The security infrastructure enabling the AI revolution
Technology
Akamai and CyberArk are showing strong momentum in developer interest, according to AnteData’s coding activity data. Repositories related to the two companies’ software platforms are frequently forked and starred - clear signals of rising popularity and adoption among developers. This surge aligns with growing Google search interest and reflects their central role in securing the infrastructure that powers the AI boom. In general, AnteData’s coding activity shows that security companies focused on protecting communication layers - like AKAM, Cloudflare and CYBR - are outperforming those focused purely on asset protection, such as Tenable or CrowdStrike. Evidently, in this new wave of Machine-to-Machine communication, speed, security and connectivity matter more than ever.
Edition: 217
- 08 August, 2025
Cybersecurity: Potential SEC investigations
Technology
Last October the SEC charged SolarWinds and its chief information security officer with fraud. This report looks at other companies in the cybersecurity industry that may have similar risks to an SEC investigation. Based on Veritas' Freedom of Information Act work, they received confirmations from the SEC pertaining to 15 publicly-listed cybersecurity stocks. Out of the 15 issuers confirmed, 2 attracted SEC scrutiny. Stocks mentioned: Palo Alto, CrowdStrike, Fortinet, Zscaler, Cloudflare, Check Point, Okta, Gen Digital, CyberArk, SentinelOne, Qualys, Tenable, Varonis, Rapid7 and SecureWorks.
Edition: 186
- 17 May, 2024
Technology
Feedback from channel contacts on the company's core PAM solution continues to be strong, while CYBR is also the standout beneficiary of the MGM breach. Pipeline generation is healthy. Sales Pulse has heard examples of reps “sitting on deals” to push into the next quarter… always a good sign. Some resellers they talked to shared that CYBR encouraged them to get their SE’s trained and certified on the new CYBR Workforce and Identity offerings, but so far these resellers, have not seen much professional services business based on this investment. Elsewhere, CrowdStrike, Palo Alto, Zscaler and Okta all look solid, while Fortinet and Tenable have the softest channel sentiment.
Edition: 171
- 13 October, 2023
Expectations analysis for European Apparel & Branded Goods
Consumer Discretionary
Luxury Goods have had a reputation for being one of Europe’s growth areas for a long time and last month they performed well ahead of wider indices. Although the median implied to Y3 EBITM ratio of Willis Welby’s large cap universe is now 96, that still feels tenable given the generally high levels of financial productivity and the almost universal high levels of current and projected revenue growth. In this note, they focus on Cucinelli. While the company is currently on a roll, Willis Welby finds expectations ratios far too high and financial productivity too low. The likes of Kering, Inditex, Richemont and Moncler look far more appealing.
Edition: 151
- 06 January, 2023
IT Spending & Cyber Security
Technology
As always, SPR will be tracking the trajectory of IT spending, changing priorities and competitive dynamics for the segments and vendors they follow. Key questions / themes for 2023 include: IT Spending: 1) Which vendors are seeing more than anticipated pressure from reduction in seats and end user efforts to contain costs? 2) Vendors benefitting from the rapid growth in DevOps / DevSecOps. Cyber Security: 3) Which vendors are executing well with XDR solutions, capturing share and potentially disrupting existing vendors? 4) Maturing of the End Point Protection market. 5) Growth for Zero Trust Network Architectures. Additional Themes: 6) Vendors successfully leveraging AI / ML. 7) M&A speculation.
Positive views include: Palo Alto, Cyberark, Five9, Snowflake, Ciena, Datadog. Cautious: ServiceNow, Salesforce, Tenable.
Edition: 151
- 06 January, 2023
Cybersecurity: Beat-and-raise being replaced by marginal-beat-and-cautious-outlook
Technology
Inflection Point Research, LLC
Economic woes impacting cybersecurity vendors - security projects are being delayed / cancelled at a rate not seen for several years. Following recent earnings, IPR questions whether Tenable will be able to sustain its surprisingly impressive momentum over the next couple quarters. Varonis’ lowered guidance is consistent with IPR’s belief that their offering has shifted to being a like-to-have technology. Qualys and Rapid7’s reliance on vulnerability management must be considered a negative. Meanwhile, Check Point's results underscore IRP's hypothesis that vendor consolidation trends are strong and becoming stronger.
Edition: 148
- 11 November, 2022
Further acceleration in cyber security; other areas of IT spending are mixed
Technology
SPR's preliminary survey results report strong momentum in Q1, and the majority see continued, or accelerated growth for the rest of the year - consistent with previous views and recent reports, those Security Vendors most called out as seeing strong growth are Palo Alto, Zscaler, CrowdStrike, Fortinet and SentinelOne. Also consistent with views from last quarter, vendors with improving checks include Tenable, Ping Identity and Check Point. In contrast, SaaS vendors are having to work much harder to achieve their goals - SPR’s channels noted that SaaS projects were among those that were being pushed out.
Edition: 134
- 29 April, 2022
Channel contacts report further acceleration of spending on Cyber Security
Technology
High flying but volatile stocks like Zscaler and CrowdStrike are benefitting, but so are some less volatile vendors. Sales Pulse are seeing unexpected acceleration from…
Check Point (CHKP) - generates impressive cash flow but has lacked innovation and bled market share. Channels now see improvement in execution and benefit from spending by its massive installed base.
F5 (FFIV) - reaping the benefits of 3+ years of working on a broader security solution through organic development and acquisitions.
Tenable (TENB) - picking up a LOT of momentum based on the growing recognition by end users of the need to scan 100% of devices for vulnerabilities. This vendor is also the most direct beneficiary of efforts to address the Log4j vulnerability threat.
Edition: 127
- 21 January, 2022