Nutanix (NASDAQ:NTNX) Price Target Increased to $71.00 by Analysts at Needham & Company LLC

Nutanix (NASDAQ:NTNX) had its price objective hoisted by Needham & Company LLC from $64.00 to $71.00 in a report released on Wednesday morning, The Fly reports. The brokerage currently has a buy rating on the technology company’s stock.

Several other equities analysts have also issued reports on NTNX. Zacks Investment Research lowered shares of Nutanix from a buy rating to a hold rating and set a $40.00 price objective on the stock. in a report on Monday, August 16th. JMP Securities lifted their price objective on shares of Nutanix from $45.00 to $48.00 and gave the stock an outperform rating in a research note on Thursday, September 2nd. Morgan Stanley restated a hold rating and set a $41.00 target price on shares of Nutanix in a research report on Friday, August 27th. Piper Sandler boosted their target price on shares of Nutanix from $45.00 to $47.00 and gave the company an overweight rating in a research report on Thursday, September 2nd. Finally, OTR Global upgraded shares of Nutanix from a mixed rating to a positive rating in a research report on Thursday, November 18th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Nutanix has an average rating of Buy and an average price target of $46.91.

Shares of NASDAQ:NTNX opened at $35.20 on Wednesday. Nutanix has a 12 month low of $25.15 and a 12 month high of $44.50. The company has a 50-day moving average price of $36.49 and a 200 day moving average price of $36.12. The company has a market cap of $7.54 billion, a price-to-earnings ratio of -7.03 and a beta of 1.63.

Nutanix (NASDAQ:NTNX) last posted its quarterly earnings data on Monday, November 22nd. The technology company reported ($0.22) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.34) by $0.12. The firm had revenue of $378.50 million during the quarter, compared to analysts’ expectations of $367.83 million. During the same period last year, the company earned ($0.88) earnings per share. The business’s revenue for the quarter was up 21.0% compared to the same quarter last year. As a group, equities research analysts predict that Nutanix will post -2.75 earnings per share for the current fiscal year.

In related news, CFO Duston Williams sold 43,632 shares of Nutanix stock in a transaction on Thursday, October 7th. The shares were sold at an average price of $37.06, for a total value of $1,617,001.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Aaron Boynton sold 3,327 shares of Nutanix stock in a transaction on Thursday, September 16th. The stock was sold at an average price of $41.74, for a total transaction of $138,868.98. Following the completion of the sale, the chief accounting officer now owns 19,823 shares of the company’s stock, valued at approximately $827,412.02. The disclosure for this sale can be found here. Insiders sold 173,044 shares of company stock worth $6,792,459 over the last three months. Corporate insiders own 0.92% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of NTNX. Cetera Investment Advisers increased its holdings in shares of Nutanix by 367.8% in the 3rd quarter. Cetera Investment Advisers now owns 35,405 shares of the technology company’s stock valued at $1,335,000 after purchasing an additional 27,836 shares during the period. Janus Henderson Group PLC acquired a new position in Nutanix during the third quarter worth $6,097,000. Chartwell Investment Partners LLC raised its stake in Nutanix by 21.7% during the third quarter. Chartwell Investment Partners LLC now owns 112,394 shares of the technology company’s stock worth $4,237,000 after acquiring an additional 20,026 shares in the last quarter. National Asset Management Inc. raised its stake in Nutanix by 1,028.2% during the third quarter. National Asset Management Inc. now owns 151,782 shares of the technology company’s stock worth $5,723,000 after acquiring an additional 138,328 shares in the last quarter. Finally, Twinbeech Capital LP acquired a new position in Nutanix during the third quarter worth $2,416,000. Hedge funds and other institutional investors own 72.75% of the company’s stock.

Nutanix Company Profile

Nutanix, Inc engages in the provision of enterprise virtualization and storage solutions. It engages in cloud operating system that converges traditional silos of server, virtualization, storage, and networking into one integrated solution and unifies private and public cloud into a single software fabric.

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