Nutanix, Inc. (NASDAQ:NTNX) exceeded expectations with its third-quarter earnings, posting an adjusted earnings per share of 28 cents, surpassing the market forecast of 17 cents per share. The company reported quarterly sales of $524.577 million, higher than expectations of $516.183 million. CEO Rajiv Ramaswami highlighted the solid performance, attributing it to disciplined execution and the strength of the business model. Nutanix is focused on driving innovation through recent announcements on modern applications, generative AI, and partnerships to enhance the Nutanix Cloud Platform’s value proposition. The company anticipates FY24 revenue between $2.13 billion and $2.14 billion, slightly below market estimates.
Following the earnings release, analysts adjusted their price targets for Nutanix. KeyBanc raised their price target from $69 to $79, with analyst Thomas Blakey maintaining an Overweight rating. Needham also increased their price target from $72 to $80, with analyst Mike Cikos maintaining a Buy rating on the stock.
Nutanix shares gained 2.1% and closed at $73.29 on Wednesday. Investors and analysts will be monitoring the company closely following the strong third-quarter results and optimistic guidance for FY24. The market reaction to Nutanix’s performance indicates confidence in the company’s strategy and execution.
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https://markets.businessinsider.com/news/stocks/these-analysts-boost-their-forecasts-on-nutanix-after-q3-earnings-1033435740
