Piper Jaffray analyst, Andrew Nowinski, reiterated his Overweight rating on shares of Nutanix (NASDAQ: NTNX) reported solid FQ4(Jul) billings and revenue results, beating consensus and guidance for the sixth consecutive quarter. The stock sold off but the analyst sees this as just a bump in the road.

The analyst stated "The stock was down ~6% after hours , likely due to the higher OpEx guidance for F1Q, though we believe the new term-based subscription offering should trump the higher OpEx.This shift will significantly increase the recurring revenue, which we believe should translate into better visibility and multiple expansion. As such, we are reiterating our Overweight rating and $66 price target".

No change to the price target of $66.

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 $56.50 yesterday.