Nutanix (NASDAQ:NTNX) Hits New 1-Year High – Still a Buy?

Nutanix, Inc. (NASDAQ:NTNX)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $83.36 and last traded at $83.30, with a volume of 938376 shares changing hands. The stock had previously closed at $82.77.

Analysts Set New Price Targets

Several research firms have commented on NTNX. Oppenheimer raised their price objective on Nutanix from $90.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th. JPMorgan Chase & Co. raised their price objective on Nutanix from $83.00 to $90.00 and gave the company an “overweight” rating in a research report on Thursday, February 27th. Raymond James set a $83.00 price objective on Nutanix in a research report on Thursday, February 27th. Royal Bank of Canada raised their price objective on Nutanix from $83.00 to $95.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th. Finally, Wells Fargo & Company raised their price objective on Nutanix from $75.00 to $85.00 and gave the company an “equal weight” rating in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $87.85.

Nutanix Stock Up 0.4%

The company has a 50 day moving average of $68.72 and a 200 day moving average of $68.02. The firm has a market cap of $22.15 billion, a price-to-earnings ratio of -237.34, a PEG ratio of 11.80 and a beta of 0.70.

Insider Buying and Selling

In related news, CEO Rajiv Ramaswami sold 61,057 shares of the business’s 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 sale, the chief executive officer now directly owns 497,309 shares of the company’s stock, valued at $39,287,411. The trade was a 10.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Steven J. Gomo sold 7,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $76.16, for a total value of $533,120.00. Following the completion of the sale, the director now directly owns 3,050 shares of the company’s stock, valued at approximately $232,288. This represents a 69.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,575,797 shares of company stock worth $415,742,123. 6.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Nutanix

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Larson Financial Group LLC increased its holdings in Nutanix by 28.6% in the fourth quarter. Larson Financial Group LLC now owns 656 shares of the technology company’s stock valued at $40,000 after buying an additional 146 shares during the last quarter. True Wealth Design LLC increased its holdings in Nutanix by 13.2% in the fourth quarter. True Wealth Design LLC now owns 1,249 shares of the technology company’s stock valued at $76,000 after buying an additional 146 shares during the last quarter. Azzad Asset Management Inc. ADV raised its position in shares of Nutanix by 0.5% during the 4th quarter. Azzad Asset Management Inc. ADV now owns 34,887 shares of the technology company’s stock worth $2,134,000 after purchasing an additional 159 shares during the period. Concurrent Investment Advisors LLC lifted its holdings in shares of Nutanix by 4.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 4,163 shares of the technology company’s stock worth $291,000 after purchasing an additional 177 shares during the last quarter. Finally, Avantax Advisory Services Inc. lifted its holdings in shares of Nutanix by 3.4% in the 4th quarter. Avantax Advisory Services Inc. now owns 5,698 shares of the technology company’s stock worth $349,000 after purchasing an additional 188 shares during the last quarter. 85.25% of the stock is owned by institutional investors.

About Nutanix

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.