Northland Securities Increases Nutanix (NASDAQ:NTNX) Price Target to $74.00

Nutanix (NASDAQ:NTNX) had its target price raised by equities research analysts at Northland Securities from $71.00 to $74.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “market perform” rating on the technology company’s stock. Northland Securities’ price objective points to a potential upside of 16.10% from the company’s previous close.

Several other brokerages have also weighed in on NTNX. Raymond James increased their price objective on Nutanix from $76.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday. Bank of America increased their price objective on shares of Nutanix from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday. Piper Sandler raised their price target on Nutanix from $76.00 to $77.00 and gave the stock an “overweight” rating in a research report on Thursday. Barclays lifted their price objective on Nutanix from $71.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Northland Capmk cut Nutanix from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 30th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.31.

Nutanix Price Performance

Shares of NASDAQ:NTNX traded up $0.83 during midday trading on Friday, hitting $63.74. The company had a trading volume of 648,815 shares, compared to its average volume of 2,692,683. The business’s 50-day simple moving average is $52.68 and its 200-day simple moving average is $58.68. The stock has a market cap of $15.72 billion, a price-to-earnings ratio of -910.57, a price-to-earnings-growth ratio of 4.45 and a beta of 1.16. Nutanix has a twelve month low of $30.26 and a twelve month high of $73.69.

Nutanix (NASDAQ:NTNX) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.02. Nutanix had a negative return on equity of 7.74% and a negative net margin of 0.57%. The business had revenue of $547.95 million for the quarter, compared to analyst estimates of $537.12 million. As a group, sell-side analysts forecast that Nutanix will post 0.12 EPS for the current year.

Insider Buying and Selling

In other Nutanix news, COO David Sangster sold 10,384 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $54.19, for a total transaction of $562,708.96. Following the transaction, the chief operating officer now owns 64,333 shares of the company’s stock, valued at $3,486,205.27. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, COO David Sangster sold 10,384 shares of the stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $54.19, for a total value of $562,708.96. Following the completion of the sale, the chief operating officer now directly owns 64,333 shares of the company’s stock, valued at $3,486,205.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rukmini Sivaraman sold 12,566 shares of the firm’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $53.22, for a total transaction of $668,762.52. Following the transaction, the chief financial officer now owns 144,902 shares in the company, valued at $7,711,684.44. The disclosure for this sale can be found here. Insiders have sold 46,936 shares of company stock worth $2,531,273 in the last ninety days. 0.46% of the stock is owned by corporate insiders.

Institutional Trading of Nutanix

A number of hedge funds have recently added to or reduced their stakes in NTNX. Vanguard Group Inc. raised its stake in shares of Nutanix by 1.4% during the first quarter. Vanguard Group Inc. now owns 25,087,143 shares of the technology company’s stock worth $1,548,378,000 after purchasing an additional 346,414 shares during the last quarter. Generation Investment Management LLP raised its position in Nutanix by 1.8% during the 4th quarter. Generation Investment Management LLP now owns 17,257,588 shares of the technology company’s stock worth $823,014,000 after buying an additional 300,942 shares during the last quarter. FIL Ltd boosted its holdings in shares of Nutanix by 74.7% in the fourth quarter. FIL Ltd now owns 8,908,166 shares of the technology company’s stock valued at $424,830,000 after acquiring an additional 3,809,981 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Nutanix by 29.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,358,768 shares of the technology company’s stock worth $269,024,000 after acquiring an additional 985,421 shares during the period. Finally, Jericho Capital Asset Management L.P. raised its holdings in Nutanix by 13.1% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,988,923 shares of the technology company’s stock worth $246,196,000 after purchasing an additional 462,000 shares in the last quarter. 85.25% of the stock is owned by institutional investors and hedge funds.

About Nutanix

Nutanix, Inc provides an enterprise cloud platform in North America, Europe, the Asia Pacific, the Middle East, Latin America, and Africa. The company offers hyperconverged infrastructure software stack that converges virtualization, storage, and networking services into a turnkey solution; Acropolis Hypervisor, an enterprise-grade virtualization solution; flow virtual networking and flow network security, which offers services to visualize the network, automate common network operations, and build virtual private networks; Nutanix Kubernetes Engine for automated deployment and management of Kubernetes clusters to simplify the provisioning, operations, and lifecycle management of cloud-native environments, applications, and microservices; and Nutanix Cloud Clusters.