Why Nutanix Stock Popped Today
Shares of Nutanix (NASDAQ: NTNX) climbed as much as 9.2% early Thursday, then settled to trade up 3.5% as of 2:30 p.m. ET after the cloud-computing and hyperconverged-infrastructure (HCI) specialist announced strong quarterly results.
For its fiscal first quarter in 2024 (ended Oct. 31, 2023), Nutanix's revenue grew 18% year over year to $511.1 million, translating to adjusted (non-GAAP) net income of $85 million, or $0.29 per share. Analysts, on average, were only expecting earnings of $0.17 per share on revenue of $500 million.
"We delivered a solid first quarter financial performance against an uncertain macro backdrop reflecting the value our customers see in the Nutanix Cloud Platform and the strength of our subscription business model," stated Nutanix CEO Rajiv Ramaswami.
Source Fool.com
Nutanix Inc. Stock
The stock is an absolute favorite of our community with 34 Buy predictions and no Sell predictions.
As a result the target price of 56 € shows a slightly positive potential of 7.34% compared to the current price of 52.17 € for Nutanix Inc..
