Piper Sandler Boosts Nutanix (NASDAQ:NTNX) Price Target to $83.00

Nutanix (NASDAQ:NTNX) had its price objective boosted by equities research analysts at Piper Sandler from $77.00 to $83.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Piper Sandler’s target price points to a potential upside of 19.00% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Raymond James boosted their price objective on Nutanix from $76.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Bank of America lifted their price target on Nutanix from $72.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Needham & Company LLC upped their price objective on Nutanix from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their target price on shares of Nutanix from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Finally, Oppenheimer assumed coverage on shares of Nutanix in a report on Wednesday, November 13th. They set an “outperform” rating and a $80.00 price target on the stock. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Nutanix presently has an average rating of “Moderate Buy” and an average price target of $76.50.

Nutanix Trading Down 3.6 %

NASDAQ NTNX traded down $2.60 on Wednesday, hitting $69.75. 3,194,114 shares of the company’s stock traded hands, compared to its average volume of 2,560,928. The firm’s 50-day moving average price is $64.45 and its two-hundred day moving average price is $59.35. The firm has a market capitalization of $18.50 billion, a PE ratio of -134.13, a P/E/G ratio of 12.05 and a beta of 1.17. Nutanix has a 1-year low of $40.44 and a 1-year high of $75.80.

Nutanix (NASDAQ:NTNX) last issued its earnings results on Wednesday, August 28th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.02. Nutanix had a negative net margin of 5.81% and a negative return on equity of 7.57%. The firm had revenue of $547.95 million during the quarter, compared to analysts’ expectations of $537.12 million. On average, research analysts anticipate that Nutanix will post 0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, COO David Sangster sold 11,950 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.83, for a total transaction of $714,968.50. Following the transaction, the chief operating officer now directly owns 123,868 shares in the company, valued at approximately $7,411,022.44. The trade was a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Rukmini Sivaraman sold 24,316 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $58.85, for a total transaction of $1,430,996.60. Following the completion of the sale, the chief financial officer now owns 192,169 shares of the company’s stock, valued at approximately $11,309,145.65. The trade was a 11.23 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.80% of the company’s stock.

Institutional Trading of Nutanix

Several large investors have recently added to or reduced their stakes in the stock. Bain Capital Investors LLC acquired a new position in shares of Nutanix during the 3rd quarter valued at about $998,601,000. Champlain Investment Partners LLC boosted its holdings in Nutanix by 3.7% in the 3rd quarter. Champlain Investment Partners LLC now owns 5,989,319 shares of the technology company’s stock valued at $354,867,000 after purchasing an additional 215,363 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Nutanix by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 4,147,126 shares of the technology company’s stock valued at $245,968,000 after buying an additional 22,091 shares during the period. Renaissance Technologies LLC grew its stake in shares of Nutanix by 7.4% in the 2nd quarter. Renaissance Technologies LLC now owns 3,738,756 shares of the technology company’s stock valued at $212,548,000 after buying an additional 256,156 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its holdings in shares of Nutanix by 15.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 2,816,647 shares of the technology company’s stock worth $166,886,000 after buying an additional 374,328 shares during the last quarter. 85.25% of the stock is currently owned by hedge funds and other institutional investors.

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.