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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!

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