Nutanix (NASDAQ:NTNX) Stock Rated Buy in New Coverage at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Nutanix (NASDAQ:NTNX) in a research note released on Monday morning, Marketbeat reports. The firm issued a buy rating and a $90.00 price objective on the technology company’s stock.

A number of other research analysts have also recently weighed in on NTNX. Zacks Research cut Nutanix from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 31st. Morgan Stanley raised their target price on shares of Nutanix from $55.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 27th. UBS Group set a $85.00 price target on shares of Nutanix in a report on Thursday, August 27th. Barclays upped their price target on shares of Nutanix from $53.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Friday, August 28th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Nutanix in a research note on Monday, September 21st. Nine analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $73.07.

Nutanix Trading Up 0.5%

Shares of NTNX stock opened at $70.41 on Monday. The company has a debt-to-equity ratio of 1.92, a current ratio of 1.80 and a quick ratio of 1.80. The company has a market cap of $19.05 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 3.47 and a beta of 0.62. Nutanix has a 1 year low of $34.01 and a 1 year high of $77.90. The firm has a fifty day moving average price of $65.50 and a 200-day moving average price of $52.84.

Nutanix (NASDAQ:NTNX) last announced its earnings results on Wednesday, August 26th. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.11. The company had revenue of $757.08 million for the quarter, compared to analysts’ expectations of $738.27 million. Nutanix had a negative return on equity of 90.13% and a net margin of 52.81%.Nutanix’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period last year, the firm earned $0.37 EPS. As a group, equities analysts predict that Nutanix will post 1.17 earnings per share for the current year.

Insider Transactions at Nutanix

In other Nutanix news, CFO Rukmini Sivaraman sold 38,139 shares of the business’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $70.00, for a total value of $2,669,730.00. Following the sale, the chief financial officer owned 325,487 shares in the company, valued at $22,784,090. The trade was a 10.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC lifted its position in shares of Nutanix by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 5,283,964 shares of the technology company’s stock worth $272,452,000 after buying an additional 135,533 shares in the last quarter. Norges Bank bought a new position in shares of Nutanix during the 4th quarter valued at approximately $187,169,000. Assenagon Asset Management S.A. boosted its position in shares of Nutanix by 1,535.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 3,262,231 shares of the technology company’s stock valued at $166,243,000 after acquiring an additional 3,062,730 shares during the last quarter. Jericho Capital Asset Management L.P. grew its holdings in shares of Nutanix by 27.3% in the fourth quarter. Jericho Capital Asset Management L.P. now owns 3,107,481 shares of the technology company’s stock valued at $160,626,000 after purchasing an additional 666,000 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Nutanix by 1.0% in the fourth quarter. Bank of New York Mellon Corp now owns 2,315,778 shares of the technology company’s stock valued at $119,703,000 after purchasing an additional 23,185 shares in the last quarter. Hedge funds and other institutional investors own 85.25% of the company’s stock.

About Nutanix

Nutanix, Inc develops enterprise cloud software that helps organizations manage applications and data across on-premises infrastructure, public clouds and hybrid multicloud environments. Its platform is designed to simplify the operation of data centers and cloud resources through a unified software experience.

The company’s offerings include hyperconverged infrastructure software, the Nutanix Cloud Infrastructure platform and AHV virtualization. Nutanix also provides services for file and object storage, databases, disaster recovery, Kubernetes and application management, as well as tools that help customers monitor, secure and govern their hybrid and multicloud environments.

Founded in 2009 and headquartered in San Jose, California, Nutanix serves businesses, government organizations and other institutions globally through direct sales and channel partners.