Shares of Nutanix Inc. NTNX, -4.94% are down 5.5% in Friday trading after the stock was removed from the Conviction Buy list at Goldman Sachs. Analyst Rod Hall cited the sharp rise in Nutanix's stock since the company reported earnings on March 1. Shares were up 46% since then as of Thursday's close, versus a 1% drop for the S&P 500 SPX, +0.12% Hall kept his buy rating on shares and remains upbeat about the company's growth potential. "We continue to believe that the company is in the early innings of the transition toward a software-centric business model, which should drive upside in both revenue... and gross margins," he wrote. "Further, we view the company's longer-term vision toward becoming an enterprise hybrid cloud platform as compelling." Goldman Sachs added Nutanix to its conviction list in July 2017. Shares are up 162% over the past 12 months, compared with a 13% gain for the S&P 500.