Short Interest in Nutanix (NASDAQ:NTNX) Drops By 42.5%

Nutanix (NASDAQ:NTNX) was the recipient of a large decrease in short interest during the month of July. As of July 31st, there was short interest totaling 15,061,103 shares, a decrease of 42.5% from the July 15th total of 26,187,342 shares. Currently, 5.7% of the shares of the company are sold short. Based on an average daily trading volume, of 2,585,234 shares, the days-to-cover ratio is currently 5.8 days.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on Nutanix from $44.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, May 28th. Wells Fargo & Company upped their price target on shares of Nutanix from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 28th. UBS Group increased their price objective on shares of Nutanix from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. KeyCorp reissued an “overweight” rating on shares of Nutanix in a research note on Thursday, May 28th. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Nutanix in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $61.86.

Nutanix Stock Performance

Shares of NASDAQ NTNX opened at $66.61 on Monday. Nutanix has a twelve month low of $34.01 and a twelve month high of $82.42. The firm has a 50-day moving average of $54.56 and a two-hundred day moving average of $46.36. The company has a market capitalization of $18.01 billion, a price-to-earnings ratio of 70.12, a PEG ratio of 4.41 and a beta of 0.60.

Nutanix (NASDAQ:NTNX) last announced its quarterly earnings data on Wednesday, May 27th. The technology company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.12. Nutanix had a net margin of 10.03% and a negative return on equity of 38.96%. The company had revenue of $703.07 million for the quarter, compared to analysts’ expectations of $686.34 million. During the same quarter in the previous year, the company posted $0.22 EPS. The business’s revenue was up 10.0% compared to the same quarter last year. As a group, research analysts predict that Nutanix will post 0.71 earnings per share for the current year.

Hedge Funds Weigh In On Nutanix

A number of hedge funds have recently modified their holdings of the stock. Compass Financial Management LLC acquired a new position in shares of Nutanix in the 2nd quarter valued at $332,000. Great Lakes Advisors LLC acquired a new stake in shares of Nutanix during the second quarter valued at approximately $341,000. Handelsbanken Fonder AB lifted its position in shares of Nutanix by 12.3% in the 2nd quarter. Handelsbanken Fonder AB now owns 78,800 shares of the technology company’s stock valued at $4,016,000 after acquiring an additional 8,600 shares in the last quarter. Everhart Financial Group Inc. purchased a new position in Nutanix during the 2nd quarter worth approximately $202,000. Finally, PensionDanmark Pensionsforsikringsaktieselskab lifted its holdings in shares of Nutanix by 14.3% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 39,160 shares of the technology company’s stock valued at $1,996,000 after purchasing an additional 4,900 shares in the last quarter. 85.25% of the stock is currently owned by institutional investors and hedge funds.

About Nutanix

Nutanix, Inc is an enterprise cloud computing company that develops software to simplify the deployment and management of datacenter infrastructure. Founded in 2009 and headquartered in San Jose, California, Nutanix is best known for pioneering hyperconverged infrastructure (HCI), an approach that integrates compute, storage and virtualization into a single software-defined platform aimed at reducing complexity and operational overhead in private and hybrid cloud environments.

The company’s product portfolio centers on the Nutanix Cloud Platform, which includes its core AOS software for HCI, Prism for infrastructure management and automation, and a suite of additional services such as Calm for application automation, Files and Volumes for file and block services, Karbon for Kubernetes orchestration, and Era for database management.