Nutanix (NASDAQ:NTNX) Sets New 1-Year High – Still a Buy?

Nutanix, Inc. (NASDAQ:NTNX)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $73.69 and last traded at $73.69, with a volume of 510828 shares trading hands. The stock had previously closed at $72.24.

Analyst Ratings Changes

NTNX has been the topic of a number of recent analyst reports. Royal Bank of Canada lifted their price objective on Nutanix from $70.00 to $75.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. Raymond James boosted their price objective on shares of Nutanix from $76.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Piper Sandler raised their target price on shares of Nutanix from $76.00 to $77.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Northland Securities boosted their price target on shares of Nutanix from $71.00 to $74.00 and gave the company a “market perform” rating in a research report on Friday, August 30th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $80.00 price target on shares of Nutanix in a research note on Thursday, August 29th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.86.

Nutanix Stock Performance

The stock has a 50 day simple moving average of $62.54 and a 200-day simple moving average of $58.96.

Nutanix (NASDAQ:NTNX) last released its quarterly earnings data on Wednesday, August 28th. The technology company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $537.12 million. As a group, equities research analysts forecast that Nutanix, Inc. will post 0.27 EPS for the current fiscal year.

Insider Transactions at Nutanix

In other news, CFO Rukmini Sivaraman sold 24,316 shares of Nutanix stock in a transaction dated Tuesday, September 17th. The stock was 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 directly owns 192,169 shares of the company’s stock, valued at $11,309,145.65. The trade was a 11.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO David Sangster sold 11,950 shares of the 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 completion of 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. Company insiders own 6.80% of the company’s stock.

Institutional Trading of Nutanix

A number of large investors have recently modified their holdings of the company. Oppenheimer & Co. Inc. bought a new position in Nutanix in the first quarter worth approximately $271,000. QRG Capital Management Inc. bought a new stake in Nutanix during the first quarter valued at about $598,000. ProShare Advisors LLC raised its holdings in Nutanix by 13.9% in the first quarter. ProShare Advisors LLC now owns 7,235 shares of the technology company’s stock worth $447,000 after purchasing an additional 882 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in Nutanix by 0.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 241,114 shares of the technology company’s stock worth $14,882,000 after purchasing an additional 1,949 shares in the last quarter. Finally, SageView Advisory Group LLC purchased a new stake in shares of Nutanix during the first quarter valued at about $381,000. 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.