Categories LATEST, Technology

Nutanix stock gets a breather on bullish analyst comment

Cloud computing software company Nutanix (NASDAQ: NTNX) got a breather on Thursday on bullish comments from an analyst, after months of declining stock price. The stock opened 6.4% in green on Thursday after trading higher during pre-market hours.  

Jason Ader of William Blair said in a research note that he believes the stock could be on the verge of an upswing.

nutanix
Image by Wynn Pointaux from Pixabay

“According to multiple VARs (value-added resellers), the pipeline expansion has been supported by aggressive sales hiring at Nutanix and increasing sales coverage,” he said, adding their July business saw a higher number of seven-figure deals.

Adler has an Outperform rating on the stock.

Meanwhile, Jonathan Ruykhaver of Robert. W Baird set a price target of $41 on the stock, which is at a 48% upside from the current trading price. He maintains a Buy rating on NTNX. On the whole, 10 out of 16 analysts covering the stock has a Buy rating, with the 12-month average price target at $38.

READ: Microsoft leads the enterprise SaaS industry, grows quickly

In the trailing 12 months, Nutanix stock has declined almost 50% of its value, even as the iShares Expanded Tech-Software (IGV) gained 18.8%.

In May, Nutanix reported third-quarter revenue that fell short of both analysts’ and the company’s predictions, sending its stock plunging 15%. The hybrid cloud infrastructure company also provided outlook, which came below the street expectations.

nutanix Q3 2019 earnings infographic

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

AVGO Earnings: Broadcom Q2 2024 revenue and profit beat estimates

Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Wednesday reported higher second-quarter revenues and adjusted earnings. The results also topped analysts' expectations. Earnings, excluding non-recurring items, came in at $10.96 per

Key takeaways from Oracle’s (ORCL) Q4 2024 earnings report

Oracle Corporation’s (NYSE: ORCL) stock rallied this week after the company announced large cloud infrastructure deals with tech giants Google, OpenAI, and Microsoft. The demand for Oracle's generative AI infrastructure

ZDGE Earnings: Zedge reports higher revenues and adj. profit for Q3 2024

Content distribution platform Zedge, Inc. (NYSE American: ZDGE) has reported higher net income for the third quarter of 2024, on an adjusted basis. The bottom line benefitted from a double-digit

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top