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Nutanix (NTNX) Stock Soars on Cloud Partnership With Google
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Shares of Nutanix (NTNX - Free Report) soared more than 7% in pre-market trading Wednesday after Google parent Alphabet Inc. (GOOGL - Free Report) announced a partnership with the cloud computing company.
According to CNBC, the agreement underscores Google’s desire to increase its offerings in the public cloud, a space where it directly competes with the likes of Amazon’s (AMZN - Free Report) Web Services and Microsoft’s (MSFT - Free Report) Azure.
“With public cloud, you have to meet them where they are—that’s becoming increasingly clear,” Google’s head of global alliances, Nan Boden, told CNBC.
Nutanix develops solutions that help connect in-house severs with cloud data centers. The company will reportedly continue to work on application deployment on AWS and Azure, but its new agreement with Google will see the two companies work more closely together.
After reaching a private valuation of nearly $2 billion, Nutanix filed for an initial public offering in late 2015. The company’s debut was actually delayed due to the sluggish IPO market at the time, but Nutanix eventually held its initial offering for $16 per share in September 2016.
Nutanix shares skyrocketed shortly after their debut, but since then, it’s been a steady slump back down to levels near their IPO price. However, a fresh agreement with Google could be exactly what the company needs to get going.
For now, Nutanix remains severely in the red, although that’s not uncommon for today’s young tech companies. Sales growth appears strong, as our current consensus estimates are calling for full-year revenue growth of nearly 70%.
Regardless, NTNX is currently a Zacks Rank #3 (Hold).
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Nutanix (NTNX) Stock Soars on Cloud Partnership With Google
Shares of Nutanix (NTNX - Free Report) soared more than 7% in pre-market trading Wednesday after Google parent Alphabet Inc. (GOOGL - Free Report) announced a partnership with the cloud computing company.
According to CNBC, the agreement underscores Google’s desire to increase its offerings in the public cloud, a space where it directly competes with the likes of Amazon’s (AMZN - Free Report) Web Services and Microsoft’s (MSFT - Free Report) Azure.
“With public cloud, you have to meet them where they are—that’s becoming increasingly clear,” Google’s head of global alliances, Nan Boden, told CNBC.
Nutanix develops solutions that help connect in-house severs with cloud data centers. The company will reportedly continue to work on application deployment on AWS and Azure, but its new agreement with Google will see the two companies work more closely together.
After reaching a private valuation of nearly $2 billion, Nutanix filed for an initial public offering in late 2015. The company’s debut was actually delayed due to the sluggish IPO market at the time, but Nutanix eventually held its initial offering for $16 per share in September 2016.
Nutanix shares skyrocketed shortly after their debut, but since then, it’s been a steady slump back down to levels near their IPO price. However, a fresh agreement with Google could be exactly what the company needs to get going.
For now, Nutanix remains severely in the red, although that’s not uncommon for today’s young tech companies. Sales growth appears strong, as our current consensus estimates are calling for full-year revenue growth of nearly 70%.
Regardless, NTNX is currently a Zacks Rank #3 (Hold).
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2%, respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>