Shares of cloud services company Nutanix (NASDAQ:NTNX) rose 7.7% to $77.94 in premarket trading following the release of its first-quarter earnings report.
The company posted a 15.6% year-over-year increase in revenue, reaching $590.96 million, surpassing analysts' expectations of $571.78 million, according to LSEG data.
Both J.P. Morgan and Piper Sandler responded to the positive results by raising their price targets for Nutanix.
While J.P. Morgan boosted its target to $83 from $75, Piper Sandler lifted its forecast to $77 from $75.
J.P. Morgan noted that Nutanix is "in a position of strength" to capitalize on emerging opportunities, pointing to the company’s robust product portfolio and market positioning.
"We are encouraged by the continued strong engagements on the new logo front, and a continued growth in pipeline," J.P. Morgan analysts said in a note to investors.
Year-to-date, the company's stock has surged nearly 52%, reflecting investor optimism about the company's growth prospects.