Needham & Company LLC Reiterates “Buy” Rating for Nutanix (NASDAQ:NTNX)

Nutanix (NASDAQ:NTNX)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They currently have a $92.00 price target on the technology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 22.24% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Raymond James cut Nutanix from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 20th. Northland Capmk raised shares of Nutanix from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 27th. Wall Street Zen lowered shares of Nutanix from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Piper Sandler reduced their price objective on shares of Nutanix from $88.00 to $76.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, UBS Group increased their price objective on shares of Nutanix from $81.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $90.38.

Nutanix Stock Performance

Shares of NASDAQ:NTNX opened at $75.26 on Thursday. Nutanix has a 52 week low of $43.35 and a 52 week high of $83.36. The firm has a market cap of $20.07 billion, a PE ratio of -215.03, a price-to-earnings-growth ratio of 11.80 and a beta of 0.70. The firm’s fifty day moving average is $70.30 and its 200-day moving average is $68.82.

Insider Transactions at Nutanix

In other news, CEO Rajiv Ramaswami sold 7,740 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $75.00, for a total transaction of $580,500.00. Following the transaction, the chief executive officer now owns 558,366 shares of the company’s stock, valued at $41,877,450. This represents a 1.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Groen Max Pieter De sold 5,500,000 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $74.51, for a total value of $409,805,000.00. Following the completion of the sale, the director now owns 11,354,032 shares of the company’s stock, valued at approximately $845,988,924.32. This represents a 32.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,568,797 shares of company stock valued at $415,209,003 in the last quarter. 6.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nutanix

Several hedge funds and other institutional investors have recently modified their holdings of NTNX. Charles Schwab Investment Management Inc. lifted its holdings in shares of Nutanix by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,442,805 shares of the technology company’s stock worth $88,271,000 after purchasing an additional 33,980 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Nutanix by 5.3% during the fourth quarter. CIBC Asset Management Inc now owns 7,411 shares of the technology company’s stock worth $453,000 after buying an additional 375 shares during the last quarter. Pacer Advisors Inc. lifted its stake in shares of Nutanix by 1,555.9% in the fourth quarter. Pacer Advisors Inc. now owns 74,203 shares of the technology company’s stock valued at $4,540,000 after buying an additional 69,722 shares in the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Nutanix in the fourth quarter valued at $299,000. Finally, Sanctuary Advisors LLC grew its holdings in shares of Nutanix by 3.5% during the fourth quarter. Sanctuary Advisors LLC now owns 9,698 shares of the technology company’s stock valued at $593,000 after buying an additional 325 shares during the last quarter. Institutional investors own 85.25% of the company’s stock.

About Nutanix

Nutanix, Inc engages in the provision of a cloud platform leveraging web-scale engineering and consumer-grade design. It operates through the following geographic segments: United States, Europe, the Middle East, Africa, Asia Pacific, and Other Americas. The firm also provides software solutions and cloud services to customers’ enterprise infrastructure.