Needham & Company Reiterates Buy on Nutanix (NTNX) Following 1Q Report

November 30, 2016 7:33 AM EST
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Price: $28.17 -6.26%

Rating Summary:
    10 Buy, 7 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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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."

For an analyst ratings summary and ratings history on Nutanix click here. For more ratings news on Nutanix click here.

Shares of Nutanix closed at $34.09 yesterday.

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