• Login
  • Home
    • MEDIA & COMMUNICATIONS
    • FINTECH, SOFTWARE, & SERVICES
  • meet the team
  • events calendar
    • Conference Call Replays
  • Research
    • Marketing Materials
  • Video Library
  • Press
  • coverage list
  • coverage list
  • meet the team
  • press
  • events calendar

FINTECH, SOFTWARE, & SERVICES

MoffettNathanson’s Fintech, Software, & Services research effort is led by Lisa Ellis (Payments, Processors, and IT Services), and Sterling Auty (Software) – who have a combined nearly fifty years of experience in Fintech, Software, & Services research and management. Prior to joining MoffettNathanson in 2018, Lisa was a Managing Director at Sanford C. Bernstein & Co., and, prior to that role, was a Partner in McKinsey’s Technology & Telecom practice. Before joining MoffettNathanson in 2022, Sterling spent more than 25 years as a Software analyst at J.P. Morgan, covering software companies across all segments and sizes. Both Lisa & Sterling have been the #1 Institutional Investor ranked analysts in their respective sectors, and Lisa has been selected to Barron’s list of “100 Most Influential Women in U.S. Finance.” Lisa and Sterling are supported by two analysts, Eugene Simuni and Jackson Ader, as well as a team of experienced research associates who have expanded the firm’s coverage with their respective sectors.

  • COMPANY NEWS

    Conference Call Replay | ACN, IBM, CTSH, DXC: The Rising Tide Only Floats Some Boats – Upgrading IBM (to MP), Downgrading CTSH and DXC (to UP)

    January 24, 2023
    8:00 AM PD / 11:00 AM ET

    Click here for replay
    Click here for protected slides

    -----------------------------------------------------------------------------------------------------------------------------------------------------------------

    Conference Call Replay | HCM Views from Services to Software

    January 19, 2023
    7:00 AM PD / 10:00 AM ET

    Click here for replay
    Click here for protected slides

    -----------------------------------------------------------------------------------------------------------------------------------------------------------------

    Conference Call Replay | Adyen: “Not of an Age, but for All Time” – Initiating Coverage at Outperform, PT = €1,800

    January 18, 2023
    7:00 AM PD / 10:00 AM ET

    Click here for replay
    Click here for protected slides

    COVERAGE LIST

    >> Universe of Coverage by Sector

     

    Lisa Ellis

    Senior Managing Director

    Lisa Ellis is a Senior Research Analyst at MoffettNathanson, a division of SVB Securities, and leads the Payments, Processors, and IT Services business. Prior to joining the firm, Lisa was most recently a Managing Director and Senior Research Analyst at Sanford Bernstein & Co., LLC where she was the #1 Institutional Investor ranked Payments, Processors, and IT Services analyst. Prior to Bernstein, she spent thirteen years at McKinsey & Co. where she was a Partner in the firm's Technology & Telecom and Marketing & Sales consulting practices. While at McKinsey, Lisa was the lead partner on dozens of engagements focused in strategic areas including specialty networks, mobile applications, cloud, and outsourcing. In 2020, Lisa was selected to Barron's list of “100 Most Influential Women in U.S. Finance”. She earned a B.S. in Physics and Mathematics from the College of William & Mary where she graduated magna cum laude and Phi Beta Kappa. She also holds an M.S. in Materials Science & Engineering and an MBA, both from the University of Virginia.

    Sterling Auty, CFA

    Senior Managing Director

    Sterling Auty, CFA, is a Senior Research Analyst at MoffettNathanson, a division of SVB Securities, covering the Software sector. Sterling joins us from J.P. Morgan with more than 25 years of experience covering software across all segments and sizes of companies. His holistic view of the software industry, combined with rich experience covering the sector, has led to insightful cyclical reports around valuation, impact of interest rates, and changes in demand across the sub-sectors of the industry. In 2021, Sterling was voted #1 in the Small and Mid Cap Software sector of Institutional Investor Magazine’s All-American Research Team. He earned a B.S. from the University of Tampa, an MBA from the University of Albany, and is a CFA Charterholder.

    Eugene Simuni

    Managing Director

    Eugene Simuni is a Research Analyst at MoffettNathanson, a division of SVB Securities, covering the Fintech and HR Services sectors. Prior to joining the firm, Eugene was a member of the Corporate Strategy Group at JPMorgan Chase where he supported members of the bank's Operating Committee on initiatives related to Payments strategy and other topics. Prior to JPMorgan, he led investment and technology initiatives at Bridgewater Associates. Eugene began his career at McKinsey & Company, where he was a member of the Corporate Finance practice and worked with financial services and technology clients. He earned a B.A. in Applied Mathematics and Economics from Harvard and an MBA from the Wharton School of Business.

    Jackson Ader, CFA

    Managing Director

    Jackson Ader, CFA, is a Research Analyst at MoffettNathanson, a division of SVB Securities, covering the Software sector. Prior to joining the firm in 2022, Jackson spent 10 years at J.P. Morgan where he was most recently a Senior Analyst and Executive Director in Equity Research covering Application Software. He earned a B.S. in Business from Murray State University, a Masters in Finance from London Business School, and is a CFA Charterholder.

    Billy Fitzsimmons, CFA

    Senior Associate

    Billy Fitzsimmons joined MoffettNathanson in July 2022, covering the Software sector. Prior to joining MoffettNathanson, Billy worked as an Associate on William Blair’s enterprise software team. Previously, Billy worked as an Equity Analyst at Morningstar, also covering the enterprise software space. Billy earned his BA in both Economics and Political Science from Boston College and is a CFA Charterholder.

    William Hunt, CFA

    Associate

    Bill joined MoffettNathanson in March 2022, covering Payments, Processors, and IT Services. Prior to joining MoffettNathanson, Bill was a Research Analyst at multi-family office Veritable, LP. Previously, Bill worked as a Business Valuation Analyst at Duff & Phelps, LLC. Bill earned his BS in Finance from the Pennsylvania State University Smeal College of Business and is a CFA® charterholder.

    Ashish Choudhary

    Associate

    Ashish joined MoffettNathanson in February 2022, covering software and crypto technology. Prior to joining MoffettNathanson, Ashish was an Investment Banking Associate at J.P. Morgan in Chicago. Previously, Ashish has worked as an Analyst at FIS Impact Ventures, an Investment Banking Analyst/Associate at J.P.Morgan and NovaDhruva Capital, a boutique investment bank in India. Ashish earned his MBA from The University of Chicago Booth School of Business.

    Kyle Diehl

    Associate

    Kyle Diehl joined MoffettNathanson in August 2022, Covering Software with Sterling Auty and Jackson Ader. Previously, Kyle worked in strategic finance at Datto, Inc. and served as an Investment Banking Analyst on the Public Sector Infrastructure team at Citigroup. Kyle Graduated with a BS in Financial Analysis and Accounting from the University at Albany.

    Upcoming Payments, Processors, and IT Services Events

    Date Event Location

    Lisa Ellis - In the Press

    SVB MoffettNathanson's Lisa Ellis on Coinbase: We assume the crypto market begins to recover in 2024 - January 10, 2023
    CNBC (Video)

    These Crypto Founders And Bitcoin Moguls Lost $116 Billion In 2022 - December 24, 2022
    Forbes (Article)

    Coinbase still has upside despite FTX collapse, says SVB MoffettNathanson's Lisa Ellis - December 22, 2022
    CNBC (Video)

    Crypto exchange Binance walks away from FTX deal - November 9, 2022
    Marketplace (Article)

    Why the crypto meltdown could be ‘good for Coinbase’: Strategist - November 9, 2022
    YahooFinance (Video)

    Binance: Deal Will Help FTX Liquidity Crunch - November 8, 2022
    CNBC (Video)

    ayPal is 'the grand-daddy' of the digital banking space: Analyst - November 4, 2022
    YahooFinance (Video)

    Visa Stock Has Been Unfairly Beaten Up.  It's Time to Buy. - October 28, 2022
    Barron's (Article)

    Bloomberg Markets: Triple Take (10/21/2022) - October 21, 2022
    Bloomberg (Video)

    IBM's software business contributes to the majority of its profits, says Lisa Ellis of MoffettNathanson - October 20, 2022
    CNBC (Video)

    Coinbase Reports $1.1B Loss in Q2, Sees Revenue Fall 64% YOY - August 10, 2022
    YahooFinance (Video)

    This crypto winter should be less severe because institutional money is back, says MoffettNathanson's Ellis - August 4, 2022
    CNBC (Video)

    New technology helped restaurants through the pandemic.  But when it crashes, they're "shafted." - July 28, 2022
    Marketplace (Podcast)

    Peer-to-peer payment use is growing.  So are scams. - July 20, 2022
    Marketplace (Podcast)

    Could runaway inflation help boost fintech names? - July 15, 2022
    CNBC (Video)

    We're monitoring Coinbase's cash flow really closely, says MoffettNathanson's Ellis - July 14, 2022
    CNBC (Video)

    Historically, it’s not uncommon to see an 80% drop, peak to trough, in bitcoin, says MoffettNathanson’s Ellis - June 14, 2022
    CNBC (Video)

    What Apple's new BNPL offering means for payment stocks Klarna, Affirm - June 7, 2022
    YahooFinance (Video)

    American Express or PayPal could be possible suitors for Affirm, says MoffettNathanson's Lisa Ellis - June 3, 2022
    CNBC (Video)

    Brokerage and trading the most exciting aspects of Coinbase long-term, says MoffettNathanson's Ellis - May 25, 2022
    CNBC (Video)

    Coinbase earnings: Analyst details crypto company's 'biggest strength' - May 10, 2022
    YahooFinance (Video)

    On Buffett's Hate of Bitcoin - May 2, 2022
    YahooFinance (Video)

    CryptoAsset & Blockchain Advisor - April 2022
    Forbes (Article)

    There is still significant upside in revenue for payment stocks, says MoffettNathanson's Ellis - April 27, 2022
    CNBC (Video)

    What is behind 'knee-jerk buying' during record inflation? - April 20, 2022
    FoxBusiness (Video)

    Millennial Billionaire Ryan Breslow Created Buzz, And Enemies, Attacking Stripe And Shopify.  He's Just Getting Started - April 4, 2022
    Forbes (Article)

    Crypto: Coinbase stock is a 'one-of-a-kind asset,' analyst says - March 23, 2022
    Yahoo Finance (Video)

    Coinbase is diversified in crypto technology, says MoffettNathanson's Lisa Ellis - March 21, 2022
    CNBC (Video)

    Impact of Putin's invasion of Ukraine on the payments space - March 7, 2022
    CNBC (Video)

    Bitcoin Bounces Back After Slumping on Russian Invasion - February 24, 2022
    Yahoo Finance (Video)

    How Buy Now, Pay Later - worth $100 billion - impacts small merchants - January 12, 2022
    Market Watch (Video)

    MoffettNathanson senior analyst says Visa and Mastercard still have upside in 2022 - January 6, 2022
    CNBC (Video)

    Block will benefit from Afterpay acquisition, says MoffettNathanson's Lisa Ellis - December 14, 2021
    CNBC (Video)

    All eyes on Square's Cash App ahead of earnings - November 4, 2021
    CNBC (Video)

    Money's out of touch - October 29, 2021
    Grant's (Article)

    How Visa Became The Most Popular Card In The U.S. - October 20, 2021
    CNBC (Video)

    Analyst calls Coinbase a 'must own' stock, sees price going to $600 - October 20, 2021
    YahooFinance (Video)

    PayPal reportedly considers buying Pintrest - October 20, 2021
    CNBC (Video)

    Most at risk to buy now, pay later phenomenon is Synchrony and Alliance Data Systems, say analyst - October 14, 2021
    CNBC (Video)

    Credit-card firms are becoming reluctant regulators of the web - October 10, 2021
    The Economist (Article)

    The WhatsApp outage and its global economic implications - October 6, 2021
    Marketplace (Podcast)

    Payne: Why is 'buy now, pay later' the hottest concept in financial markets today? - September 16, 2021
    Fox Business (Video)

    Buy-now, pay-later boom: Who wins the space? - September 10, 2021
    CNBC (Video)

    SEC threatens to sue Coinbase over cyrpto lending product - September 8, 2021
    YahooFinance (Video)

    MoffettNathanson's Lisa Ellis on IBM's cloud efforts - August 17, 2021
    CNBC (Video)

    Crypto, Fintech making old finance uncomfortable - August 4, 2021
    Fox Business (Video)

    Square, Afterpay businesses are complementary, says analyst - August 2, 2021
    CNBC (Video)

    Why investors must begin to think about crypto investing from a tax perspective - August 2, 2021
    YahooFinance (Video)

    Square Stock Surges on $29 Billion Deal to Buy Afterpay - August 2, 2021
    Bloomberg (Video)

    Jack Dorsey's Square looks to buy Afterpay for $29 billion - August 2, 2021
    CNN (Video)

    Visa, PayPal shares slip amid earnings reports - July 28, 2021
    CNBC (Video)

    MoffettNathanson partner on digital bank’s strong value proposition - June 28, 2021
    CNBC (Video)

    Why bitcoin is climbing higher despite crackdown - June 28, 2021
    Yahoo Finance (Video)

    Stripe likely to compete in financial ops solutions long-term, analyst says - June 15, 2021
    CNBC (Video)

    We're most excited about the launch of Coinbase cloud: MoffettNathanson Partner - May 14, 2021
    Yahoo Finance (Video)

    MoffettNathanson’s Lisa Ellis On Why She’s Bullish On Coinbase - April 26, 2021
    PYMNTS.COM (Video)

    Why this analyst sees Coinbase going to $600 - April 16, 2021
    CNBC (Video)

    Coinbase IPO living up to the hype so far - April 14, 2021
    Fox Business (Video)

    We are positive on the outlook for cryptocurrencies as a massively disruptive technology: MoffettNathanson - April 14, 2021
    Yahoo Finance (Article)

    Why this analyst says Coinbase is a ‘not for the faint of heart’ buy - April 13, 2021
    CNBC (Video)

    America used to be behind on digital payments. Not any more - March 20, 2021
    The Economist (Article)

    How the 4 companies behind every single credit card swipe prevent outages and thwart hackers from getting your data - March 21, 2021
    Business Insider (Article)

    Single most important thing for Visa, Mastercard is travel: Analyst - March 10, 2021
    CNBC (Video)

    CryptoAsset & Blockchain Advisor - March 1, 2021
    Forbes (Article)

    Investors Are Now Valuing Stripe At $115 Billion - February 17, 2021
    Forbes (Article)

    MoffettNathanson's Lisa Ellis on the future of credit cards - January 28, 2021
    CNBC (Video)

    IBM posts fourth consecutive quarter of revenue declines - January 22, 2021
    CNBC (Video)

    The failed Plaid-Visa merger is interesting fintech tea - January 21, 2021
    Marketplace Tech (Podcast)

    MoffettNathanson: IBM's planned spin-off will help the company get back to growth - October 20, 2020
    CNBC (Video)

    How the digital surge will reshape finance - October 8, 2020
    The Economist (Article)

    The Pandemic Plutocrats: How Covid Is Creating New Fintech Billionaires - September 25, 2020
    Forbes (Article)

    Square launches payroll feature that could boost its banking business through the Cash App - September 15, 2020
    CNBC (Article)

    PayPal Enters Installment Loan Business Targeting Fintechs Affirm and Afterpay - August 31, 2020
    Forbes (Article)

    What'd You Miss - July 29, 2020
    Bloomberg (Video - Segment starts at 25:50)

    Here are the risks to payment processor companies - June 23, 2020
    CNBC (Video)

    Mastercard: Most markets in 'stabilization' phase - May 15, 2020
    CNBC (Video)

    The coronavirus outbreak means an opportunity for fintech companies - April 27, 2020
    Marketplace (Radio)

    Expect steepest decline for credit companies to be in Q3: Pro - April 20, 2020
    CNBC (Video)

    100 Women Leading the U.S. Finance Industry Confidently Into the Future - March 6, 2020
    Barron's (Article)

    Visa, Mastercard bet big on different growth strategies - February 5, 2020
    S&P Global (Article)

    Mastercard chief speaks out against nationalism and Facebook - February 2, 2020
    FT (Article)

    NBC's Closing Bell via Twitter - January 30, 2020
    CNBC (Video)

    Why MoffettNathanson's Lisa Ellis is bullish on Square - January 13, 2020
    CNBC (Video)

    Jack Dorsey’s planned move to Africa divides Square and Twitter investors - December 2, 2019
    CNBC (Article)

    Welcome to the Button Wars - November 22, 2019
    The Wall Street Journal (Article)

    Big Tech takes aim at the low-profit retail-banking industry - November 21,2019
    The Economist (Article)

    Square Rises as Analysts Call Results ‘So...Much...Better’ - November 7, 2019
    ​Bloomberg (Article)

    Mark Zuckerberg works to convince Congress: Libra should exist - October 24, 2019
    Marketplace Tech (Podcast)

    As Facebook's libra faces headwinds, China is racing to launch its own global cryptocurrency - October 15, 2019
    CNBC (Article)

    How Square became a $26 billion company - October 10, 2019
    CNBC (Video)

    Pushback may delay Facebook's digital currency plans - September 30, 2019
    Marketplace (Podcast)

    Square Sell-Off Is Overdone and Presents a Buying Opportunity, Analyst Ellis Says - August 2, 2019
    Bloomberg (Video)

    How to Invest in the Coming Fintech Revolution - July 23, 2019
    TheStreet (Webinar)

    Payment apps are all fun and easy, until you get burned by a typo - July 23, 2019
    NPR (Podcast)

    IBM cloud revenues 'a real weak spot' in the second quarter, still sell... - July 17, 2019
    CNBC (Video)

    Top analyst says this is why FB's Libra coin has only 20% chance of... - July 16, 2019
    CNBC (Video)

    Facebook's crypto dream - June 18, 2019
    Marketplace Tech (Podcast)

    Facebook's crypto partners signal it passes security test: Analyst - June 18, 2019
    CNBC (Video)

    Bitcoin plunges back below $8,000 as crypto stumbles - June 5, 2019
    Yahoo Finance (Video)

    Big Tech Wanted to Dethrone Credit Cards.  Why It Failed, and Who Wins Now. - May 24, 2019
    Barron's (Article)

    Why Facebook wants to launch its own currency - May 23, 2019
    Financial Times (Article)

    Growing competition could pose a big threat to Square, says analyst - May 1, 2019
    CNBC (Video)

    Shopify fine-tunes POS for a new brick-and-mortar era - April 29, 2019
    Retail Dive (Article)

    FIS's $43bn takeover of Worldpay - March 23, 2019
    Economist (Article)

    Square takes on Shopify with new micro-merchant tools - March 20, 2019
    Fast Company (Article)

    The good, the bad and Iran's love of Bitcoin - March 19, 2019
    Asia Times (Article)

    Square Sways as It Tries to Balance Tech and Banking - March 15, 2019
    Barron's (Article)

    Why can't you pay for more things with a wave of your mobile phone - February 25, 2019
    Marketplace (Article)

    Apple-Goldman Credit Card 'Nothing Unusual,' Ellis Says - February 21, 2019
    Bloomberg (Video)

    Investors are waiting for new PayPal partnerships, says equity analyst - January 30, 2019
    CNBC (Video)

    IBM beats earnings, sets higher than expected 2019 guidance - January 22, 2019
    CNBC (Video)

    Meet the New Payment Champions, Same as the Old Ones - January 11, 2019
    The Wall Street Journal (Article)

    PayPal is thriving by defying conventional wisdom - December 15, 2018
    Economist (Article)

    Why Facebook, PayPal a 'Match Made in Heaven' - December 13, 2018
    Bloomberg (Video)

    PayPal Has Become Retailers’ Best Ally in the Fight Against Amazon - December 10, 2018
    Barron's (Article)

    MoffettNathanson: meet the payment MVPs - November 30, 2018
    CNBC (Video)

    Why this expert is neutral on Square - November 7, 2018
    CNBC (Video)

    IBM bull and bear debate - October 29, 2018
    CNBC (Video)

    Can Bitcoin Become a Dominant Currency? - Oct. 21, 2018
    Wall Street Journal (Article)

    Breaking down PayPal's Q3 earnings report - October 18, 2018
    CNBC (Video)

    IBM will not see strong growth for another 4 to 5 quarters, says... - October 17, 2018
    CNBC (Video)

    Consumers, Businesses Make the Case for Going Cashless - October 15, 2018
    Bloomberg (Video)

    IBM's recovery remains protracted and uncertain - October 4, 2018
    CNBC (Video)

    Buy these payments stocks: No.1 rated analyst - July 11, 2018
    CNBC (Video)

  • Research Reports

    You will be redirected to your document shortly

    • Newest first|Oldest first|Most popular
    • Lightspeed 3Q23: In Search of Profitable Growth02.03.23
    • Cognizant 4Q22: Solid Earnings Quality and FCF Generation, amid a Backdrop of Weakening Revenue and Margins02.03.23
    • Microsoft / Google / AWS – Big 3 Cloud Slowing, But at Different Rates02.03.23
    • CS Disco: Even Macro Data Had it Out for Disco in 202202.02.23
    • FIS, GPN: The ‘Strategic Alternatives’02.02.23
    • “Shall I compare thee to a summer’s day?” Initiating coverage of the Payments sector07.11.18
    • Agree or disagree? Payments coverage initiation FAQs, pushback, and sentiment07.23.18
    • WP, SQ, GPN, FDC: Regulatory tremors in the UK07.25.18
    • PayPal 2Q18: Stand Tall, Checkout Button! 07.26.18
    • Visa 3Q18 and Mastercard 2Q18: Is Mastercard Really Suddenly Better?07.27.18
    • “Shall I compare thee to a summer’s day?” Initiating coverage of the Payments sector07.11.18
    • FIS, FISV, WP, FDC: “When You Come to a Fork in the Road, Take It.” Initiating Coverage of FIS and Fiserv05.21.19
    • “It was the best of times, it was the worst of times…” Initiating coverage of IT Services and Processors10.04.18
    • Payments: The Future of Merchant Acquiring, Part 1/3 – State of the Industry, Factors that Matter03.18.21
    • Software: Is It Time to Invest Again?09.22.22
Please contact your salesperson for access.

COOKIE POLICY

This website stores cookies on your computer. These cookies are used to collect information about how you interact with our website and allow us to remember you. We use this information in order to improve and customize your browsing experience and for analytics and metrics about our visitors on this website.

Copyright © 2023 :::: MoffettNathanson LLC :::: All Rights Reserved.   Disclosures