Shares of cloud services company Nutanix (NASDAQ:NTNX) surged 16.7% to $61 in premarket trading after the company posted strong fourth-quarter results late Wednesday that exceeded Wall Street expectations.
Nutanix reported Q4 revenue of $548 million, surpassing the analysts' estimate of $536.9 million, according to LSEG data.
The company's adjusted earnings per share (EPS) came in at $0.27, beating the market forecast of $0.20.
Looking ahead, Nutanix provided a positive outlook for Q1 2025, with projected revenue between $565 million and $575 million, closely aligned with the average analyst estimate of $574.9 million.
For the full fiscal year 2025, the company expects revenue to be in the range of $2.44 billion to $2.47 billion, in line with the consensus estimate of $2.45 billion.
Nutanix's strong performance and favorable guidance have garnered support from the brokerage community, with 14 out of 18 brokerages rating the stock as a "buy" or higher, while the remaining four rate it as a "hold."
The median price target for Nutanix shares stands at $75, according to LSEG data.
As of the last close, Nutanix's share price has already risen 9.7% year-to-date.