Morgan Stanley Increases Nutanix (NASDAQ:NTNX) Price Target to $78.00

Nutanix (NASDAQ:NTNX) had its target price lifted by Morgan Stanley from $72.00 to $78.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Other equities research analysts have also issued research reports about the company. Northland Securities reiterated a “market perform” rating and issued a $77.00 target price (up previously from $74.00) on shares of Nutanix in a research note on Wednesday. Oppenheimer started coverage on shares of Nutanix in a research report on Wednesday, November 13th. They issued an “outperform” rating and a $80.00 price objective for the company. Piper Sandler boosted their target price on shares of Nutanix from $77.00 to $83.00 and gave the stock an “overweight” rating in a research report on Wednesday. Royal Bank of Canada raised their price target on shares of Nutanix from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, Needham & Company LLC boosted their price objective on shares of Nutanix from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Nutanix presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.86.

Nutanix Stock Down 7.8 %

Nutanix stock opened at $66.70 on Wednesday. The firm has a market capitalization of $17.69 billion, a P/E ratio of -128.27, a PEG ratio of 12.05 and a beta of 1.17. The firm has a fifty day moving average of $64.64 and a 200-day moving average of $59.40. Nutanix has a 52-week low of $40.44 and a 52-week high of $75.80.

Nutanix (NASDAQ:NTNX) last announced its quarterly earnings results 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. The firm had revenue of $547.95 million during the quarter, compared to the consensus estimate of $537.12 million. Nutanix had a negative return on equity of 7.57% and a negative net margin of 5.81%. On average, research analysts expect that Nutanix will post 0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Rukmini Sivaraman sold 24,316 shares of the stock in a transaction dated 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 sale, the chief financial officer now owns 192,169 shares in the company, valued at $11,309,145.65. This represents a 11.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO David Sangster sold 11,950 shares of Nutanix stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.83, for a total value of $714,968.50. Following the completion of the transaction, the chief operating officer now owns 123,868 shares of the company’s stock, valued at approximately $7,411,022.44. The trade was 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 corporate insiders.

Institutional Trading of Nutanix

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Thurston Springer Miller Herd & Titak Inc. bought a new position in Nutanix during the 2nd quarter worth $25,000. ORG Wealth Partners LLC acquired a new position in shares of Nutanix during the third quarter valued at $27,000. Larson Financial Group LLC increased its holdings in shares of Nutanix by 122.7% in the 3rd quarter. Larson Financial Group LLC now owns 510 shares of the technology company’s stock worth $30,000 after acquiring an additional 281 shares during the period. Itau Unibanco Holding S.A. acquired a new stake in shares of Nutanix in the 2nd quarter worth about $32,000. Finally, Advisors Asset Management Inc. lifted its position in Nutanix by 150.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 534 shares of the technology company’s stock valued at $32,000 after purchasing an additional 321 shares during the last quarter. 85.25% of the stock is currently owned by institutional investors and hedge funds.

Nutanix Company Profile

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.