Nutanix (NASDAQ:NTNX) Shares Up 6% – Here’s What Happened

Shares of Nutanix (NASDAQ:NTNX) traded up 6% during trading on Wednesday . The stock traded as high as $51.75 and last traded at $51.1750. 3,329,070 shares were traded during trading, an increase of 8% from the average session volume of 3,073,137 shares. The stock had previously closed at $48.27.

Wall Street Analysts Forecast Growth

NTNX has been the subject of several recent research reports. Wells Fargo & Company lowered their price target on shares of Nutanix from $71.00 to $57.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 26th. Bank of America decreased their price objective on Nutanix from $93.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. JPMorgan Chase & Co. lowered their target price on Nutanix from $78.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, November 26th. Morgan Stanley dropped their target price on Nutanix from $90.00 to $82.00 and set an “overweight” rating for the company in a report on Wednesday, November 26th. Finally, The Goldman Sachs Group reduced their price target on Nutanix from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, November 28th. Thirteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $75.13.

Nutanix Price Performance

The company has a market cap of $13.80 billion, a PE ratio of 68.05, a price-to-earnings-growth ratio of 5.08 and a beta of 0.53. The business has a 50 day moving average of $61.33 and a 200 day moving average of $69.38.

Nutanix (NASDAQ:NTNX) last issued its quarterly earnings data on Tuesday, November 25th. The technology company reported $0.41 EPS for the quarter, hitting the consensus estimate of $0.41. The business had revenue of $670.58 million during the quarter, compared to analyst estimates of $677.23 million. Nutanix had a net margin of 8.43% and a negative return on equity of 32.95%. The company’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.42 EPS. Sell-side analysts forecast that Nutanix will post 0.31 EPS for the current fiscal year.

Insider Activity at Nutanix

In other Nutanix news, Director Teresa Gayle Sheppard sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $76.48, for a total transaction of $267,680.00. Following the transaction, the director owned 22,400 shares in the company, valued at approximately $1,713,152. This represents a 13.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rajiv Ramaswami sold 144,707 shares of the firm’s stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $76.42, for a total value of $11,058,508.94. Following the completion of the transaction, the chief executive officer owned 524,608 shares of the company’s stock, valued at approximately $40,090,543.36. The trade was a 21.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.40% of the company’s stock.

Institutional Trading of Nutanix

Hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in Nutanix during the 2nd quarter valued at about $263,938,000. AQR Capital Management LLC grew its holdings in Nutanix by 40.6% in the third quarter. AQR Capital Management LLC now owns 6,626,271 shares of the technology company’s stock worth $492,928,000 after purchasing an additional 1,914,005 shares during the period. Marshall Wace LLP increased its stake in shares of Nutanix by 75.9% during the second quarter. Marshall Wace LLP now owns 3,279,107 shares of the technology company’s stock valued at $250,655,000 after purchasing an additional 1,415,117 shares in the last quarter. Jericho Capital Asset Management L.P. lifted its holdings in shares of Nutanix by 46.8% during the first quarter. Jericho Capital Asset Management L.P. now owns 4,102,993 shares of the technology company’s stock valued at $286,430,000 after purchasing an additional 1,308,357 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Nutanix by 4.6% during the third quarter. Vanguard Group Inc. now owns 26,682,475 shares of the technology company’s stock valued at $1,984,909,000 after purchasing an additional 1,167,193 shares during the last quarter. 85.25% of the stock is owned by hedge funds and other institutional investors.

About Nutanix

Nutanix, Inc engages in the provision of a cloud platform leveraging web-scale engineering and consumer-grade design. It operates through the following geographic segments: United States, Europe, the Middle East, Africa, Asia Pacific, and Other Americas. The firm also provides software solutions and cloud services to customers’ enterprise infrastructure.