Zacks Investment Research upgraded shares of Nutanix (NASDAQ:NTNX) from a hold rating to a buy rating in a research report report published on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $22.00 target price on the technology company’s stock.
According to Zacks, “Nutanix is gaining from a steady expansion in the customer base. Moreover, adoption rate of the company’s AHV hypervisor was strong as customers continued to opt for it as a low-cost alternative to other vendor offerings. Further, a healthy pipeline of big deals is a tailwind. The company’s transition to software-only sales will boost its margins over the long-run. Additionally, Nutanix is expected to benefit from the growth prospects of the hyper converged infrastructure market, owing to its portfolio strength, over the long term. However, lower hardware revenues are expected to drag down the top-line in the near term. Also, the ongoing transition to a subscription-based business model is expected to hurt the top line, at least in the near term. Notably, shares of Nutanix have underperformed the industry in the past year.”
NTNX has been the subject of several other reports. Wells Fargo & Co lifted their target price on shares of Nutanix from $22.00 to $27.00 and gave the company an equal weight rating in a report on Thursday, May 28th. Susquehanna Bancshares reissued a buy rating and set a $40.00 price target on shares of Nutanix in a research report on Thursday, May 28th. Northland Securities assumed coverage on shares of Nutanix in a research report on Monday, August 10th. They set an outperform rating and a $31.00 price target for the company. Royal Bank of Canada raised their price target on shares of Nutanix from $23.00 to $27.00 and gave the company an outperform rating in a research report on Thursday, May 28th. Finally, Morgan Stanley raised their price target on shares of Nutanix from $20.00 to $23.00 and gave the company an equal weight rating in a research report on Thursday, May 28th. Two analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $31.61.
Shares of NTNX stock traded down $0.30 during trading hours on Thursday, hitting $21.18. 18,716 shares of the company’s stock traded hands, compared to its average volume of 2,015,875. The stock’s fifty day simple moving average is $22.39 and its two-hundred day simple moving average is $22.71. Nutanix has a 12-month low of $11.31 and a 12-month high of $37.86. The stock has a market cap of $4.06 billion, a price-to-earnings ratio of -4.66 and a beta of 1.91.
Nutanix (NASDAQ:NTNX) last released its earnings results on Wednesday, May 27th. The technology company reported ($0.69) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.86) by $0.17. Nutanix had a negative net margin of 68.91% and a negative return on equity of 1,175,319.00%. The firm had revenue of $318.30 million during the quarter, compared to analyst estimates of $314.53 million. During the same period last year, the business earned ($0.56) earnings per share. The business’s revenue was up 10.5% on a year-over-year basis. On average, equities research analysts forecast that Nutanix will post -4.41 earnings per share for the current year.
In other news, CAO Aaron Boynton sold 2,020 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $23.12, for a total transaction of $46,702.40. Following the completion of the sale, the chief accounting officer now owns 17,558 shares of the company’s stock, valued at approximately $405,940.96. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Tyler Wall sold 8,219 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $23.12, for a total transaction of $190,023.28. Following the sale, the insider now directly owns 62,795 shares of the company’s stock, valued at approximately $1,451,820.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,785 shares of company stock valued at $1,127,909. Insiders own 9.79% of the company’s stock.
Hedge funds have recently modified their holdings of the company. CWM Advisors LLC bought a new stake in shares of Nutanix during the 1st quarter valued at $35,000. Captrust Financial Advisors bought a new stake in shares of Nutanix during the 2nd quarter valued at $36,000. Rockefeller Capital Management L.P. lifted its stake in shares of Nutanix by 347.0% during the 1st quarter. Rockefeller Capital Management L.P. now owns 2,369 shares of the technology company’s stock valued at $37,000 after buying an additional 1,839 shares in the last quarter. American International Group Inc. lifted its stake in shares of Nutanix by 20.4% during the 1st quarter. American International Group Inc. now owns 3,951 shares of the technology company’s stock valued at $62,000 after buying an additional 669 shares in the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Nutanix by 751.8% during the 2nd quarter. Signaturefd LLC now owns 3,143 shares of the technology company’s stock valued at $75,000 after buying an additional 2,774 shares in the last quarter. 70.08% of the stock is owned by hedge funds and other institutional investors.
Nutanix, Inc, together with its subsidiaries, develops and provides an enterprise cloud platform in North America, Europe, the Asia Pacific, the Middle East, Latin America, and Africa. Its solution addresses a range of workloads, including enterprise applications, databases, virtual desktop infrastructure, unified communications, and big data analytics.
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