Why Nutanix Stock Gained 27.3% in October

Shares of Nutanix (NASDAQ: NTNX) gained 27.3% last month, according to data provided by S&P Global Market Intelligence, as two analysts weighed in with favorable coverage of the enterprise software company.

Image source: Nutanix.

Nutanix stock benefited from favorable analyst coverage in October. Shares climbed roughly 10% on October 10 following the release of bullish notes from analysts from William Blair and Jefferies. These reports highlighted customer satisfaction and a move to a software-only business model as positive catalysts, and came on the heels of a strong earnings report in August that saw fourth-quarter sales increase 62% year over year and full-year sales increase 75% year over year.

Source: Fool.com