Why Nutanix Stock Soared Today
Shares of Nutanix (NASDAQ: NTNX) enjoyed a strong post-earnings rally Thursday. The cloud software company's share price climbed 16.8% in the daily session, according to data from S&P Global Market Intelligence.
After the market closed yesterday, Nutanix released results for its fiscal third quarter, which ended April 30, and delivered sales and earnings that came in ahead of expectations. The company recorded non-GAAP (adjusted) earnings per share of $0.04 on revenue of $448.58 million, while the average Wall Street target had called for per-share earnings of $0.03 on sales of $433.4 million.
Nutanix saw strong demand for its cloud-infrastructure services in Q3, with revenue climbing 11% year over year, average-contract-value billings rising 17% to reach $239.8 million, and annual recurring revenue soaring 32% to hit $1.47 billion. The company's gross margin also climbed to 83.8%, up from 83.3% in the prior-year period.
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 5.68% compared to the current price of 52.99 € for Nutanix Inc..
