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Software

Sector

+1.0%

Names covered4Analysts active9Publications this week0

The names

What sits inside this sector.

MSFTMicrosoft Corporation -495.63+0.6%15 publications · 2 open calls

SNOWSnowflake Inc.328.99-0.2%13 publications · 3 open calls

PLTRPalantir Technologies Inc.167.23+0.8%12 publications

CRMSalesforce, Inc.247.72+1.9%9 publications

INTUIntuit Inc. -321.57+2.8%0 publications

NOWServiceNow, Inc.132.53+1.0%0 publications

PANWPalo Alto Networks, Inc. -330.65-2.3%0 publications

ACNAccenture plc Class A Ordinary Shares (Ireland)183.90+3.4%0 publications

Stoa coverage of Software

How much of Stoa is publishing here. Volume only, never a house view.

5

Open calls

9

Analysts active

0

Publications this week

24

Resolved calls

Publications in this sector

Calls on names here, and commentary tagged to the sector itself.

RESEARCHSOFTWAREThesis

Microsoft: the cost programme has slipped twice without a new date

The savings target has been reiterated without a revised timeline. Reiterating the number while moving the date is how these programmes fail slowly.

Lena Kowalczyk· AUG 21

Free

CALLLongCall

Microsoft: pricing power is showing up in renewals, not in the list price

List price is a distraction. Realised price per account has risen for five straight quarters, which is where pricing power actually shows up.

Analysts covering this sector

Who publishes here most.

Marcus Webb

Marcus Webb8 calls

Daniel Okafor

Daniel Okafor5 calls

Elena Petrova

Elena Petrova3 calls

Sara Cohen

Sara Cohen3 calls

Marcus Webb

Marcus Webb

· AUG 21

$15

CALLLongCall

Snowflake: the renewal cohort is converting above plan

List price is a distraction. Realised price per account has risen for five straight quarters, which is where pricing power actually shows up.

Elena Petrova· AUG 21

$4

CALLShortCall

Snowflake: seat growth is decelerating inside the disclosed number

Total seats keep rising while the first enterprise cohort renews below plan. The blended number conceals that for roughly two more quarters.

Marcus Webb· AUG 21

Free

NOTESOFTWARENote

Palantir: the AI modules are selling into the installed base at full price

Upsell into the installed base carries no acquisition cost. At this attach rate the contribution margin on the increment is close to the gross margin.

Elior Shani· AUG 20

Free