RBC Capital analyst Matthew Hedberg raised his price target on Nutanix to $38 and kept his Outperform rating after its better than expected Q1 results, saying the quarter featured "plenty to be thankful for" with subscription revenue model transition tracking well. The analyst notes that the transition has seen growing momentum, as 73% of billings come from subscriptions and attach rates on news products also saw "continued strength". Hedberg further believes that at 3-times enterprise value to his expected 2021 sales, Nutanix shares are "attractively valued".