Nutanix (NASDAQ:NTNX) Share Price Breaks Below 50 Day Moving Average – Here’s Why

Nutanix (NASDAQ:NTNX)’s stock price crossed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $69.51 and traded as low as $66.05. Nutanix shares last traded at $67.21, with a volume of 2,116,008 shares.

Analyst Ratings Changes

A number of research analysts have commented on NTNX shares. Oppenheimer upped their price target on Nutanix from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, August 27th. Bank of America restated a “buy” rating on shares of Nutanix in a research report on Thursday, August 27th. Morgan Stanley lifted their price objective on Nutanix from $55.00 to $63.00 and gave the company an “equal weight” rating in a report on Thursday, August 27th. Rosenblatt Securities boosted their price target on shares of Nutanix from $60.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, August 25th. Finally, Wall Street Zen raised Nutanix from a “hold” rating to a “buy” rating in a report on Saturday, July 4th. Ten research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $74.87.

Nutanix Trading Down 4.9%

The company’s 50-day moving average price is $69.51 and its 200-day moving average price is $52.53. The firm has a market cap of $18.19 billion, a price-to-earnings ratio of 13.03, a price-to-earnings-growth ratio of 3.33 and a beta of 0.64. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 1.92.

Nutanix (NASDAQ:NTNX) last posted its quarterly earnings data on Wednesday, August 26th. The technology company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.11. Nutanix had a net margin of 52.81% and a negative return on equity of 90.13%. The firm had revenue of $757.08 million for the quarter, compared to analyst estimates of $738.27 million. During the same period last year, the firm posted $0.37 EPS. Nutanix’s quarterly revenue was up 15.9% on a year-over-year basis. Equities analysts expect that Nutanix will post 1.17 EPS for the current fiscal year.

Insider Activity at Nutanix

In related news, CFO Rukmini Sivaraman sold 232,712 shares of the stock in a transaction on Monday, October 12th. The stock was sold at an average price of $74.55, for a total value of $17,348,679.60. Following the sale, the chief financial officer owned 92,775 shares in the company, valued at approximately $6,916,376.25. This trade represents a 71.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Rajiv Ramaswami sold 324,955 shares of the company’s stock in a transaction dated Tuesday, October 6th. The stock was sold at an average price of $73.57, for a total transaction of $23,906,939.35. Following the completion of the sale, the chief executive officer owned 489,384 shares in the company, valued at approximately $36,003,980.88. This trade represents a 39.90% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 674,351 shares of company stock valued at $49,736,524. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nutanix

Several hedge funds have recently made changes to their positions in NTNX. Corient Private Wealth LP raised its stake in shares of Nutanix by 744.5% during the second quarter. Corient Private Wealth LP now owns 44,623 shares of the technology company’s stock worth $2,274,000 after buying an additional 39,339 shares during the last quarter. Paralel Advisors LLC grew its stake in Nutanix by 58.6% during the second quarter. Paralel Advisors LLC now owns 60,770 shares of the technology company’s stock worth $3,097,000 after purchasing an additional 22,453 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Nutanix by 628.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,185,120 shares of the technology company’s stock valued at $45,046,000 after purchasing an additional 1,022,516 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Nutanix during the second quarter valued at $3,976,000. Finally, WINTON GROUP Ltd increased its holdings in shares of Nutanix by 381.3% in the second quarter. WINTON GROUP Ltd now owns 135,180 shares of the technology company’s stock worth $6,889,000 after purchasing an additional 107,096 shares during the period. 85.25% of the stock is currently owned by hedge funds and other institutional investors.

Nutanix Company Profile

Nutanix, Inc is a cloud computing and enterprise software company that provides infrastructure and platform services for running applications across private, hybrid and multicloud environments. Its products are designed to simplify the management of data centers and cloud resources by combining computing, storage, virtualization, networking and data services within a unified software platform.

The company’s offerings include the Nutanix Cloud Platform, which supports enterprise applications and workloads across on-premises infrastructure and public clouds.