|Ticker||Status||Jurisdiction||Filing Date||CP Start||CP End||CP Loss||Deadline|
|Ticker||Case Name||Status||CP Start||CP End||Deadline||Settlement Amt|
|Ticker||Name||Date||Analyst Firm||Up/Down||Target ($)||Rating Change||Rating Current|
On average, software companies beat Q2 revenue estimates by 2% and profitability expectations by 5%, RBC analyst Matthew Hedberg said.
Q3 was guided lower for both revenue and profitability while stocks moved on average 2.1% higher the day following earnings.
While his attention shifted quickly to off-quarter software, he came out of the on-quarter cycle feeling okay about the durability of software and, to a greater extent, the ability to protect margins.
Thematically, he saw better-than-expected results from Ad-tech and Design-based software, somewhat expected solid results from Security, while Application software was weaker.
He came out of on-quarter earnings feeling better about trends from Dynatrace, Inc (NYSE: DT), HubSpot, Inc (NYSE: HUBS), Informatica Inc (NYSE: INFA), Microsoft Corp (NASDAQ: MSFT), ServiceNow, Inc (NYSE: NOW), PTC Inc (NASDAQ: PTC), PowerSchool Holdings, Inc (NYSE: PWSC), Xometry, Inc (NASDAQ: XMTR) and ZoomInfo Technologies Inc (NASDAQ: ZI) and have incremental questions about Fastly, Inc (NYSE: FSLY), Olo Inc (NYSE: OLO), Palantir Technologies Inc (NYSE: PLTR) and Twilio Inc (NYSE: TWLO).
MSFT results/guidance was better than expected, specifically on enterprise and Azure, but it did raise a cautionary note on SMB trends, he said. Hyper-scale results were better than expected.
NOW's Q2 cRPO guide was light of expectations but could set up a better scenario vs. what seemed like a high bar coming out of Q1, he said.
He noted mixed mid-cap security results as Varonis Systems, Inc (NASDAQ: VRNS) and Qualys, Inc (NASDAQ: QLYS) reported beat-and-maintain quarters, while Rapid7, Inc (NASDAQ: RPD) noted mixed guidance due to a slowdown in VM spend.