Nutanix (NASDAQ:NTNX) Shares Gap Up – Should You Buy?

Nutanix, Inc. (NASDAQ:NTNX)’s share price gapped up prior to trading on Monday . The stock had previously closed at $61.59, but opened at $64.25. Nutanix shares last traded at $63.84, with a volume of 260,601 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on NTNX. Piper Sandler upped their price target on Nutanix from $76.00 to $77.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Morgan Stanley raised shares of Nutanix from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $71.00 to $72.00 in a research report on Monday. Northland Securities raised their price target on Nutanix from $71.00 to $74.00 and gave the stock a “market perform” rating in a research note on Friday, August 30th. Raymond James upped their price objective on Nutanix from $76.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, Royal Bank of Canada raised their target price on Nutanix from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $73.38.

Nutanix Trading Up 1.3 %

The company has a market cap of $17.23 billion, a P/E ratio of -124.94, a PEG ratio of 12.48 and a beta of 1.18. The business’s 50 day simple moving average is $60.39 and its 200 day simple moving average is $58.44.

Nutanix (NASDAQ:NTNX) last announced its quarterly earnings data 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 firm had revenue of $547.95 million for the quarter, compared to the consensus estimate of $537.12 million. Sell-side analysts anticipate that Nutanix, Inc. will post 0.27 EPS for the current year.

Insider Activity at Nutanix

In other news, COO David Sangster sold 11,950 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $7,411,022.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, COO David Sangster sold 11,950 shares of the company’s stock in a transaction 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 transaction, the chief operating officer now directly owns 123,868 shares of the company’s stock, valued at approximately $7,411,022.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Rukmini Sivaraman sold 24,316 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 192,169 shares in the company, valued at $11,309,145.65. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 6.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nutanix

A number of large investors have recently bought and sold shares of NTNX. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Nutanix during the 1st quarter valued at approximately $1,384,000. Cetera Investment Advisers lifted its position in Nutanix by 48.7% during the first quarter. Cetera Investment Advisers now owns 76,103 shares of the technology company’s stock valued at $4,697,000 after purchasing an additional 24,918 shares during the period. Diversified Trust Co boosted its holdings in Nutanix by 46.7% in the second quarter. Diversified Trust Co now owns 36,666 shares of the technology company’s stock valued at $2,084,000 after purchasing an additional 11,668 shares during the last quarter. Vanguard Group Inc. grew its position in Nutanix by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 25,087,143 shares of the technology company’s stock worth $1,548,378,000 after purchasing an additional 346,414 shares during the period. Finally, Nordea Investment Management AB raised its stake in shares of Nutanix by 387.1% during the 1st quarter. Nordea Investment Management AB now owns 2,612,812 shares of the technology company’s stock valued at $162,229,000 after buying an additional 2,076,377 shares during the last quarter. Hedge funds and other 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.