Nutanix (NASDAQ:NTNX) Price Target Raised to $63.00

Nutanix (NASDAQ:NTNX) had its target price boosted by Morgan Stanley from $58.00 to $63.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has an equal weight rating on the technology company’s stock.

Several other research analysts have also commented on the stock. Bank of America lifted their price objective on shares of Nutanix from $55.00 to $65.00 and gave the stock a buy rating in a research note on Thursday, February 29th. Wells Fargo & Company boosted their target price on shares of Nutanix from $35.00 to $42.00 and gave the company an equal weight rating in a research note on Thursday, November 30th. JPMorgan Chase & Co. boosted their target price on shares of Nutanix from $54.00 to $65.00 and gave the company an overweight rating in a research note on Monday, February 26th. Royal Bank of Canada boosted their target price on shares of Nutanix from $68.00 to $72.00 and gave the company an outperform rating in a research note on Thursday, February 29th. Finally, StockNews.com lowered shares of Nutanix from a strong-buy rating to a buy rating in a research note on Friday, January 12th. Two equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $63.92.

Nutanix Stock Performance

Shares of NTNX opened at $61.72 on Wednesday. The company’s fifty day moving average is $60.03 and its 200 day moving average is $47.65. Nutanix has a fifty-two week low of $23.34 and a fifty-two week high of $66.99. The stock has a market capitalization of $15.08 billion, a PE ratio of -171.44 and a beta of 1.29.

Nutanix (NASDAQ:NTNX) last announced its quarterly earnings results on Wednesday, February 28th. The technology company reported $0.17 earnings per share for the quarter. The business had revenue of $565.23 million during the quarter, compared to the consensus estimate of $551.82 million. As a group, research analysts forecast that Nutanix will post -0.07 earnings per share for the current year.

Insiders Place Their Bets

In other Nutanix news, insider Tyler Wall sold 15,000 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $62.25, for a total value of $933,750.00. Following the completion of the transaction, the insider now directly owns 13,168 shares in the company, valued at $819,708. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Steven J. Gomo sold 25,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $64.11, for a total transaction of $1,602,750.00. Following the transaction, the director now owns 3,962 shares in the company, valued at $254,003.82. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Tyler Wall sold 15,000 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $62.25, for a total transaction of $933,750.00. Following the transaction, the insider now owns 13,168 shares in the company, valued at approximately $819,708. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,477 shares of company stock worth $4,836,249. 0.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nutanix

Several hedge funds have recently modified their holdings of NTNX. FIL Ltd increased its holdings in shares of Nutanix by 74.7% during 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. Norges Bank purchased a new stake in Nutanix in the fourth quarter valued at approximately $137,465,000. Jericho Capital Asset Management L.P. purchased a new stake in Nutanix in the third quarter valued at approximately $82,421,000. Price T Rowe Associates Inc. MD boosted its position in Nutanix by 86.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,373,347 shares of the technology company’s stock valued at $160,876,000 after buying an additional 1,567,417 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Nutanix by 5.0% in the first quarter. Vanguard Group Inc. now owns 23,344,292 shares of the technology company’s stock valued at $626,094,000 after buying an additional 1,116,856 shares during the last quarter. Institutional investors and hedge funds own 85.25% of the company’s stock.

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.