Nutanix (NASDAQ:NTNX) PT Lowered to $20.00 at Needham & Company LLC

Nutanix (NASDAQ:NTNXGet Rating) had its target price cut by Needham & Company LLC from $34.00 to $20.00 in a research report issued to clients and investors on Thursday, Stock Target Advisor reports. The firm currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 36.52% from the stock’s current price.

Several other equities research analysts have also recently commented on the company. JMP Securities dropped their target price on Nutanix from $48.00 to $35.00 in a report on Thursday. William Blair lowered shares of Nutanix from an “outperform” rating to a “market perform” rating in a research report on Thursday. Piper Sandler decreased their price target on shares of Nutanix from $47.00 to $28.00 in a research note on Thursday. Bank of America lowered shares of Nutanix from a “buy” rating to a “neutral” rating and cut their target price for the stock from $54.00 to $22.00 in a report on Thursday. Finally, Wells Fargo & Company dropped their price objective on shares of Nutanix from $40.00 to $35.00 and set an “equal weight” rating on the stock in a report on Thursday, March 3rd. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, Nutanix presently has a consensus rating of “Buy” and an average price target of $35.36.

NTNX opened at $14.65 on Thursday. The business has a 50 day moving average price of $24.95 and a two-hundred day moving average price of $27.96. The company has a market cap of $3.23 billion, a PE ratio of -3.08 and a beta of 1.50. Nutanix has a 52 week low of $19.74 and a 52 week high of $44.50.

Nutanix (NASDAQ:NTNXGet Rating) last posted its quarterly earnings data on Wednesday, May 25th. The technology company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.17. The business had revenue of $403.70 million for the quarter, compared to analyst estimates of $397.90 million. Nutanix’s revenue for the quarter was up 17.2% compared to the same quarter last year. During the same quarter last year, the business earned ($0.87) EPS. Analysts predict that Nutanix will post -2.34 earnings per share for the current fiscal year.

In other Nutanix news, CAO Aaron Boynton sold 2,851 shares of the firm’s stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $23.78, for a total value of $67,796.78. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Tyler Wall sold 4,563 shares of Nutanix stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $23.78, for a total value of $108,508.14. The disclosure for this sale can be found here. Insiders have sold a total of 82,652 shares of company stock worth $1,970,165 in the last 90 days. 0.92% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CWM LLC acquired a new position in shares of Nutanix during the 4th quarter worth about $32,000. IndexIQ Advisors LLC purchased a new stake in Nutanix during the 1st quarter valued at approximately $33,000. Point72 Hong Kong Ltd purchased a new stake in Nutanix during the 1st quarter valued at approximately $35,000. Carroll Investors Inc purchased a new position in shares of Nutanix during the 4th quarter worth approximately $42,000. Finally, O Shaughnessy Asset Management LLC raised its stake in shares of Nutanix by 26.4% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 1,537 shares of the technology company’s stock worth $58,000 after buying an additional 321 shares in the last quarter. 70.43% of the stock is owned by hedge funds and other institutional investors.

Nutanix Company Profile (Get Rating)

Nutanix, Inc provides an enterprise cloud platform in North America, Europe, the Asia Pacific, the Middle East, Latin America, and Africa. The company offers Acropolis converges virtualization, enterprise storage services, and networking visualization and security services; Acropolis Hypervisor, an enterprise-grade virtualization solution; Nutanix Karbon for automated deployment and management of Kubernetes clusters to simplify the provisioning, operations, and lifecycle management of cloud-native environments; and Nutanix Clusters solution.

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