Theme

Cloud & Software

Enterprise software, SaaS and the internet-infrastructure layer.

49 covered names · ranked by fair value vs price

EPAM Systems Inc (EPAM)

HOLD. 12-month probability-weighted target $105 (-7% vs spot). Gross Margin explains 52% of Monte Carlo outcome variance.

EPAMEquity ResearchMonte Carlo

11 October 2026Rating: HOLD · Fair value vs price +8.1%

Equity Research

Bill Com Holdings Inc (BILL)

HOLD. 12-month probability-weighted target $43 (-5% vs spot). P/E Multiple explains 77% of Monte Carlo outcome variance.

BILLEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +8.1%

Equity Research

HubSpot Inc (HUBS)

HOLD. 12-month probability-weighted target $213 (-7% vs spot). P/E Multiple explains 72% of Monte Carlo outcome variance.

HUBSEquity ResearchMonte Carlo

11 October 2026Rating: HOLD · Fair value vs price +2.3%

Equity Research

Uipath Inc (PATH)

SELL. 12-month probability-weighted target $11 (-16% vs spot). P/E Multiple explains 79% of Monte Carlo outcome variance.

PATHEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -1.0%

Equity Research

Dolby Laboratories (DLB)

SELL. 12-month probability-weighted target $49 (-16% vs spot). P/E Multiple explains 86% of Monte Carlo outcome variance.

DLBEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -1.8%

Equity Research

Ringcentral Inc (RNG)

HOLD. 12-month probability-weighted target $80 (+2% vs spot). P/E Multiple explains 62% of Monte Carlo outcome variance.

RNGEquity ResearchMonte Carlo

11 October 2026Rating: HOLD · Fair value vs price -2.1%

Equity Research

Pegasystems Inc (PEGA)

SELL. 12-month probability-weighted target $31 (-13% vs spot). P/E Multiple explains 77% of Monte Carlo outcome variance.

PEGAEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -2.3%

Equity Research

Oracle Corporation (ORCL)

HOLD. 12-month probability-weighted target $145 (+2% vs spot). P/E Multiple explains 81% of Monte Carlo outcome variance.

ORCLEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -4.5%

Equity Research

Adobe Systems Incorporated (ADBE)

SELL. 12-month probability-weighted target $198 (-18% vs spot). P/E Multiple explains 89% of Monte Carlo outcome variance.

ADBEEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -4.8%

Equity Research

International Business Machines (IBM)

HOLD. 12-month probability-weighted target $257 (+13% vs spot). P/E Multiple explains 58% of Monte Carlo outcome variance.

IBMEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -5.4%

Equity Research

Gen Digital Inc. (GEN)

HOLD. 12-month probability-weighted target $23 (+0% vs spot). P/E Multiple explains 81% of Monte Carlo outcome variance.

GENEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -6.2%

Equity Research

Intuit Inc (INTU)

SELL. 12-month probability-weighted target $245 (-19% vs spot). P/E Multiple explains 81% of Monte Carlo outcome variance.

INTUEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -6.4%

Equity Research

Bentley Systems Inc (BSY)

HOLD. 12-month probability-weighted target $32 (-10% vs spot). P/E Multiple explains 78% of Monte Carlo outcome variance.

BSYEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -9.1%

Equity Research

Akamai Technologies Inc (AKAM)

HOLD. 12-month probability-weighted target $111 (+4% vs spot). P/E Multiple explains 73% of Monte Carlo outcome variance.

AKAMEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -9.3%

Equity Research

CommVault Systems Inc (CVLT)

HOLD. 12-month probability-weighted target $144 (-9% vs spot). P/E Multiple explains 70% of Monte Carlo outcome variance.

CVLTEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -9.9%

Equity Research

Tyler Technologies Inc (TYL)

SELL. 12-month probability-weighted target $273 (-17% vs spot). P/E Multiple explains 73% of Monte Carlo outcome variance.

TYLEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -10.0%

Equity Research

Cadence Design Systems Inc (CDNS)

HOLD. 12-month probability-weighted target $372 (+5% vs spot). P/E Multiple explains 87% of Monte Carlo outcome variance.

CDNSEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -10.1%

Equity Research

Autodesk Inc (ADSK)

SELL. 12-month probability-weighted target $190 (-19% vs spot). P/E Multiple explains 91% of Monte Carlo outcome variance.

ADSKEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -10.1%

Equity Research

Kyndryl Holdings Inc (KD)

HOLD. 12-month probability-weighted target $13 (+8% vs spot). Gross Margin explains 64% of Monte Carlo outcome variance.

KDEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -13.8%

Equity Research

Trimble Inc (TRMB)

SELL. 12-month probability-weighted target $48 (-20% vs spot). P/E Multiple explains 74% of Monte Carlo outcome variance.

TRMBEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -14.2%

Equity Research

Qualys Inc (QLYS)

SELL. 12-month probability-weighted target $152 (-25% vs spot). P/E Multiple explains 87% of Monte Carlo outcome variance.

QLYSEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -17.6%

Equity Research

Guidewire Software Inc (GWRE)

SELL. 12-month probability-weighted target $147 (-12% vs spot). P/E Multiple explains 77% of Monte Carlo outcome variance.

GWREEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -17.7%

Equity Research

Dropbox Inc (DBX)

SELL. 12-month probability-weighted target $30 (-14% vs spot). P/E Multiple explains 78% of Monte Carlo outcome variance.

DBXEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -18.0%

Equity Research

VeriSign Inc (VRSN)

SELL. 12-month probability-weighted target $252 (-17% vs spot). P/E Multiple explains 89% of Monte Carlo outcome variance.

VRSNEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -18.3%

Equity Research

Microsoft Corporation (MSFT)

SELL. 12-month probability-weighted target $416 (-22% vs spot). P/E Multiple explains 87% of Monte Carlo outcome variance.

MSFTEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -18.5%

Equity Research

Synopsys Inc (SNPS)

SELL. 12-month probability-weighted target $440 (-14% vs spot). P/E Multiple explains 82% of Monte Carlo outcome variance.

SNPSEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -20.4%

Equity Research

DocuSign Inc (DOCU)

SELL. 12-month probability-weighted target $48 (-32% vs spot). P/E Multiple explains 80% of Monte Carlo outcome variance.

DOCUEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -20.6%

Equity Research

Manhattan Associates Inc (MANH)

SELL. 12-month probability-weighted target $161 (-21% vs spot). P/E Multiple explains 80% of Monte Carlo outcome variance.

MANHEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -20.7%

Equity Research

Cognizant Technology Solutions Corp Class A (CTSH)

SELL. 12-month probability-weighted target $38 (-36% vs spot). Gross Margin explains 50% of Monte Carlo outcome variance.

CTSHEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -22.6%

Equity Research

Godaddy Inc (GDDY)

SELL. 12-month probability-weighted target $83 (-21% vs spot). P/E Multiple explains 68% of Monte Carlo outcome variance.

GDDYEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -23.0%

Equity Research

Dynatrace Holdings LLC (DT)

SELL. 12-month probability-weighted target $44 (-30% vs spot). P/E Multiple explains 81% of Monte Carlo outcome variance.

DTEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -23.9%

Equity Research

Nutanix Inc (NTNX)

SELL. 12-month probability-weighted target $54 (-27% vs spot). P/E Multiple explains 81% of Monte Carlo outcome variance.

NTNXEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -25.8%

Equity Research

ServiceNow Inc. (NOW)

SELL. 12-month probability-weighted target $99 (-30% vs spot). P/E Multiple explains 94% of Monte Carlo outcome variance.

NOWEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -27.2%

Equity Research

Workday Inc (WDAY)

SELL. 12-month probability-weighted target $115 (-39% vs spot). P/E Multiple explains 78% of Monte Carlo outcome variance.

WDAYEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -29.3%

Equity Research

Salesforce.com Inc (CRM)

SELL. 12-month probability-weighted target $154 (-33% vs spot). P/E Multiple explains 80% of Monte Carlo outcome variance.

CRMEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -30.1%

Equity Research

Twilio Inc (TWLO)

SELL. 12-month probability-weighted target $202 (-30% vs spot). P/E Multiple explains 65% of Monte Carlo outcome variance.

TWLOEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -32.8%

Equity Research

Gartner Inc (IT)

SELL. 12-month probability-weighted target $127 (-33% vs spot). P/E Multiple explains 52% of Monte Carlo outcome variance.

ITEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -32.9%

Equity Research

Accenture plc (ACN)

SELL. 12-month probability-weighted target $116 (-44% vs spot). Gross Margin explains 51% of Monte Carlo outcome variance.

ACNEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -33.4%

Equity Research

Fortinet Inc (FTNT)

SELL. 12-month probability-weighted target $145 (-26% vs spot). P/E Multiple explains 84% of Monte Carlo outcome variance.

FTNTEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -34.3%

Equity Research

Datadog Inc (DDOG)

SELL. 12-month probability-weighted target $232 (-21% vs spot). P/E Multiple explains 79% of Monte Carlo outcome variance.

DDOGEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -37.0%

Equity Research

Zscaler Inc. (ZS)

SELL. 12-month probability-weighted target $153 (-34% vs spot). P/E Multiple explains 94% of Monte Carlo outcome variance.

ZSEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -37.1%

Equity Research

PTC Inc (PTC)

SELL. 12-month probability-weighted target $114 (-41% vs spot). P/E Multiple explains 84% of Monte Carlo outcome variance.

PTCEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -37.9%

Equity Research

Palantir Technologies (PLTR)

SELL. 12-month probability-weighted target $140 (-33% vs spot). P/E Multiple explains 91% of Monte Carlo outcome variance.

PLTREquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -39.9%

Equity Research

Okta Inc (OKTA)

SELL. 12-month probability-weighted target $144 (-38% vs spot). P/E Multiple explains 76% of Monte Carlo outcome variance.

OKTAEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -41.1%

Equity Research

Crowdstrike Holdings Inc (CRWD)

SELL. 12-month probability-weighted target $142 (-48% vs spot). P/E Multiple explains 81% of Monte Carlo outcome variance.

CRWDEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -50.1%

Equity Research

Palo Alto Networks (PANW)

SELL. 12-month probability-weighted target $246 (-41% vs spot). P/E Multiple explains 89% of Monte Carlo outcome variance.

PANWEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -51.1%

Equity Research

DigitalOcean Holdings Inc (DOCN)

Rating suspended since 2026-09-29 — valuation method under review. The rating, price target and expected return are withheld until the name is re-valued; the research on the report page predates the review.

DOCNEquity ResearchMonte Carlo

10 October 2026Rating: N/A

Equity Research

Appfolio Inc (APPF)

Rating suspended since 2026-09-21 — valuation input under review. The rating, price target and expected return are withheld until the name is re-valued; the research on the report page predates the review.

APPFEquity ResearchMonte Carlo

10 October 2026Rating: N/A

Equity Research

Fair Isaac Corporation (FICO)

Rating suspended since 2026-09-30 — under analyst review. The rating, price target and expected return are withheld until the name is re-valued; the research on the report page predates the review.

FICOEquity ResearchMonte Carlo

29 September 2026Rating: N/A