Nutanix Stock Is Soaring Today: Here's Why

Nutanix Inc NTNX shares are trading higher Thursday after the company reported better-than-expected results and issued guidance above analyst estimates.

Q4 Results: Nutanix said fiscal fourth-quarter revenue decreased 1% year-over-year to $385.5 million, which beat average analyst estimates of $354.45 million, according to Benzinga Pro. The company reported a quarterly adjusted net loss of 17 cents per share, which beat average analyst estimates for a loss of 40 cents per share.

"Our Fiscal 2022 results reflect strong progress on our subscription model with 27% year-over-year ACV billings growth and achievement of positive free cash flow, which we expect to be sustainable on an annual basis," said Rukmini Sivaraman, CFO of Nutanix. 

Outlook: Nutanix expects fiscal first-quarter revenue to be between $410 million and $415 million versus the estimate of $372.63 million. Nutanix expects full-year revenue to be between $1.77 billion and $1.78 billion versus the estimate of $1.55 billion.

See Also: Top Financial Stories Thursday, September 1

Analyst Assessment: Several analysts raised price targets on the stock following the company's quarterly results.

  • Needham analyst Mike Cikos maintained Nutanix with a Buy and raised the price target from $20 to $25.
  • Barclays analyst Tim Long maintained Nutanix with an Overweight and raised the price target from $22 to $25.
  • RBC Capital analyst Matthew Hedberg maintained Nutanix with an Outperform and raised the price target from $21 to $24.
  • Morgan Stanley analyst Meta Marshall maintained Nutanix with an Equal-Weight and raised the price target from $18 to $22.

NTNX Price Action: Nutanix has a 52-week high of $32.14 and a 52-week low of $13.44.

The stock was up 24% at $21.44 at press time, according to Benzinga Pro.

Photo: StockSnap from Pixabay.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPrice TargetAnalyst RatingsMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!