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

Nutanix (NASDAQ:NTNX) shares 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 trading hands.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on NTNX shares. Morgan Stanley increased their target price on shares of Nutanix from $53.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 28th. KeyCorp reiterated an “overweight” rating on shares of Nutanix in a report on Thursday, May 28th. Zacks Research raised Nutanix from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 27th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $60.00 target price on shares of Nutanix in a research report on Friday, May 29th. Finally, JPMorgan Chase & Co. raised their price target on Nutanix from $44.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $61.86.

Nutanix Stock Down 2.0%

The firm has a market cap of $18.01 billion, a P/E ratio of 70.12, a price-to-earnings-growth ratio of 4.50 and a beta of 0.60. The stock’s 50-day moving average is $54.56 and its 200-day moving average is $46.34.

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

Institutional Investors Weigh In On Nutanix

A number of institutional investors have recently added to or reduced their stakes in NTNX. CX Institutional increased its stake in Nutanix by 134.6% during the second quarter. CX Institutional now owns 488 shares of the technology company’s stock valued at $25,000 after acquiring an additional 280 shares during the period. Western Wealth Management LLC acquired a new position in Nutanix in the 1st quarter valued at approximately $27,000. New Millennium Group LLC bought a new stake in shares of Nutanix in the 4th quarter worth approximately $28,000. Covestor Ltd lifted its position in shares of Nutanix by 73.1% in the 4th quarter. Covestor Ltd now owns 767 shares of the technology company’s stock worth $40,000 after acquiring an additional 324 shares during the period. Finally, Harbour Investments Inc. grew its holdings in shares of Nutanix by 159.4% during the 4th quarter. Harbour Investments Inc. now owns 817 shares of the technology company’s stock worth $42,000 after purchasing an additional 502 shares in the last quarter. 85.25% of the stock is owned by institutional investors and hedge funds.

About Nutanix

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.