These Analysts Boost Their Forecasts On Nutanix After Q3 Earnings

Nutanix, Inc. NTNX posted better-than-expected earnings for its third quarter on Wednesday.

Nutanix posted adjusted earnings of 28 cents per share, beating market estimates of 17 cents per share. The company's quarterly sales came in at $524.577 million versus expectations of $516.183 million, according to data from Benzinga Pro.

“We delivered solid third quarter results reflecting disciplined execution and the strength of our business model,” said Rajiv Ramaswami, President and CEO of Nutanix. “Our recent announcements around modern applications, generative AI and partnerships reflect our continued focus on driving innovation and broadening our partnerships to further enhance the value proposition of Nutanix Cloud Platform.”

Nutanix said it sees FY24 revenue of $2.13 billion to $2.14 billion versus market estimates of $2.141 billion.

Nutanix shares rose 2.1% to close at $73.29 on Wednesday.

These analysts made changes to their price targets on Nutanix after the company reported quarterly results.

• Keybanc increased the price target on Nutanix from $69 to $79. Keybanc analyst Thomas Blakey maintained an Overweight rating.
• Needham boosted Nutanix price target from $72 to $80. Needham analyst Mike Cikos maintained a Buy rating on the stock.

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