Wells Fargo & Company Issues Positive Forecast for Nutanix (NASDAQ:NTNX) Stock Price

Nutanix (NASDAQ:NTNX) had its target price boosted by investment analysts at Wells Fargo & Company from $60.00 to $75.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 10.73% from the company’s previous close.

A number of other equities analysts also recently commented on NTNX. Northland Securities reaffirmed a “market perform” rating and set a $77.00 target price (up from $74.00) on shares of Nutanix in a research note on Wednesday. Barclays raised their price objective on Nutanix from $75.00 to $87.00 and gave the stock an “overweight” rating in a research report on Wednesday. Bank of America boosted their price target on shares of Nutanix from $72.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Raymond James increased their price objective on shares of Nutanix from $76.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Finally, Piper Sandler boosted their target price on Nutanix from $77.00 to $83.00 and gave the company an “overweight” rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Nutanix presently has an average rating of “Moderate Buy” and an average price target of $78.86.

Nutanix Price Performance

Shares of NASDAQ:NTNX traded down $4.62 during midday trading on Wednesday, hitting $67.73. The company had a trading volume of 4,045,551 shares, compared to its average volume of 2,566,458. Nutanix has a twelve month low of $40.44 and a twelve month high of $75.80. The stock has a market cap of $17.96 billion, a price-to-earnings ratio of -130.25, a price-to-earnings-growth ratio of 12.05 and a beta of 1.17. The business’s 50-day simple moving average is $64.45 and its 200-day simple moving average is $59.35.

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 analysts’ consensus estimates of ($0.08) by $0.02. Nutanix had a negative return on equity of 7.57% and a negative net margin of 5.81%. The business had revenue of $547.95 million during the quarter, compared to the consensus estimate of $537.12 million. As a group, sell-side analysts forecast that Nutanix will post 0.31 EPS for the current year.

Insider Buying and Selling

In other Nutanix news, CFO Rukmini Sivaraman sold 24,316 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $58.85, for a total value of $1,430,996.60. Following the transaction, the chief financial officer now directly owns 192,169 shares in the company, valued at $11,309,145.65. This represents a 11.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO David Sangster sold 11,950 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $59.83, for a total transaction of $714,968.50. Following the sale, the chief operating officer now owns 123,868 shares of the company’s stock, valued at $7,411,022.44. This represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. 6.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Nutanix

A number of institutional investors and hedge funds have recently bought and sold shares of NTNX. Freedom Investment Management Inc. boosted its holdings in shares of Nutanix by 4.0% in the third quarter. Freedom Investment Management Inc. now owns 3,883 shares of the technology company’s stock valued at $230,000 after acquiring an additional 151 shares during the period. CIBC Asset Management Inc raised its position in Nutanix by 3.4% in the 3rd quarter. CIBC Asset Management Inc now owns 7,036 shares of the technology company’s stock valued at $417,000 after purchasing an additional 233 shares during the last quarter. GAMMA Investing LLC boosted its stake in Nutanix by 35.2% during the 2nd quarter. GAMMA Investing LLC now owns 933 shares of the technology company’s stock worth $53,000 after purchasing an additional 243 shares during the period. Paragon Capital Management Inc. grew its position in Nutanix by 1.0% during the 3rd quarter. Paragon Capital Management Inc. now owns 26,082 shares of the technology company’s stock worth $1,545,000 after purchasing an additional 258 shares during the last quarter. Finally, Larson Financial Group LLC grew its position in Nutanix by 122.7% during the 3rd quarter. Larson Financial Group LLC now owns 510 shares of the technology company’s stock worth $30,000 after purchasing an additional 281 shares during the last quarter. 85.25% of the stock is owned by hedge funds and other institutional investors.

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.