a total transaction of $152,733.00. Following the sale, the chief financial officer now directly owns 209,070 shares of the company's stock, valued at $15,205,661.10. This represents a 0.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,558,364 shares of company stock worth $427,057,406 over the last three months. Insiders own 6.80% of the company's stock.

Institutional Trading of Nutanix

Several large investors have recently made changes to their positions in the company. Yousif Capital Management LLC bought a new stake in Nutanix during the fourth quarter worth $201,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Nutanix by 73.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,679 shares of the technology company's stock valued at $104,000 after purchasing an additional 711 shares during the last quarter. Asset Management One Co. Ltd. acquired a new position in shares of Nutanix during the 4th quarter worth $5,572,000. New York State Teachers Retirement System bought a new stake in shares of Nutanix during the 4th quarter worth $908,000. Finally, Rhumbline Advisers boosted its stake in Nutanix by 15.2% in the fourth quarter. Rhumbline Advisers now owns 626,894 shares of the technology company's stock valued at $38,353,000 after buying an additional 82,484 shares in the last quarter. Institutional investors and hedge funds 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.