Analysts are Downgrading These 5 Stocks Today

3. Nutanix, Inc. (NASDAQ:NTNX)

Number of Hedge Fund Holders: 29

Nutanix, Inc. (NASDAQ:NTNX) has plummeted 28.29% as of 11:24 AM ET after the San Jose, California-based provider of software-defined enterprise cloud services was downgraded from a Buy to a Neutral rating by Wamsi Mohan at Bank of America. The analyst also reduced the price target on Nutanix, Inc. (NASDAQ:NTNX) from $54 to $22. The firm posted its quarterly results after the closing bell yesterday and outperformed the revenue and annual contract value (ACV) billings for Q3 FY23 but missed free cash flow (FCF) estimates. Furthermore, Nutanix, Inc. (NASDAQ:NTNX) also provided a weak Q4 FY23 ACV billings, revenue, and FCF guidance and did not reiterate its overall FY23 targets. The analyst expressed his concern about the weakness in the enterprise cloud industry and the tougher macroeconomic outlook.

Nutanix, Inc. (NASDAQ:NTNX) was mentioned in the Q3 2021 investor letter of ClearBridge Investments.

“To make room for Netflix and better concentrate the Strategy in our highest-conviction names, we exited positions in software makers Nutanix. Nutanix, a leader in hyperconverged infrastructure (HCI) that enables storage, computing and networking to operate as a single platform, has successfully pivoted from a license to a subscription model and under new leadership has improved execution. While business fundamentals should remain healthy, we see more upside in our application software and Internet holdings.”