Market Overview

Nutanix Shares Getting Attention Following RBC Price Target Raise

Share:
Nutanix Shares Getting Attention Following RBC Price Target Raise

Nutanix Inc (NASDAQ: NTNX) shares are higher for the seventh straight day Friday, with the rally strengthening since Wednesday. The stock rallied close to 10 percent to $33.18 Wednesday amid a positive analyst opinion and has extended its gain Friday, with the most recent strength traced back to an upward price target revision by RBC Capital Markets.

Nutanix was adding 3.22 percent to $34.25, its highest in about a year, at last check.

The company, a leader in hyper-converged infrastructure, saw its shares initiated at Buy by Needham Wednesday. The company is uniquely positioned to deliver a disruptive product that solves customer pain points, analyst Jack Andrews said in a note. The analyst sees significant long-term upside if investors view the company as a pure-play software name.

RBC Capital Markets analyst Matthew Hedberg raised his price target for Nutanix shares from $34 to $37, according to Marketwatch. The action was attributed to positive expectations concerning the fiscal first quarter results due after the market close Nov. 30, 2017.

Analysts, on average, expect the company to report a loss of 26 cents per share for the quarter, narrower than the loss of 37 cents per share last year, while revenues are expected to jump 60 percent to $266.86 million.

"Sentiment around the stock has improved since last quarter, but we still think expectations and valuation remain reasonable as we look for the opportunity around the pivot to software to be outlined and understood by investors," Marketwatch said, quoting Hedberg.

Nutanix stock is up over 29 percent year-to-date, while it is still down about 7 percent since its debut on Sep. 30.

Related Links:

3 Stages To The Nutanix Strategy Going Forward

Nutanix And The Upcoming Catalysts, A Software Story

Latest Ratings for NTNX

DateFirmActionFromTo
Nov 2019MaintainsMarket Perform
Nov 2019MaintainsHold
Nov 2019MaintainsEqual-Weight

View More Analyst Ratings for NTNX
View the Latest Analyst Ratings

Posted-In: Matthew Hedberg RBC Capital MarketsAnalyst Color Price Target Analyst Ratings Media Trading Ideas Best of Benzinga

 

Related Articles (NTNX)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
TSCOPiper SandlerMaintains119.0
UNPBMO CapitalMaintains200.0
UNPArgus ResearchMaintains205.0
ISRGJP MorganMaintains665.0
EHTHRBC CapitalMaintains132.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com