Nutanix (NASDAQ:NTNX) Shares Down 3.9% – Here’s Why

Shares of Nutanix, Inc. (NASDAQ:NTNX) were down 3.9% on Friday . The company traded as low as $59.40 and last traded at $59.63. Approximately 3,125,380 shares changed hands during trading, an increase of 24% from the average daily volume of 2,515,644 shares. The stock had previously closed at $62.04.

Wall Street Analysts Forecast Growth

NTNX has been the subject of several analyst reports. Piper Sandler lowered their price target on shares of Nutanix from $88.00 to $76.00 and set an “overweight” rating for the company in a report on Tuesday. StockNews.com lowered Nutanix from a “strong-buy” rating to a “buy” rating in a report on Friday, February 21st. JPMorgan Chase & Co. lifted their price target on Nutanix from $83.00 to $90.00 and gave the stock an “overweight” rating in a report on Thursday, February 27th. Northland Securities upgraded Nutanix from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $77.00 to $97.00 in a report on Thursday, February 27th. Finally, Raymond James set a $83.00 target price on Nutanix in a research report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $87.85.

Nutanix Trading Down 4.4 %

The firm has a market capitalization of $15.81 billion, a PE ratio of -169.43, a PEG ratio of 11.80 and a beta of 0.84. The stock’s 50 day moving average price is $69.81 and its two-hundred day moving average price is $66.66.

Insider Activity

In other Nutanix news, Director Steven J. Gomo sold 7,000 shares of the business’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $76.16, for a total value of $533,120.00. Following the completion of the transaction, the director now directly owns 3,050 shares in the company, valued at approximately $232,288. The trade was a 69.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Groen Max Pieter De sold 5,500,000 shares of Nutanix stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $74.51, for a total value of $409,805,000.00. Following the completion of the sale, the director now directly owns 11,354,032 shares of the company’s stock, valued at approximately $845,988,924.32. This represents a 32.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,610,886 shares of company stock worth $417,646,356 over the last three months. 6.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its position in Nutanix by 0.5% during the third quarter. Geode Capital Management LLC now owns 4,147,126 shares of the technology company’s stock worth $245,968,000 after purchasing an additional 22,091 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Nutanix during the 3rd quarter worth $555,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Nutanix during the 3rd quarter worth $111,000. Tidal Investments LLC raised its position in shares of Nutanix by 4.0% in the 3rd quarter. Tidal Investments LLC now owns 22,297 shares of the technology company’s stock worth $1,321,000 after buying an additional 862 shares during the period. Finally, Versant Capital Management Inc boosted its holdings in Nutanix by 587.7% in the fourth quarter. Versant Capital Management Inc now owns 729 shares of the technology company’s stock valued at $45,000 after acquiring an additional 623 shares during the last quarter. 85.25% of the stock is currently owned by hedge funds and other institutional investors.

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.