Oppenheimer Initiates Coverage on Nutanix (NASDAQ:NTNX)

Analysts at Oppenheimer initiated coverage on shares of Nutanix (NASDAQ:NTNX) in a report issued on Wednesday, Marketbeat reports. The brokerage set an “outperform” rating and a $80.00 price target on the technology company’s stock. Oppenheimer’s price target indicates a potential upside of 12.53% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Bank of America raised their price target on Nutanix from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Royal Bank of Canada lifted their target price on shares of Nutanix from $70.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Piper Sandler increased their price target on shares of Nutanix from $76.00 to $77.00 and gave the stock an “overweight” rating in a research note on Thursday, August 29th. Northland Securities lifted their price objective on shares of Nutanix from $71.00 to $74.00 and gave the company a “market perform” rating in a research note on Friday, August 30th. Finally, Morgan Stanley upgraded shares of Nutanix from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $71.00 to $72.00 in a report on Monday, October 28th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $73.86.

Nutanix Stock Performance

Shares of NTNX opened at $71.09 on Wednesday. The company has a market capitalization of $18.85 billion, a PE ratio of -136.71, a PEG ratio of 14.64 and a beta of 1.17. The company’s 50 day moving average price is $62.54 and its 200 day moving average price is $58.96. Nutanix has a 52 week low of $38.60 and a 52 week high of $73.69.

Nutanix (NASDAQ:NTNX) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported ($0.06) EPS for the quarter, beating 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 business had revenue of $547.95 million for the quarter, compared to analysts’ expectations of $537.12 million. On average, equities analysts forecast that Nutanix will post 0.27 earnings per share for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Nutanix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers raised its holdings in Nutanix by 48.7% in the first quarter. Cetera Investment Advisers now owns 76,103 shares of the technology company’s stock worth $4,697,000 after purchasing an additional 24,918 shares during the period. Diversified Trust Co lifted its holdings in Nutanix by 46.7% during the second quarter. Diversified Trust Co now owns 36,666 shares of the technology company’s stock worth $2,084,000 after acquiring an additional 11,668 shares in the last quarter. Vanguard Group Inc. grew its stake in Nutanix by 1.4% in the first quarter. Vanguard Group Inc. now owns 25,087,143 shares of the technology company’s stock valued at $1,548,378,000 after acquiring an additional 346,414 shares during the period. Versor Investments LP increased its holdings in shares of Nutanix by 211.7% in the third quarter. Versor Investments LP now owns 33,352 shares of the technology company’s stock worth $1,976,000 after acquiring an additional 22,652 shares in the last quarter. Finally, Marshall Wace LLP raised its position in shares of Nutanix by 47.5% during the second quarter. Marshall Wace LLP now owns 1,482,989 shares of the technology company’s stock worth $84,308,000 after purchasing an additional 477,838 shares during the period. Institutional investors own 85.25% of the company’s stock.

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.