Nutanix (NASDAQ:NTNX) Given New $83.00 Price Target at Piper Sandler

Nutanix (NASDAQ:NTNX) had its price target boosted by Piper Sandler from $77.00 to $83.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the technology company’s stock.

Several other research firms have also recently issued reports on NTNX. JPMorgan Chase & Co. upped their price target on shares of Nutanix from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Raymond James upped their target price on shares of Nutanix from $76.00 to $85.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Morgan Stanley upgraded Nutanix from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $71.00 to $72.00 in a research note on Monday, October 28th. Needham & Company LLC upped their price objective on Nutanix from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Oppenheimer assumed coverage on Nutanix in a research report on Wednesday, November 13th. They issued an “outperform” rating and a $80.00 target price for the company. Three research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $78.86.

Nutanix Stock Performance

NASDAQ:NTNX opened at $65.28 on Wednesday. The stock has a market cap of $17.31 billion, a price-to-earnings ratio of -186.51, a price-to-earnings-growth ratio of 11.04 and a beta of 1.17. Nutanix has a one year low of $42.22 and a one year high of $75.80. The business’s 50-day simple moving average is $64.88 and its 200 day simple moving average is $59.40.

Nutanix (NASDAQ:NTNX) last announced its earnings results on Wednesday, August 28th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. Nutanix had a negative return on equity of 12.43% and a negative net margin of 3.54%. The company had revenue of $547.95 million for the quarter, compared to analyst estimates of $537.12 million. On average, equities research analysts predict that Nutanix will post 0.31 EPS for the current year.

Insider Activity

In related news, CFO Rukmini Sivaraman sold 24,316 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $58.85, for a total value of $1,430,996.60. Following the completion of the transaction, the chief financial officer now directly owns 192,169 shares of the company’s stock, valued at $11,309,145.65. This represents a 11.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO David Sangster sold 11,950 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.83, for a total value of $714,968.50. Following the completion of the sale, the chief operating officer now owns 123,868 shares in the company, valued at approximately $7,411,022.44. This represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of NTNX. O Shaughnessy Asset Management LLC bought a new stake in shares of Nutanix during the first quarter valued at about $213,000. Tidal Investments LLC raised its position in shares of Nutanix by 37.0% during the 1st quarter. Tidal Investments LLC now owns 23,551 shares of the technology company’s stock worth $1,454,000 after buying an additional 6,364 shares in the last quarter. Burney Co. acquired a new stake in shares of Nutanix in the 1st quarter worth approximately $688,000. Cetera Investment Advisers boosted its holdings in shares of Nutanix by 48.7% in the first quarter. Cetera Investment Advisers now owns 76,103 shares of the technology company’s stock valued at $4,697,000 after acquiring an additional 24,918 shares in the last quarter. Finally, Cetera Advisors LLC bought a new position in shares of Nutanix in the first quarter valued at approximately $3,141,000. Institutional investors own 85.25% of the company’s stock.

Nutanix Company Profile

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.