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Nutanix Inc (NASDAQ:NTNX) shares have soared 155 percent in the past year, prompting Jefferies to downgrade the cloud stock.
The company is scheduled to release fiscal fourth-quarter results after the market close Aug. 30.
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The Analyst
Analyst John DiFucci downgraded Nutanix from Buy to Hold with a $60 price target.
The Thesis
The success achieved by Nutanix over the past year is adequately reflected in shares, although more success is likely to come, DiFucci said in a Friday note. (See the analyst's track record here.)
Jefferies updated its estimates to reflect Nutanix's upwardly revised operating expenses guidance.
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Notwithstanding the guidance revision, Nutanix said it would maintain its rule of 40 expectations for software revenue growth and the free cash flow margin.
Nutanix is in the process of transitioning its business toward a pure software model, eliminating the sales of pass-through hardware, DiFucci said.
"We have always viewed Nutanix as a software business and believe that the transition will ultimately benefit the company," the analyst said.
"However, like all transition stories, the model has become more difficult to forecast."
The Price Action
Nutanix shares were sliding 5.75 percent to $52.46 at the time of publication Friday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.