High expectations appear to have caught up with Nutanix, as its stock is down more than 20 percent following yesterday's second-quarter earnings report.

The problem appears to be in the company's third-quarter forecast. Revenues of $180 million to $190 million are a little lighter than the $188.5 million that Wall Street expected. And predicted losses of 45 to 48 cents per share were deeper than the 34 cents that Wall Street expected, writes analyst Simon Leopold of Raymond James in a note issued this morning.

With this being only the second quarterly report after Nutanix's hotly anticipated IPO, there's a psychological angle to the market's response.

"We suspect investors have grown accustomed to fast-growing new tech companies providing beat-and-raise reports. We suspect the Band-Aid has been ripped off with the lack of upside to the outlook," Leopold writes in a report issued this morning.

Nutanix shares were down 23 percent at $23.97 at press time.

Leopold notes that Nutanix is still growing and appears fundamentally solid. The company continues to expand its customer base, having added 909 customers during the second quarter compared with 705 adds during the first quarter, he writes.

Overall, Nutanix reported second-quarter revenues of $182 million and net losses of $93 million, or 66 cents per share.

For the same quarter a year ago, Nutanix reported revenues of $103 million and net losses of $33 million, or 76 cents per share.

Non-GAAP losses per share were 28 cents in the second quarter.