Nutanix (NTNX) Thoughts After .NEXT - Needham & Company

Needham & Company analyst Jack Andrews reiterated a Buy rating and $64.00 price target on Nutanix (NASDAQ: NTNX) after attending the .NEXT annual user conference where cloud optimization was at the forefront and could represent an incremental opportunity for the company.

The analyst stated "CIOs are looking to optimize their cloud investments, which should benefit NTNX. At the onset of the pandemic, organizations focused on resiliency and continuity investments to guarantee the operations of their business and productivity of workers (i.e. NTNX enabled Seattle Children's hospital to go from zero remote workers to 4,000 in mere months and powered its secure video conferencing systems). CIOs are optimizing their spending as they return to growth and bring back workloads from the cloud. To illustrate, a recent survey shows that ~33% of CIOs believe their workloads will be in the public cloud by 2024, down from 50% in the last survey previously."

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 $40.20 yesterday.

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