Core Viewpoint - Faruqi & Faruqi, LLP is reminding investors of F5, Inc. about the deadline for a securities class action lawsuit, which is set for February 17, 2026, due to allegations of misleading statements related to a significant security breach affecting the company's capabilities [1] Group 1: Company Overview - F5, Inc. (NASDAQ: FFIV) is facing a federal securities class action lawsuit alleging violations of federal securities laws by making false or misleading statements regarding its security capabilities [1] - The lawsuit claims that F5 was experiencing a significant security breach that impacted its ability to secure client data, which was not disclosed to investors [1] Group 2: Financial Impact - On October 27, 2025, F5 reported fourth quarter fiscal year 2025 results that fell significantly below market growth expectations for fiscal 2026, largely attributed to the security breach [1] - Following the announcement, F5's stock price dropped from $290.41 per share on October 27, 2025, to $258.76 per share by October 29, 2025, marking a decline of 10.9% in just two days [1] Group 3: Legal Proceedings - The deadline for investors to seek the role of lead plaintiff in the class action lawsuit is February 17, 2026, and any member of the class can move the court to serve as lead plaintiff [1] - Faruqi & Faruqi encourages individuals with information regarding F5's conduct, including whistleblowers and former employees, to come forward [1]

Core Insights - Gen Digital (GEN) reported total revenue of $1.24 billion for the quarter ending December 2025, reflecting a 25.8% increase compared to the previous year [4] International Revenue Performance - EMEA contributed $263 million, accounting for 21.2% of total revenue, which was a 5.69% miss against the consensus estimate of $278.87 million. This is an increase from $257 million (21.1%) in the previous quarter and $240 million (24.3%) in the same quarter last year [5] - APJ generated $97 million, representing 7.8% of total revenue, which was a 13.83% miss against the expected $112.57 million. This is a decrease from $99 million (8.1%) in the previous quarter and $99 million (10%) in the same quarter last year [6] Future Revenue Projections - Analysts project GEN will achieve revenues of $1.24 billion for the ongoing fiscal quarter, a 22.8% increase year-over-year, with expected contributions from EMEA at 22.5% ($278.31 million) and APJ at 9% ($111.68 million) [7] - For the full year, total annual revenue is expected to reach $4.94 billion, marking a 25.6% increase compared to last year, with EMEA contributing 21.9% ($1.08 billion) and APJ contributing 8.8% ($433.25 million) [8] Strategic Considerations - The reliance on international markets presents both opportunities and challenges for Gen Digital, making the analysis of international revenue trends crucial for forecasting the company's future outlook [9] - In the context of increasing global interconnections and geopolitical tensions, analysts are closely monitoring these trends to adjust earnings predictions [10]

Market Overview - The market experienced a down day, with the S&P 500 showing flat performance, up only about four points, while the Dow Jones Industrial Average fell almost 300 points or 0.6% [2][6] - The Russell 2000 underperformed the S&P 500 for the first time in two weeks, declining by 1.8% [4][7] - A mixed trading day was noted, with the S&P 400 mid-caps down 1%, and the Dow transports down 1.4% [6][7] Sector Performance - The materials sector outperformed, gaining approximately 0.9%, while financials were the biggest losers, down about 1.3% [8] - Individual stocks showed significant movement, with Fortinet rising 5.2% after an upgrade, and CSX up 2.3% despite a challenging environment [9][11] Notable Company Updates - Intel was the most actively traded stock, plummeting 17% due to a lackluster forecast and manufacturing issues, marking its worst single-day performance since August 2024 [14][15] - Apple shares slipped slightly, down about 3% for the week, marking its eighth consecutive negative week, the longest stretch since May 2022 [16][17] Economic Indicators - The bond market saw modest declines in yields, with significant volatility earlier in the week, and attention is focused on upcoming economic data and a Federal Reserve meeting [22][23] Weather Impact - A major snowstorm is affecting over 170 million Americans, leading to significant flight cancellations and concerns about power supply and grid resilience [24][25][26]

分组1: Capital One and Acquisition News - Capital One reported adjusted EPS of 386, which missed expectations, while revenue exceeded estimates at approximately $15.6 billion, showing a positive trend [2][6] - The company is acquiring fintech startup Brex for $5.15 billion in a cash and stock deal, which focuses on expense management and corporate cards for fast-growing companies [3][4] - This acquisition provides Capital One access to significant clients, including TikTok, Robinhood, and Intel, enhancing its position in the corporate finance sector [4] 分组2: Fortinet Upgrades - Fortinet's stock rose over 8% following an upgrade from TD Cohen, which changed its rating to buy with a price target of 100, indicating improved confidence in the company's future [7][8] - The firm anticipates double-digit billings growth year-over-year and over 13% revenue growth for Q4, reflecting a positive outlook for Fortinet [8] - Concerns regarding AI's impact on security software are addressed, with the view that AI will augment rather than threaten Fortinet's offerings, leading to increased demand for security solutions [9][10] 分组3: Spotify Upgrade - Goldman Sachs upgraded Spotify from neutral to buy, setting a price target of 700, as the risk-reward profile has become more attractive following a recent selloff [12][14] - The shares have declined over 20% since October, but the potential for growth is seen in upcoming price increases and ad revenue acceleration [13][14] - The upgrade reflects a 39% upside potential from the current levels, indicating a favorable outlook for Spotify's future performance [14]

Core Viewpoint - Rosen Law Firm has announced a class action lawsuit against Varonis Systems, Inc. for allegedly misleading investors about its business operations and annual recurring revenue projections during the specified class period from February 4, 2025, to October 28, 2025 [1][2]. Allegations - The lawsuit claims that Varonis provided investors with overly positive statements regarding its expected annual recurring revenue (ARR) for the 2025 fiscal year, expressing confidence in its ability to maintain ARR projections while transitioning existing customers to a software-as-a-service (SaaS) model [3]. - It is alleged that Varonis concealed material adverse facts about its capability to convert its existing customer base to the SaaS offering, which led to inflated security prices and ultimately caused shareholder losses when the truth was revealed [4]. Next Steps - Shareholders interested in participating in the class action must file motions to serve as lead plaintiffs by March 9, 2026. They can choose to remain absent class members without participating in the case [5]. Law Firm Background - Rosen Law Firm specializes in securities class actions and has a track record of recovering over $1 billion for shareholders, emphasizing its commitment to improving corporate governance and holding executives accountable [7].

Core Viewpoint - Rubrik, Inc. is currently viewed as an attractive investment opportunity due to its strong fundamentals and recent stock pullback, which has created a compelling entry point for investors [1][3][4] Group 1: Stock Performance and Analyst Ratings - Goldman Sachs has reiterated a "Buy" rating on Rubrik with a price target of $120, highlighting a robust ARR growth and improving FCF profile as key drivers [1][2] - The stock has experienced a ~17% pullback since post-F3Q earnings highs, which is seen as an opportunity for investors [2] - Despite the recent decline, the stock is trading slightly above pre-F3Q levels, indicating potential undervaluation by the market [3] Group 2: Market Dynamics and Comparisons - The market is currently discounting Rubrik's strong mid-30s ARR growth trajectory and improving FCF profile, with the stock trading at approximately 11x EV/S (NTM) compared to high-growth peers at 13x [4] - Lightspeed entities still hold an estimated 9-10 million shares, representing less than 7% of the current public float, which is equivalent to about three days of average daily trading volume [2]

Summary of the 2026 Year Ahead Outlook: Securing The Agentic Wave Industry Overview - **Industry**: Security Software - **Key Analysts**: Brian Essex, CFA; John Lee; Alex Isaac from J.P. Morgan Securities LLC Core Insights 1. **Favorable Outlook for Security Software in 2026** - The demand backdrop is healthy with reasonable expectations and attractive setups for better-than-expected execution - Top picks include PANW, CLBT, NTSK, and ZS, while FTNT is moved to Underweight due to competitive disadvantages [13][25] 2. **Market Dynamics in 2025** - 2025 was marked by macro uncertainty, leading to a slight contraction in average multiples across the coverage - Security software benefitted from a rotation towards stronger thematic names, particularly those with AI tailwinds [14][22] 3. **Budget Pressures and Spending Trends** - IT Security budgets are expected to grow at a slower pace compared to previous years, with a lower percentage of IT spending allocated to Security - Most budget pressure will impact headcount-related spending, while software spending remains healthy [22][62] 4. **AI's Impact on Security** - AI has increased the volume and sophistication of threats, necessitating a focus on Network Security, Endpoint, and Identity - Demand for SASE (Secure Access Service Edge) remains elevated, driven by AI adoption [23][24] 5. **Platformization and Vendor Performance** - Spending is expected to favor platform vendors that can consolidate across multiple high-priority categories - Established platforms are well-positioned for margin expansion and free cash flow growth [24][27] Key Company Insights 1. **Top Picks for 2026** - **PANW**: Comprehensive end-to-end platform with strong share consolidation capabilities; expected FCF margin expansion to 40% or better [27] - **CLBT**: Positioned for reacceleration driven by government demand; attractive valuation for potential 20%+ y/y growth [28] - **NTSK**: High-growth vendor with improving market traction; well-positioned for demand in Network, Data, and AI security [29] - **ZS**: Benefitting from a shift in Network Security spending; expected to gain from an expanding attack surface [30] 2. **Underweight Ratings** - **FTNT**: Facing challenges as a platform consolidator; current market conditions are unfavorable for stock performance [25] Additional Insights 1. **Consolidation Trends** - M&A activity is expected to accelerate, with private companies driving innovation in the security software space - Notable acquisitions include CyberArk by PANW and several others across the industry [105] 2. **Emerging Threats and Security Needs** - Cyber risks remain a top concern for C-suite executives, with a growing need for solutions to secure AI and machine identities - The market for securing AI is fragmented but expected to grow as larger players invest in this area [145][148] 3. **Growth Projections** - Security software is projected to remain a high-growth sector, with significant opportunities in Cloud Security, Data Privacy, and Endpoint Security - Expected CAGRs from 2024-2029 include Cloud Security at 24% and Data/Privacy at 13% [83] 4. **Valuation and Fundamentals** - Average multiples have contracted, but high-growth vendors are beginning to see multiple appreciation as interest rates stabilize - Companies that can reaccelerate growth while improving profitability will be favored in the market [111][116] This summary encapsulates the key points from the 2026 Year Ahead Outlook for the Security Software industry, highlighting the anticipated trends, company performances, and market dynamics.

Company Overview - Riverwater Partners, an investment management company, released its "Micro Opportunities Strategy" Q3 2025 investor letter, reporting solid absolute returns but lagging behind the benchmark due to not keeping pace with the strong market rally [1] - The strategy focuses on quality companies in a volatile environment [1] Stock Performance - Allot Ltd. (NASDAQ:ALLT) was highlighted in the investor letter, showing a one-month return of 4.45% and a significant 88.19% gain over the last 52 weeks [2] - As of December 16, 2025, Allot Ltd. closed at $8.92 per share, with a market capitalization of $431.957 million [2] Company Details - Allot Ltd. was incorporated in Israel in 1996 and has been public on Nasdaq since 2006, with a dual listing in Tel-Aviv since 2010 [3] - The company offers network security as a service (SECaaS-Allot Secure 360) and network intelligence solutions (AllotSmart) to communications service providers (CSPs) and enterprises globally [3] - Allot's multi-service platforms are utilized by over 500 mobile, fixed, and cloud service providers, as well as over 1000 enterprises [3] - The company's network-native security-as-a-service solution is used by millions of subscribers worldwide, serving over one billion service providers and enterprise network users across 100 countries, with 25% of Fortune 500 companies as customers [3]

Summary of IT Spending Survey - November 2025 Industry Overview - The survey focuses on the IT spending intentions of companies, reflecting the overall sentiment in the technology sector amidst global macroeconomic uncertainties. Key Findings IT Spending Indices - Overall IT Spending Index decreased to **68.0** from **74.0** [15] - IT Capital Spending Index decreased to **65.5** from **67.0** [15] - Both indices remain above the contraction/expansion breakpoint of **50** [27] Spending Intentions for 1H26 - **56%** of respondents expect Overall IT Spending to increase, down from **58%** in May 2025 [2] - **43%** anticipate an increase in Capital IT Spending, down from **48%** [17] Gen-AI Budget Allocations - **93%** of CIOs plan to allocate less than **10%** of their budgets to Gen-AI products in the next 12 months, consistent with previous surveys [3] - Over the next three years, **99%** of CIOs expect to spend on Gen-AI, with **85%** planning to allocate **1-15%** of their IT budget [4] Subsector Insights Software - Public cloud adoption remains strong, with **29%** of workloads currently in the cloud, expected to rise to **47%** in three years [103] - Azure leads in cloud workloads with **48%** IaaS and **43%** PaaS market share [10] Servers and PCs - Server spending expectations improved, with **37%** of respondents expecting to increase spending [50] - PC spending expectations worsened, with **28%** expecting to decrease spending [56] Storage - Mixed expectations for storage spending, with **47%** expecting to increase spending, slightly down from **48%** [63] Networking - Networking equipment spending expectations worsened, with only **38%** expecting to increase spending, down from **47%** [71] - Cisco is expected to gain share in networking budgets, with a net **12%** of respondents indicating an increase [80] IT Services - Discretionary IT Services spending intentions declined, with only **40%** expecting an increase [86] - Clients are increasingly cautious, with **53%** planning to cut or delay spending due to budget constraints [89] Security Software - Security budgets are expected to grow, with **67%** of respondents anticipating increases due to Gen-AI [25] - Security software valuations are trading at a **40%** premium compared to broader software coverage [25] Additional Insights - The overall sentiment indicates a moderation in IT spending due to ongoing macroeconomic uncertainties, including trade volatility and commodity supply issues [15][27] - Companies are focusing on AI-driven efficiencies, with many preferring to retain cost savings rather than reinvest in vendor spending [98] This comprehensive overview highlights the current state of IT spending intentions and the evolving landscape of technology investments, particularly in the context of Gen-AI and cloud adoption.

Financial Data and Key Metrics Changes - The company reported Q3 2025 revenue of approximately $1.55 million, consistent with the first two quarters of the year, but down roughly $600,000 compared to the previous year due to timing of larger customer orders [4][14] - Year-to-date revenue for 2025 was slightly under $5 million, reflecting a decrease largely attributed to quarter-to-quarter variability [4] - The net loss for Q3 2025 was $965,000 or $0.15 per share, compared to a net loss of $739,000 or $0.39 per share in Q3 2024 [16] Business Line Data and Key Metrics Changes - License fee revenue decreased to $918,000 in Q3 2025 from $1.4 million in Q3 2024, while service revenue increased slightly to $268,000 [14] - Hardware sales declined to approximately $364,000 in Q3 2025 from $436,000 in Q3 2024 due to timing of shipments [15] Market Data and Key Metrics Changes - The company experienced strong demand in the defense sector, with two of the top four largest global defense agencies using its technology [10] - The company is focusing on expanding its market reach in Europe, the Middle East, and Africa, particularly through channel sales efforts [7] Company Strategy and Development Direction - The company is advancing its channel sales efforts and has engaged an external marketing firm to enhance its marketing strategies and website content [7] - A significant update to the PortalGuard identity platform is expected to be released in late Q1 or early Q2 2026, which represents a major modernization of the platform [8] - The company is focusing on reducing its break-even levels and supporting positive cash flow and profitability [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects for the upcoming year, citing a strong pipeline of opportunities and the potential for significant contract renewals [12][39] - The company noted that the recent U.S. government shutdown did not impact its business operations [37] Other Important Information - The company raised approximately $3 million net of fees through a warrant exercise transaction, enhancing its cash liquidity [13] - Current assets as of September 30, 2025, were $3.7 million, including $2 million in cash, compared to $1.9 million in current assets at the end of 2024 [17] Q&A Session Summary Question: Was the Bank of Egypt win a recurring revenue deal? - Management confirmed it was an initial deployment with expectations for expanded deployment [19] Question: Are margins lower on the Bank of Egypt project due to partnership? - Management stated that gross margins on software remain above 90% [20] Question: What is the current ARR? - Management indicated that the ARR is growing and estimated to be in the $6 million-$7 million range [25] Question: What led to the decision to provide formal guidance? - Management cited confidence from a solid pipeline of opportunities and results from investments in the partner network [33] Question: Did the U.S. government shutdown impact business? - Management confirmed there was no impact from the shutdown [37] Question: Are there any major upcoming renewals in 2026? - Management indicated that there are several renewals and expansions on the horizon [40] Question: What is the status of the Channel Alliance program? - Management emphasized the focus on quality partnerships rather than quantity, with significant players in local markets [41][42]