An earlier version of this report incorrectly stated Ader’s rating on Nutanix’s stock. He rates the shares at outperform.
Shares of Nutanix Inc. NTNX, +7.15% are up 7.1% in Thursday morning trading after William Blair analyst Jason Ader penned an upbeat note about the hybrid cloud infrastructure company. “After Nutanix’s business started the calendar year with a six-month rough patch, [value-added reseller] commentary points to the early stages of an upswing,” he wrote. Value-added resellers (VARs) noted a “solid pace” to their July business and an increasing number of seven-figure deals, he said. “According to multiple VARs, the pipeline expansion has been supported by aggressive sales hiring at Nutanix and increasing sales coverage,” Ader said. He has an outperform rating on the stock, which has slipped 33% so far this year as the S&P 500 SPX, +0.04% has risen 20%.