Nutanix (NASDAQ:NTNX) Price Target Increased to $75.00 by Analysts at Bank of America

Nutanix (NASDAQ:NTNX) had its price target raised by Bank of America from $72.00 to $75.00 in a report released on Thursday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other research firms have also weighed in on NTNX. Raymond James upped their price objective on Nutanix from $72.00 to $76.00 and gave the stock an outperform rating in a research note on Thursday, May 30th. Needham & Company LLC upped their price objective on Nutanix from $72.00 to $80.00 and gave the stock a buy rating in a research note on Thursday, May 30th. Royal Bank of Canada upped their price objective on Nutanix from $72.00 to $80.00 and gave the stock an overweight rating in a research note on Wednesday, May 29th. Northland Securities downgraded Nutanix from an outperform rating to a market perform rating and set a $71.00 target price on the stock. in a research report on Thursday, May 30th. Finally, Northland Capmk downgraded Nutanix from a strong-buy rating to a hold rating in a research report on Thursday, May 30th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Nutanix currently has a consensus rating of Moderate Buy and an average target price of $73.31.

Nutanix Stock Performance

NASDAQ:NTNX opened at $63.19 on Thursday. The stock has a 50-day simple moving average of $52.87 and a two-hundred day simple moving average of $58.75. Nutanix has a 52-week low of $30.26 and a 52-week high of $73.69. The firm has a market capitalization of $15.59 billion, a PE ratio of -902.59, a P/E/G ratio of 5.75 and a beta of 1.16.

Insider Activity

In related news, COO David Sangster sold 10,384 shares of the stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $54.19, for a total value of $562,708.96. Following the transaction, the chief operating officer now owns 64,333 shares of the company’s stock, valued at $3,486,205.27. The sale 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 dated Tuesday, June 18th. The stock was sold at an average price of $53.22, for a total transaction of $668,762.52. Following the completion of the transaction, the chief financial officer now owns 144,902 shares in the company, valued at approximately $7,711,684.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO David Sangster sold 10,384 shares of Nutanix stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $54.19, for a total value of $562,708.96. Following the transaction, the chief operating officer now owns 64,333 shares of the company’s stock, valued at approximately $3,486,205.27. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,936 shares of company stock valued at $2,531,273. 0.46% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nutanix

Institutional investors have recently modified their holdings of the business. FIL Ltd raised its position in shares of Nutanix by 74.7% during the 4th quarter. FIL Ltd now owns 8,908,166 shares of the technology company’s stock valued at $424,830,000 after buying an additional 3,809,981 shares during the period. Norges Bank purchased a new position in shares of Nutanix during the fourth quarter worth about $137,465,000. Nordea Investment Management AB lifted its position in Nutanix by 387.1% during the 1st quarter. Nordea Investment Management AB now owns 2,612,812 shares of the technology company’s stock worth $162,229,000 after acquiring an additional 2,076,377 shares during the period. Price T Rowe Associates Inc. MD raised its position in Nutanix by 29.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,358,768 shares of the technology company’s stock worth $269,024,000 after buying an additional 985,421 shares during the last quarter. Finally, Driehaus Capital Management LLC raised its position in Nutanix by 123.9% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,435,230 shares of the technology company’s stock worth $81,593,000 after buying an additional 794,215 shares during the last quarter. 85.25% of the stock is currently owned by institutional investors and hedge funds.

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.