Should You Consider Selling Dynatrace (DT)?

Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered 12.16% net of fees underperforming the Russell 1000 Growth Index’s return of 14.37%. Security selection and allocation effects led the portfolio to underperform in the quarter relative to its benchmark. Holdings in Information Technology and Health Care and a lack of exposure to Energy contributed to relative returns while stock selection in Consumer Discretionary and Industrials and overweight exposure in Health Care detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Aristotle Atlantic Large Cap Growth Strategy highlighted stocks like Dynatrace, Inc. (NYSE:DT) in the first quarter 2023 investor letter. Headquartered in Waltham, Massachusetts, Dynatrace, Inc. (NYSE:DT) develops a software intelligence platform for enterprise cloud. On May 22, 2023, Dynatrace, Inc. (NYSE:DT) stock closed at $49.17 per share. One-month return of Dynatrace, Inc. (NYSE:DT) was 20.40%, and its shares gained 30.49% of their value over the last 52 weeks. Dynatrace, Inc. (NYSE:DT) has a market capitalization of $14.28 billion.

Aristotle Atlantic Large Cap Growth Strategy made the following comment about Dynatrace, Inc. (NYSE:DT) in its Q1 2023 investor letter:

“We sold the position in Dynatrace, Inc. (NYSE:DT) as were concerned about the slowdown in cloud spending due to the optimization of workload costs by businesses. The slowdown became clear in the fourth quarter, and we expect it to continue throughout 2023, as businesses rationalize their cloud migration spending due to macroeconomic headwinds.”

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Dynatrace, Inc. (NYSE:DT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Dynatrace, Inc. (NYSE:DT) at the end of the fourth quarter which was 35 in the previous quarter.

We discussed Dynatrace, Inc. (NYSE:DT) in another article and shared the list of high growth software stocks that are profitable. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.