Nutanix (NASDAQ:NTNX) Shares Cross Above 50-Day Moving Average – Here’s Why

Nutanix (NASDAQ:NTNX)’s share price crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $54.56 and traded as high as $68.80. Nutanix shares last traded at $66.61, with a volume of 2,270,906 shares.

Analyst Ratings Changes

A number of research firms have recently issued reports on NTNX. Wells Fargo & Company lifted their target price on shares of Nutanix from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, May 28th. Wall Street Zen upgraded Nutanix from a “hold” rating to a “buy” rating in a research report on Saturday, July 4th. Zacks Research raised Nutanix from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. Bank of America lifted their price objective on Nutanix from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Finally, Piper Sandler reissued an “overweight” rating on shares of Nutanix in a research note on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $61.86.

Nutanix Stock Performance

The firm’s 50-day moving average is $54.56 and its two-hundred day moving average is $46.34. The stock has a market cap of $18.01 billion, a P/E ratio of 70.12, a PEG ratio of 4.41 and a beta of 0.60.

Nutanix (NASDAQ:NTNX) last announced its quarterly earnings data on Wednesday, May 27th. The technology company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.12. The firm had revenue of $703.07 million for the quarter, compared to analyst estimates of $686.34 million. Nutanix had a negative return on equity of 38.96% and a net margin of 10.03%.The business’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period last year, the company earned $0.22 EPS. As a group, research analysts forecast that Nutanix will post 0.71 EPS for the current year.

Institutional Trading of Nutanix

A number of institutional investors have recently bought and sold shares of NTNX. CoreCap Advisors LLC lifted its stake in shares of Nutanix by 28.6% in the 2nd quarter. CoreCap Advisors LLC now owns 900 shares of the technology company’s stock valued at $46,000 after purchasing an additional 200 shares during the period. Utah Retirement Systems increased its holdings in Nutanix by 0.6% in the fourth quarter. Utah Retirement Systems now owns 42,355 shares of the technology company’s stock valued at $2,189,000 after purchasing an additional 257 shares during the last quarter. International Assets Investment Management LLC lifted its stake in Nutanix by 5.8% in the first quarter. International Assets Investment Management LLC now owns 4,700 shares of the technology company’s stock valued at $179,000 after buying an additional 259 shares during the period. Asset Management One Co. Ltd. boosted its holdings in Nutanix by 0.3% during the fourth quarter. Asset Management One Co. Ltd. now owns 93,016 shares of the technology company’s stock worth $4,868,000 after buying an additional 260 shares during the last quarter. Finally, CX Institutional boosted its holdings in Nutanix by 134.6% during the second quarter. CX Institutional now owns 488 shares of the technology company’s stock worth $25,000 after buying an additional 280 shares during the last quarter. Institutional investors and hedge funds own 85.25% of the company’s stock.

Nutanix Company Profile

Nutanix, Inc is an enterprise cloud computing company that develops software to simplify the deployment and management of datacenter infrastructure. Founded in 2009 and headquartered in San Jose, California, Nutanix is best known for pioneering hyperconverged infrastructure (HCI), an approach that integrates compute, storage and virtualization into a single software-defined platform aimed at reducing complexity and operational overhead in private and hybrid cloud environments.

The company’s product portfolio centers on the Nutanix Cloud Platform, which includes its core AOS software for HCI, Prism for infrastructure management and automation, and a suite of additional services such as Calm for application automation, Files and Volumes for file and block services, Karbon for Kubernetes orchestration, and Era for database management.