Nutanix (NASDAQ:NTNX) Now Covered by Needham & Company LLC

Needham & Company LLC assumed coverage on shares of Nutanix (NASDAQ:NTNX) in a report issued on Monday, MarketBeat reports. The firm issued a buy rating and a $90.00 price target on the technology company’s stock.

NTNX has been the topic of several other research reports. Zacks Research downgraded shares of Nutanix from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 31st. Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of Nutanix in a research note on Tuesday, August 25th. Morgan Stanley increased their price objective on shares of Nutanix from $55.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, August 27th. Bank of America reiterated a “buy” rating on shares of Nutanix in a research note on Thursday, August 27th. Finally, Piper Sandler reissued an “overweight” rating and set a $75.00 target price (up from $60.00) on shares of Nutanix in a report on Thursday, August 27th. Nine equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $73.07.

Nutanix Price Performance

Shares of NTNX opened at $68.70 on Monday. The firm has a market capitalization of $18.59 billion, a price-to-earnings ratio of 13.31, a price-to-earnings-growth ratio of 3.83 and a beta of 0.62. The company has a debt-to-equity ratio of 1.92, a quick ratio of 1.80 and a current ratio of 1.80. Nutanix has a one year low of $34.01 and a one year high of $78.45. The stock’s fifty day moving average is $64.84 and its 200-day moving average is $52.40.

Nutanix (NASDAQ:NTNX) last issued its quarterly earnings data on Wednesday, August 26th. The technology company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.11. The business had revenue of $757.08 million for the quarter, compared to analysts’ expectations of $738.27 million. Nutanix had a net margin of 52.81% and a negative return on equity of 90.13%. The company’s revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.37 earnings per share. Equities analysts anticipate that Nutanix will post 1.03 EPS for the current year.

Insider Buying and Selling

In other Nutanix news, CFO Rukmini Sivaraman sold 38,139 shares of the business’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $70.00, for a total value of $2,669,730.00. Following the sale, the chief financial officer directly owned 325,487 shares in the company, valued at approximately $22,784,090. The trade was a 10.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Nutanix

Several hedge funds have recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Nutanix in the 4th quarter worth $187,169,000. Assenagon Asset Management S.A. lifted its holdings in shares of Nutanix by 1,535.2% during the second quarter. Assenagon Asset Management S.A. now owns 3,262,231 shares of the technology company’s stock valued at $166,243,000 after purchasing an additional 3,062,730 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Nutanix by 628.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,185,120 shares of the technology company’s stock valued at $45,046,000 after purchasing an additional 1,022,516 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of Nutanix by 308.1% in the 1st quarter. Pacer Advisors Inc. now owns 1,135,857 shares of the technology company’s stock valued at $43,174,000 after purchasing an additional 857,559 shares during the period. Finally, Jericho Capital Asset Management L.P. increased its stake in Nutanix by 27.3% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 3,107,481 shares of the technology company’s stock worth $160,626,000 after purchasing an additional 666,000 shares in the last quarter. Institutional investors and hedge funds own 85.25% of the company’s stock.

About Nutanix

Nutanix, Inc is a cloud computing software company that provides infrastructure and management solutions for enterprise data centers, private clouds, public clouds and hybrid multicloud environments. Its platform is designed to simplify the deployment, operation and management of applications and workloads across on-premises infrastructure and multiple cloud providers.

The company’s offerings include the Nutanix Cloud Infrastructure platform, which combines compute, storage and virtualization capabilities; the Nutanix Cloud Manager suite for monitoring, automation, governance and cost management; and Nutanix Unified Storage.