Nutanix (NASDAQ:NTNX) Shares Gap Up on Better-Than-Expected Earnings

Shares of Nutanix, Inc. (NASDAQ:NTNX) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $52.29, but opened at $60.99. Nutanix shares last traded at $61.93, with a volume of 1,945,401 shares trading hands.

The technology company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. Nutanix had a negative net margin of 0.57% and a negative return on equity of 7.74%. The business had revenue of $547.95 million during the quarter, compared to analyst estimates of $537.12 million.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada upped their target price on shares of Nutanix from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday. Northland Capmk lowered shares of Nutanix from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 30th. Needham & Company LLC restated a “buy” rating and set a $80.00 target price on shares of Nutanix in a research report on Thursday. Northland Securities lowered shares of Nutanix from an “outperform” rating to a “market perform” rating and set a $71.00 target price for the company. in a research report on Thursday, May 30th. Finally, Barclays upped their price target on shares of Nutanix from $71.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Nutanix presently has a consensus rating of “Moderate Buy” and an average price target of $73.08.

Insider Transactions at Nutanix

In other Nutanix news, CEO Rajiv Ramaswami sold 23,986 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $54.19, for a total transaction of $1,299,801.34. Following the sale, the chief executive officer now owns 407,045 shares of the company’s stock, valued at approximately $22,057,768.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Nutanix news, CFO Rukmini Sivaraman sold 12,566 shares of Nutanix stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $53.22, for a total transaction of $668,762.52. Following the completion of the sale, the chief financial officer now directly owns 144,902 shares in the company, valued at approximately $7,711,684.44. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Rajiv Ramaswami sold 23,986 shares of Nutanix stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $54.19, for a total transaction of $1,299,801.34. Following the sale, the chief executive officer now owns 407,045 shares of the company’s stock, valued at $22,057,768.55. The disclosure for this sale can be found here. Insiders have sold a total of 46,936 shares of company stock valued at $2,531,273 in the last 90 days. Insiders own 0.46% of the company’s stock.

Institutional Trading of Nutanix

Several institutional investors and hedge funds have recently bought and sold shares of the business. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Nutanix in the 2nd quarter valued at $25,000. Atlantic Edge Private Wealth Management LLC acquired a new position in shares of Nutanix in the 4th quarter valued at $29,000. GAMMA Investing LLC acquired a new position in shares of Nutanix in the 4th quarter valued at $30,000. Itau Unibanco Holding S.A. acquired a new position in shares of Nutanix in the 2nd quarter valued at $32,000. Finally, Kapitalo Investimentos Ltda acquired a new position in shares of Nutanix in the 4th quarter valued at $37,000. 85.25% of the stock is currently owned by institutional investors and hedge funds.

Nutanix Trading Up 17.9 %

The company has a market cap of $15.20 billion, a PE ratio of -882.57, a price-to-earnings-growth ratio of 4.45 and a beta of 1.16. The firm’s fifty day moving average is $52.47 and its 200 day moving average is $58.65.

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.