Nutanix (NASDAQ:NTNX) Raised to “Strong-Buy” at KeyCorp

Nutanix (NASDAQ:NTNX) was upgraded by investment analysts at KeyCorp from a “sector weight” rating to a “strong-buy” rating in a research report issued on Wednesday, Marketbeat.com reports.

Several other equities analysts have also issued reports on the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $90.00 target price (up from $75.00) on shares of Nutanix in a report on Tuesday, May 20th. Barclays set a $94.00 target price on Nutanix and gave the company an “overweight” rating in a research report on Thursday, February 27th. JPMorgan Chase & Co. raised their price target on shares of Nutanix from $83.00 to $90.00 and gave the stock an “overweight” rating in a research note on Thursday, February 27th. Raymond James Financial lowered Nutanix from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 20th. Finally, Piper Sandler restated an “overweight” rating and set a $88.00 price target (up from $76.00) on shares of Nutanix in a research note on Thursday, May 29th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $90.71.

Nutanix Price Performance

Shares of NTNX opened at $75.28 on Wednesday. The company has a market cap of $20.18 billion, a PE ratio of -268.86, a P/E/G ratio of 6.67 and a beta of 0.69. The stock has a 50-day moving average of $74.19 and a 200-day moving average of $69.59. Nutanix has a one year low of $43.35 and a one year high of $83.36.

Nutanix (NASDAQ:NTNX) last announced its earnings results on Wednesday, June 4th. The technology company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.04. Nutanix had a negative return on equity of 21.32% and a net margin of 0.97%. The company had revenue of $638.98 million for the quarter, compared to analysts’ expectations of $626.12 million. During the same quarter in the previous year, the firm earned $0.28 earnings per share. Nutanix’s quarterly revenue was up 21.8% on a year-over-year basis. Analysts expect that Nutanix will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Rajiv Ramaswami sold 61,057 shares of Nutanix stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $79.00, for a total value of $4,823,503.00. Following the completion of the transaction, the chief executive officer now owns 497,309 shares of the company’s stock, valued at $39,287,411. The trade was a 10.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Rukmini Sivaraman sold 2,100 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $72.73, for a total transaction of $152,733.00. Following the sale, the chief financial officer now owns 209,070 shares in the company, valued at approximately $15,205,661.10. The trade was a 0.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,550,624 shares of company stock worth $426,476,906 in the last ninety days. 6.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Nutanix

A number of hedge funds have recently bought and sold shares of NTNX. Norges Bank bought a new stake in shares of Nutanix in the fourth quarter worth approximately $195,758,000. Pictet Asset Management Holding SA boosted its holdings in Nutanix by 6,785.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,139,340 shares of the technology company’s stock worth $130,885,000 after purchasing an additional 2,108,269 shares during the last quarter. Artisan Partners Limited Partnership purchased a new stake in Nutanix in the fourth quarter worth approximately $91,639,000. Contour Asset Management LLC bought a new stake in Nutanix in the 4th quarter worth approximately $87,318,000. Finally, AQR Capital Management LLC raised its stake in Nutanix by 65.5% during the 1st quarter. AQR Capital Management LLC now owns 3,604,005 shares of the technology company’s stock valued at $246,874,000 after buying an additional 1,426,049 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.