RESEARCH

Title Date
Tableau: Suspending Coverage Jun 13, 2018
ServiceNow: Suspending Coverage Jun 13, 2018
Red Hat: Suspending Coverage Jun 13, 2018
Salesforce: Suspending Coverage Jun 13, 2018
Intuit: Suspending Coverage Jun 13, 2018
Workday: Suspending Coverage Jun 13, 2018
Atlassian: Suspending Coverage Jun 13, 2018
Splunk: Suspending Coverage Jun 13, 2018
Oracle: Suspending Coverage Jun 13, 2018
Adobe: Suspending Coverage Jun 13, 2018
New Relic: Suspending Coverage Jun 13, 2018
Symantec: Suspending Coverage Jun 13, 2018
VMware: Suspending Coverage Jun 13, 2018
Microsoft: Suspending Coverage Jun 13, 2018
Symantec: Durations Mask a Weakening Bus., Investments and M&A Coming; Reiterate Sell Jun 8, 2018
Software Comp Sheet 06-04-2018 Jun 4, 2018
What is GitHub and Why is it So Important to The Future of Software? Jun 3, 2018
VMware: Are We Clear To Focus on the Fundamentals? Because They Are Pretty Good Jun 1, 2018
WDAY: Seasonality Aside, Growth is Slowing Jun 1, 2018
Salesforce: FY18 Strength Continues into Q1 with the Guide Leaving a Lot of Room for Upside May 30, 2018
Splunk: Strength in Adjusted Billings & New Business Gives Us Confidence to Raise Ests. May 29, 2018
Software Comp Sheet 05-29-2018 May 29, 2018
Intuit: The Consumer ASP Story Has Many More Chapters; TSheets Starts to Contribute May 29, 2018
Software Comp Sheet 05-21-2018 May 21, 2018
Software Comp Sheet 05-14-2018 May 14, 2018
Symantec: 4Q Earnings – This May Be Far From Over. Downgrade to Sell May 11, 2018
Tableau: Transition Clouds Fundamentals and Valuation is Extended - Downgrading DATA Shares To Sell May 10, 2018
New Relic: They Are Who We Thought They Were! May 9, 2018
Software Comp Sheet 05-07-2018 May 7, 2018
ServiceNow: Knowledge is Power - User Event Confirms Many Routes to 30%+ Top Line Growth May 7, 2018
Software Comp Sheet 04-30-2018 Apr 30, 2018
Microsoft: Staggering Q3 Numbers With Several Important Subplots Apr 27, 2018
Intuit: The Comeback King - TurboTax Retakes Share, Exceeds ASP Expects & Raises Guidance Apr 26, 2018
ServiceNow: Blows Through Another Q1; Growth Story Keeps Getting Better Apr 26, 2018
Software Comp Sheet 04-23-2018 Apr 23, 2018
Red Hat: Management Meetings Strengthen Our Already High Conviction in Growth & Upside Apr 23, 2018
Atlassian: Strong Q3 Results, Yet Not Enough To Keep The Wind In The Sails Apr 20, 2018
New Relic: Great Story with Room to Run Apr 18, 2018
Salesforce: Meetings with Keith Block, Field Checks and M&A Analysis Point to More Upside Apr 17, 2018
Software Comp Sheet 04-16-2018 Apr 16, 2018
Infor: Owning The Last Mile & Pivoting to the Cloud, Commerce Network and Data Science Apr 12, 2018
PaaS Wars; Demystifying the PaaS Market and Related Investment Opportunities Apr 9, 2018
Software Comp Sheet 04-09-2018 Apr 9, 2018
Splunk: The FY19 Guide and Outlook Are Much Better than They Might Appear Apr 2, 2018
Software Comp Sheet 04-02-2018 Apr 2, 2018
Red Hat: Big Numbers on a Big Compare in a Blowout 4Q Mar 27, 2018
Software Comp Sheet 03-26-2018 Mar 26, 2018
Salesforce: MULE Makes the CRM Platform & Applications Better, Stronger & Faster Mar 21, 2018
Oracle: Largely In-Line Q3/Guide Albeit Complex – Buyback and Taxes Starting to Drive EPS Growth Mar 20, 2018
Intuit: CEO Meetings Further our Conviction in Strong Consumer Tax and Growth in QuickBooks Mar 19, 2018
Software Comp Sheet 03-19-2018 Mar 19, 2018
Adobe: Another Q - Another Spectacular Print Mar 16, 2018
Software Comp Sheet 03-12-2018 Mar 12, 2018
Weekend Review of Salesforce’s 10-k Yields Several Useful Nuggets - March 12, 2018 Mar 12, 2018
Software Comp Sheet 03-05-2018 Mar 5, 2018
VMW: Fundamentals Continue to Prove Resilient but Dell Remains an Overhang on the Stock Mar 2, 2018
SPLK: Pivotal Q4, Drivers in Place for Strong F19 Mar 2, 2018
CRM: Holy Bookings! Q4 Sets Table for Strong 19 Mar 1, 2018
WDAY: Huge Q4 Billings, FCF To Follow in FY19/20 Feb 28, 2018
MSFT: New and Better Azure Math and $2-3B in Risk to Consensus that More Feb 26, 2018
Software Comp Sheet 02-26-2018 Feb 26, 2018
INTU: Positive Signs on Tax ASPs and Units in Q2 Feb 23, 2018
WDAY: FY19/20 Have the Makings of an Inflection Feb 22, 2018
Software Comp Sheet 02-20-2018 Feb 20, 2018
TEAM: Turning the Software Model Upside Down Feb 16, 2018
NOW CEO Meeting Underscores Growth Potential Feb 15, 2018
Software Comp Sheet 02-12-2018 Feb 12, 2018
INTU: Can It Win the Race After Slow Start? Yes Feb 9, 2018
ORCL: Embracing the Great Capital Position Feb 9, 2018
INTU’s Consumer Challenge, ORCL’s New Buyback and AWS CAPX Feb 5, 2018
Software Comp Sheet 02-05-2018 Feb 5, 2018
DATA: Q4 Strong As Expected, But LT Questions Remain Feb 2, 2018
SYMC: Enterprise Business In Transition Feb 1, 2018
NOW: Upselling Customers, Investing for Growth Feb 1, 2018
MSFT: More Stones Added to the Castle in F2Q18 Feb 1, 2018
Red Hat Doubles Down on Containers and Kubernetes, acquires CoreOS - January 31, 2018 Jan 31, 2018
Software Comp Sheet 01-29-2018 Jan 29, 2018
Dell Considering Strategic Options, Including the Acquisition of the Rest of VMW - January 29, 2018 Jan 29, 2018
MSFT: More Stones to build the Castle in CY18? Jan 26, 2018
DATA: Untangling The Factors Impacting Q4 & FY18 Jan 23, 2018
ADBE: EPS, Cashflow and PT Continue to March Higher Jan 23, 2018
Software Comp Sheet 01-22-2018 Jan 22, 2018
The 2018 Software Outlook--Long and Strong Jan 18, 2018
Software Comp Sheet 01-18-2018 Jan 16, 2018
ADBE: The Elements of 18-20% LT Digital Media Growth Jan 11, 2018
SPLK: Mgmt. Transition a Non Event; Business Trends Still Good - January 10, 2018 Jan 10, 2018
NOW: Perhaps the Best Unit Economics in SaaS Jan 9, 2018
Software Comp Sheet 01-08-2018 Jan 8, 2018
RHT: Q3 Unwraps Gifts in Both Infrastructure & App Delivery Dec 20, 2017
SPLK: The Wait is Over - Now is the Time to Buy SPLK Dec 18, 2017
Software Comp Sheet 12-18-2017 Dec 18, 2017
Adobe: No Need for Photoshop Here – A Beautiful Print Dec 15, 2017
ORCL: Patience is a Virtue Dec 15, 2017
Software M&A Picking Up; Outlook for 2018 Dec 14, 2017
INTU: Price Increases, Potential Live Attach Give Us Further Confidence in Consumer Tax Dec 13, 2017
Software Comp Sheet 12-11-2017 Dec 11, 2017
RHT: Tis the Season to Start Believing in Double Digit Infrastructure Growth Dec 8, 2017
Software Comp Sheet 12-4-2017 Dec 4, 2017
VMW Investments Yielding Benefits Dec 1, 2017
WDAY: Tactical Challenges, Longer Opportunity Nov 30, 2017
Cloudflare -Disrupting the Edge of the Internet Nov 28, 2017
Software Comp Sheet 11-27-2017 Nov 27, 2017
CRM: The Proof is in the Pudding Nov 22, 2017
INTU: Another Solid Q1 Print, Another Conservative Guide Nov 21, 2017
Software Forum Takeaways Nov 20, 2017
ORCL: Cloud Consensus-- “It Ain’t Cool Being No Jive Turkey So Close to Thanksgiving” Nov 20, 2017
Software Comp Sheet 11-20-2017 Nov 20, 2017
CTXS: More Steak than Sizzle with This Buyback - November 17, 2017 Nov 17, 2017
Software Comp Sheet 11-13-2017 Nov 13, 2017
CRM: Keeps on Growing....with Leverage! Nov 8, 2017
MSFT: Selling Facebook and Buying Servers Nov 6, 2017
Software Comp Sheet 11-3-2017 Nov 3, 2017
DATA: A Step Back in the Model Transition Nov 3, 2017
CRM: Dreaming of Sustainable Growth…..and Margins Nov 2, 2017
SYMC: A Lot of Moving Parts with a High Bar on Enterprise and Margins Nov 2, 2017
DATA: Strong Demand Supports Very Favorable Q3/Q4 Set Up Oct 31, 2017
Software Comp Sheet 10-27-2017 Oct 27, 2017
MSFT: Lots of Treats and Almost no Tricks in Q1 Oct 27, 2017
NOW: Fed Paces Q3, Q4 Leaves Room for Upside Oct 26, 2017
ADBE: New Details Add Conservatism to Raised Numbers Oct 25, 2017
ORCL: Multiple Ways to Win with Maintenance Strength and Cloud Valuation Oct 24, 2017
Anaplan Is Redefining Planning and Management Oct 20, 2017
Software Comp Sheet 10-19-17 Oct 20, 2017
Adobe Lays Down a Straight Flush in Vegas Oct 19, 2017
Software M&A Is Poised to Accelerate Oct 17, 2017
INTU: ARPU Details Give Us Comfort in the Numbers Oct 11, 2017
MSFT: An Early Halloween Treat? Oct 10, 2017
ORCL: The View From Oracle Customers and Partners Oct 6, 2017
Salesforce (CRM) The Case for Better Margin Expansion Oct 2, 2017
RHT: A Strong Q2 Underscores our Positive Thesis Sep 26, 2017
What Is Happening with Symantec and Splunk? Sep 22, 2017
MSFT - Dividend, AWS, Windows and Xbox Updates Sep 22, 2017
ADBE: More Complex Q Than Usual, Long Term Trends Still Intact Sep 20, 2017
Slack is Blazing New Frontiers Sep 18, 2017
ORCL F1Q18: Further Acceleration Highlights Solid Q1 Sep 15, 2017
State of the Industry: U.S. Software Sep 11, 2017
DATA: We are Bullish on the Transition, but Success is Largely Priced In; Initiate at Neutral Sep 6, 2017
MSFT: A Compelling Story, But Expectations are High; Initiate Coverage with a Neutral Sep 6, 2017
VMW: Positive Positioning Largely Reflected in Valuation; Initiate Coverage at Neutral Sep 6, 2017
ADBE: Stronger for Longer: Initiate at Buy Sep 6, 2017
CRM: Crossing the Chasm to Growth AND Margins; Initiate Coverage at Buy Sep 6, 2017
SYMC: Limited Long Term EPS Growth Caps Multiple Upside; Initiate Coverage with a Neutral Sep 6, 2017
ORCL: Top and Bottom Line Growth Set to Accelerate; Initiate Coverage with a Buy Sep 6, 2017
NOW: A Ferrari at Old Used Car Prices; Initiate Coverage at Buy Sep 6, 2017
RHT: Becoming a new Standard for Next Gen Cloud App Delivery; Initiate Coverage with a Buy Sep 6, 2017
WDAY: Awesome Top Line – Still Waiting for FCF; Neutral Sep 6, 2017
INTU: A Balancing Act: Initiating Coverage at a Neutral Sep 6, 2017