Needham & Company Reiterates Buy on Nutanix (NTNX) Following 1Q Report
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Needham & Company reiterated a Buy rating and $36.00 price target on Nutanix (NASDAQ: NTNX) following the company's 1Q earnings report. NTNX posted revenue of $166.8M and a non-GAAP loss per share of ($0.37) vs. consensus estimates of $152.3M and ($0.44).
Analyst Richard Kugele commented, "In its first quarterly report as a public company NTNX did not disappoint, materially exceeding topline revenue, billings and EPS loss estimates. Further, NTNX raised next quarter's guidance vs. consensus, demonstrating continued momentum. In our view, the only thing the company potentially did wrong was report earnings as a public company, as it appears to be in vogue to find some real or imagined fault with next-gen tech companies regardless of how well they are actually executing. We strongly contest this view, as we believe these stocks ultimately revert to growth and fundamentals over time. Consequently, we reiterate our Buy on NTNX and our $36 target based on ~5x EV/CY2018E Revenue."
Shares of Nutanix closed at $34.09 yesterday.
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