Needham & Company LLC Initiates Coverage on Nutanix (NASDAQ:NTNX)

Analysts at Needham & Company LLC initiated coverage on shares of Nutanix (NASDAQ:NTNX) in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $90.00 price target on the technology company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 28.41% from the company’s current price.

Other research analysts have also recently issued reports about the company. Wells Fargo & Company boosted their price target on Nutanix from $55.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, August 27th. KeyCorp lifted their price objective on shares of Nutanix from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, August 24th. Bank of America reissued a “buy” rating on shares of Nutanix in a report on Thursday, August 27th. Keefe, Bruyette & Woods restated a “market perform” rating on shares of Nutanix in a research report on Tuesday, August 25th. Finally, Oppenheimer raised their target price on shares of Nutanix from $80.00 to $85.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. Nine research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.07.

Nutanix Trading Up 2.0%

Shares of NTNX stock opened at $70.09 on Monday. Nutanix has a 52-week low of $34.01 and a 52-week high of $77.90. The company has a debt-to-equity ratio of 1.92, a quick ratio of 1.80 and a current ratio of 1.80. The firm has a market capitalization of $18.96 billion, a PE ratio of 13.58, a PEG ratio of 3.41 and a beta of 0.62. The stock has a fifty day simple moving average of $65.16 and a two-hundred day simple moving average of $52.62.

Nutanix (NASDAQ:NTNX) last posted its quarterly earnings results on Wednesday, August 26th. The technology company reported $0.60 EPS 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 negative return on equity of 90.13% and a net margin of 52.81%.The business’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period last year, the firm earned $0.37 earnings per share. On average, analysts predict that Nutanix will post 1.17 EPS for the current fiscal year.

Insider Buying and Selling at Nutanix

In related news, CFO Rukmini Sivaraman sold 38,139 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief financial officer directly owned 325,487 shares of the company’s stock, valued at approximately $22,784,090. This trade represents a 10.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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 institutional investors have recently bought and sold shares of NTNX. Parkside Financial Bank & Trust raised its stake in shares of Nutanix by 43.8% in the second quarter. Parkside Financial Bank & Trust now owns 578 shares of the technology company’s stock valued at $29,000 after acquiring an additional 176 shares during the period. CoreCap Advisors LLC boosted its stake in shares of Nutanix by 28.6% during the 2nd quarter. CoreCap Advisors LLC now owns 900 shares of the technology company’s stock worth $46,000 after purchasing an additional 200 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Nutanix by 5.8% during the 1st quarter. International Assets Investment Management LLC now owns 4,700 shares of the technology company’s stock worth $179,000 after purchasing an additional 259 shares during the period. CX Institutional grew its holdings in Nutanix by 134.6% during the 2nd quarter. CX Institutional now owns 488 shares of the technology company’s stock valued at $25,000 after purchasing an additional 280 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. AG grew its holdings in Nutanix by 1.7% during the 2nd quarter. B. Metzler seel. Sohn & Co. AG now owns 22,673 shares of the technology company’s stock valued at $1,155,000 after purchasing an additional 373 shares during the last quarter. Institutional investors own 85.25% of the company’s stock.

Nutanix Company Profile

Nutanix, Inc develops enterprise cloud software that helps organizations manage applications and data across on-premises infrastructure, public clouds and hybrid multicloud environments. Its platform is designed to simplify the operation of data centers and cloud resources through a unified software experience.

The company’s offerings include hyperconverged infrastructure software, the Nutanix Cloud Infrastructure platform and AHV virtualization. Nutanix also provides services for file and object storage, databases, disaster recovery, Kubernetes and application management, as well as tools that help customers monitor, secure and govern their hybrid and multicloud environments.

Founded in 2009 and headquartered in San Jose, California, Nutanix serves businesses, government organizations and other institutions globally through direct sales and channel partners.