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Nutanix Inc NTNX shares are trading higher Thursday after the company reported better-than-expected results and issued guidance above analyst estimates.
Q4 Results: Nutanix said fiscal fourth-quarter revenue decreased 1% year-over-year to $385.5 million, which beat average analyst estimates of $354.45 million, according to Benzinga Pro. The company reported a quarterly adjusted net loss of 17 cents per share, which beat average analyst estimates for a loss of 40 cents per share.
“Our Fiscal 2022 results reflect strong progress on our subscription model with 27% year-over-year ACV billings growth and achievement of positive free cash flow, which we expect to be sustainable on an annual basis,” said Rukmini Sivaraman, CFO of Nutanix.
Outlook: Nutanix expects fiscal first-quarter revenue to be between $410 million and $415 million versus the estimate of $372.63 million. Nutanix expects full-year revenue to be between $1.77 billion and $1.78 billion versus the estimate of $1.55 billion.
See Also: Top Financial Stories Thursday, September 1
Analyst Assessment: Several analysts raised price targets on the stock following the company’s quarterly results.
- Needham analyst Mike Cikos maintained Nutanix with a Buy and raised the price target from $20 to $25.
- Barclays analyst Tim Long maintained Nutanix with an Overweight and raised the price target from $22 to $25.
- RBC Capital analyst Matthew Hedberg maintained Nutanix with an Outperform and raised the price target from $21 to $24.
- Morgan Stanley analyst Meta Marshall maintained Nutanix with an Equal-Weight and raised the price target from $18 to $22.
NTNX Price Action: Nutanix has a 52-week high of $32.14 and a 52-week low of $13.44.
The stock was up 24% at $21.44 at press time, according to Benzinga Pro.
Photo: StockSnap from Pixabay.
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Image and article originally from www.benzinga.com. Read the original article here.