Nutanix Inc. (NTNX) Trading Up 5.4% Following Analyst Upgrade
Nutanix Inc. (NASDAQ:NTNX) was up 5.4% during trading on Monday after Bank of America Corporation raised their price target on the stock from $30.00 to $35.00. Bank of America Corporation currently has a buy rating on the stock. Nutanix traded as high as $23.06 and last traded at $22.73. Approximately 8,024,996 shares changed hands during mid-day trading, an increase of 160% from the average daily volume of 3,089,760 shares. The stock had previously closed at $21.56.
Several other equities research analysts have also recently commented on NTNX. Goldman Sachs Group, Inc. (The) raised Nutanix from a “neutral” rating to a “buy” rating and set a $31.00 price target for the company in a research note on Monday, May 22nd. Credit Suisse Group reissued an “outperform” rating and issued a $38.00 price target on shares of Nutanix in a research note on Thursday, May 25th. Robert W. Baird reissued a “buy” rating on shares of Nutanix in a research note on Friday, May 26th. Maxim Group restated a “buy” rating and issued a $41.00 target price on shares of Nutanix in a report on Friday, May 26th. Finally, Piper Jaffray Companies set a $27.00 target price on Nutanix and gave the stock a “buy” rating in a report on Saturday, May 27th. One analyst has rated the stock with a sell rating, five have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $31.05.
In related news, President Sudheesh Nair Vadakkedath sold 25,000 shares of the company’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $21.99, for a total value of $549,750.00. Following the completion of the transaction, the president now directly owns 110,519 shares in the company, valued at $2,430,312.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sunil Potti sold 30,000 shares of the company’s stock in a transaction on Monday, June 26th. The shares were sold at an average price of $20.00, for a total value of $600,000.00. Following the completion of the transaction, the insider now owns 114,165 shares of the company’s stock, valued at $2,283,300. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,207,833 shares of company stock valued at $47,214,826.
Several hedge funds and other institutional investors have recently modified their holdings of NTNX. FMR LLC raised its stake in shares of Nutanix by 320.6% in the second quarter. FMR LLC now owns 12,043,981 shares of the technology company’s stock valued at $242,686,000 after purchasing an additional 9,180,123 shares in the last quarter. Sapphire Ventures L.L.C. acquired a new position in shares of Nutanix in the first quarter valued at $51,506,000. Franklin Resources Inc. acquired a new position in shares of Nutanix in the second quarter valued at $55,063,000. Raging Capital Management LLC acquired a new position in shares of Nutanix in the first quarter valued at $27,315,000. Finally, Vanguard Group Inc. raised its stake in shares of Nutanix by 65.5% in the first quarter. Vanguard Group Inc. now owns 3,275,441 shares of the technology company’s stock valued at $61,480,000 after purchasing an additional 1,295,813 shares in the last quarter. Institutional investors and hedge funds own 32.20% of the company’s stock.
The company’s 50-day moving average price is $21.73 and its 200 day moving average price is $24.83. The stock’s market capitalization is $3.47 billion.
Nutanix (NASDAQ:NTNX) last released its quarterly earnings results on Thursday, August 31st. The technology company reported ($0.33) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.38) by $0.05. The business had revenue of $226.10 million during the quarter, compared to analysts’ expectations of $216.00 million. Nutanix had a negative return on equity of 248.46% and a negative net margin of 59.72%. The firm’s revenue was up 61.7% on a year-over-year basis. Equities research analysts predict that Nutanix Inc. will post ($0.96) EPS for the current fiscal year.
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Nutanix, Inc is a United States-based company, which provides an enterprise cloud platform that converges silos of server, virtualization and storage into an integrated solution. The Company’s enterprise cloud platform connects to public cloud services. It has operations in the United States; Europe, the Middle East and Africa; Asia-Pacific, and Other Americas.
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