Wells Fargo & Company Forecasts Strong Price Appreciation for Nutanix (NASDAQ:NTNX) Stock

Nutanix (NASDAQ:NTNX) had its price objective increased by Wells Fargo & Company from $75.00 to $85.00 in a report published on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the technology company’s stock.

Other research analysts also recently issued reports about the company. Piper Sandler boosted their price objective on Nutanix from $77.00 to $83.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Barclays set a $94.00 price target on shares of Nutanix and gave the stock an “overweight” rating in a research report on Thursday. UBS Group initiated coverage on shares of Nutanix in a research report on Thursday, December 12th. They set a “buy” rating and a $81.00 price objective on the stock. StockNews.com downgraded shares of Nutanix from a “strong-buy” rating to a “buy” rating in a report on Friday, February 21st. Finally, Needham & Company LLC increased their price target on Nutanix from $90.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, Nutanix presently has an average rating of “Moderate Buy” and an average target price of $87.79.

Nutanix Price Performance

NASDAQ:NTNX opened at $76.54 on Thursday. Nutanix has a one year low of $43.35 and a one year high of $79.90. The business has a fifty day moving average price of $66.74 and a 200-day moving average price of $64.01. The firm has a market capitalization of $20.51 billion, a price-to-earnings ratio of -218.69, a price-to-earnings-growth ratio of 11.80 and a beta of 1.17.

Insider Activity

In other Nutanix news, CFO Rukmini Sivaraman sold 11,810 shares of Nutanix stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $66.63, for a total value of $786,900.30. Following the transaction, the chief financial officer now owns 190,882 shares in the company, valued at $12,718,467.66. The trade was a 5.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Virginia Gambale sold 6,060 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $64.73, for a total transaction of $392,263.80. Following the sale, the director now directly owns 45,330 shares of the company’s stock, valued at approximately $2,934,210.90. The trade was a 11.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 177,917 shares of company stock worth $12,114,781. Corporate insiders own 6.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Larson Financial Group LLC boosted its stake in Nutanix by 28.6% in the fourth quarter. Larson Financial Group LLC now owns 656 shares of the technology company’s stock valued at $40,000 after acquiring an additional 146 shares in the last quarter. True Wealth Design LLC boosted its position in shares of Nutanix by 13.2% in the 4th quarter. True Wealth Design LLC now owns 1,249 shares of the technology company’s stock worth $76,000 after purchasing an additional 146 shares in the last quarter. Freedom Investment Management Inc. grew its stake in Nutanix by 4.0% during the 3rd quarter. Freedom Investment Management Inc. now owns 3,883 shares of the technology company’s stock worth $230,000 after buying an additional 151 shares during the last quarter. Azzad Asset Management Inc. ADV increased its position in Nutanix by 0.5% during the 4th quarter. Azzad Asset Management Inc. ADV now owns 34,887 shares of the technology company’s stock valued at $2,134,000 after buying an additional 159 shares in the last quarter. Finally, Avantax Advisory Services Inc. raised its stake in Nutanix by 3.4% in the fourth quarter. Avantax Advisory Services Inc. now owns 5,698 shares of the technology company’s stock valued at $349,000 after buying an additional 188 shares during the last quarter. Hedge funds and other institutional investors own 85.25% of the company’s stock.

Nutanix Company Profile

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.