Nutanix Inc. (NTNX) Upgraded to Buy at Zacks Investment Research
Nutanix Inc. (NASDAQ:NTNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage presently has a $25.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 15.05% from the company’s previous close.
According to Zacks, “Nutanix, Inc. provides an enterprise cloud platform which converges silos of server, virtualization and storage into integrated solution and connects to public cloud services. Nutanix, Inc. is based in San Jose, United States. “
A number of other research analysts have also recently issued reports on the company. Goldman Sachs Group, Inc. (The) upgraded Nutanix from a “neutral” rating to a “buy” rating and set a $31.00 target price on the stock in a research report on Monday, May 22nd. Oppenheimer Holdings, Inc. reiterated an “outperform” rating and issued a $34.00 target price on shares of Nutanix in a research report on Wednesday, July 5th. Bank of America Corporation restated a “buy” rating and set a $27.00 price target on shares of Nutanix in a report on Tuesday, May 30th. Maxim Group restated a “buy” rating and set a $41.00 price target on shares of Nutanix in a report on Friday, May 26th. Finally, Robert W. Baird set a $28.00 price target on Nutanix and gave the stock a “buy” rating in a report on Wednesday, June 28th. One equities research 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 stock. Nutanix presently has an average rating of “Buy” and a consensus price target of $30.69.
Nutanix (NASDAQ NTNX) traded down 1.94% on Friday, reaching $21.73. 2,353,803 shares of the company’s stock were exchanged. The company’s market cap is $3.29 billion. Nutanix has a 52 week low of $14.38 and a 52 week high of $46.78. The stock’s 50 day moving average is $21.93 and its 200 day moving average is $20.07.
Nutanix (NASDAQ:NTNX) last released its earnings results on Thursday, August 31st. The technology company reported ($0.33) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.38) by $0.05. Nutanix had a negative return on equity of 248.46% and a negative net margin of 59.72%. The firm had revenue of $226.10 million for the quarter, compared to analysts’ expectations of $216 million. The business’s quarterly revenue was up 61.7% on a year-over-year basis. On average, equities analysts anticipate that Nutanix will post ($1.00) earnings per share for the current year.
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In related news, CFO Duston Williams sold 80,244 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $17.23, for a total value of $1,382,604.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Rajiv Mirani sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $17.16, for a total value of $343,200.00. The disclosure for this sale can be found here. Insiders sold 2,243,967 shares of company stock worth $47,263,903 over the last quarter.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Public Employees Retirement System of Ohio lifted its stake in Nutanix by 6.3% in the second quarter. Public Employees Retirement System of Ohio now owns 135,605 shares of the technology company’s stock valued at $2,732,000 after buying an additional 8,066 shares during the period. Fairfield Bush & CO. acquired a new position in Nutanix in the second quarter valued at approximately $2,760,000. California State Teachers Retirement System lifted its stake in Nutanix by 107.0% in the second quarter. California State Teachers Retirement System now owns 61,700 shares of the technology company’s stock valued at $1,243,000 after buying an additional 31,900 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Nutanix by 661.5% in the second quarter. The Manufacturers Life Insurance Company now owns 30,383 shares of the technology company’s stock valued at $612,000 after buying an additional 26,393 shares during the period. Finally, State Street Corp lifted its stake in Nutanix by 146.7% in the second quarter. State Street Corp now owns 547,995 shares of the technology company’s stock valued at $11,042,000 after buying an additional 325,821 shares during the period. 32.20% of the stock is currently owned by hedge funds and other institutional investors.
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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