Why Nutanix Shares Are Trading Lower Today

Nutanix NTNX shares are trading lower on Tuesday after the company said its second-quarter results were not audited due to an investigation related to third-party evaluation software and it does not expect to be able to file its 10-Q on time.

The investigation is related to the use of certain evaluation software from one of the company's third-party providers for interoperability testing, validation, and customer proofs of concept over a multi-year period, rather than for its intended use. The company is currently assessing the financial reporting impact of this matter, and additional costs may be incurred to address the issue.

The company's Audit Committee, with the assistance of outside counsel, is conducting an investigation into the use of certain evaluation software from a third-party provider that was used for interoperability testing, validation and customer proofs of concept over a multi-year period. The company requires additional time to complete the investigation, and as a result, it does not expect to file the Form 10-Q within the five calendar days following the prescribed due date.

Analyst Changes:

  • RBC Capital analyst Matthew Hedberg reiterated Nutanix with an Outperform and maintained a $33 price target.
  • Needham analyst Mike Cikos reiterated Nutanix with a Buy and maintained a $33 price target.

Nutanix is an American cloud computing company that sells software, cloud services (such as desktops as a service, disaster recovery as a service, and cloud monitoring), and software-defined storage.

NTNX Price Action: Nutanix has a 52-week high of $33.73 and a 52-week low of $13.44.

Nutanix shares are down 8.72% at $26.25 at the time of writing, according to Benzinga Pro.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Moverswhy 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!