Piper Sandler Raises (NTNX) Price Target, Maintains Overweight Rating

Nutanix, Inc. (NASDAQ:NTNX) received a vote of confidence from Piper Sandler on May 29, as the firm raised its price target to $88 from $76 while maintaining an Overweight rating. The update follows what Piper called a “clean” fiscal third quarter — a rarity for Nutanix since fiscal year 2021. According to the firm, Q3 results aligned closely with expectations, and forward estimates remain largely intact. Piper emphasized that this quarter marked an important milestone in execution consistency, helping reinforce its bullish stance on the hybrid cloud software company.

A close-up of a laptop screen displaying cloud platform application software.

Some market watchers pointed to a miss on billings, but Piper dismissed these concerns, attributing the discrepancy to a misunderstanding among analysts. The firm explained that prior large deals had already been flagged to convert into term-license revenue this quarter, pulling recognized revenue from deferred accounts — a dynamic that may have skewed traditional billings metrics.

“It wasn’t a shortfall in performance,” the note stated, “but rather a mis-modeling of how revenue recognition would play out.” Piper also highlighted Nutanix, Inc. (NASDAQ:NTNX)’s improved operational clarity and steadier revenue streams as signs of maturity in its business model. With the company now demonstrating more predictable results and a clearer path to profitability, the raised price target reflects renewed optimism about long-term prospects.

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