11:54 AM EDT, 08/29/2024 (MT Newswires) -- Nutanix ( NTNX ) shares rose more than 19% in recent Thursday trading after the company reported higher fiscal Q4 non-GAAP earnings and revenue, followed by an RBC price target increase.

RBC analysts, including Matthew Hedberg, said that the company reported "solid" Q4 results, with annual contract value and revenue exceeding expectations and guidance. The analysts also said they are "encouraged" by the company's fiscal 2025 guidance.

Key highlights of the quarter are large deals that are progressing well but with timing which remains uncertain, while the "demand environment remains stable." The analysts said "key growth drivers, most notably VMW share shift," are continuing to "progress well." Also as expected, management will no longer provide guidance on ACV billings, the analysts said.

RBC adjusted its price target on Nutanix ( NTNX ) to $75 from $70 while keeping its outperform rating on the stock.

Price: 62.39, Change: +10.10, Percent Change: +19.31