Barclays | U.S. Software
12 April 2018 2
Summary of our Ratings, Price Targets and Earnings Changes in this Report (all changes are shown in bold)
Company Rating Price Price Target EPS FY1 (E) EPS FY2 (E)
Old New 11-Apr-18 Old New %Chg Old New %Chg Old New %Chg
U.S. Software Pos Pos
Fortinet, Inc. (FTNT) EW EW 54.83 50.00 55.00 10 1.44 1.44 - 1.73 1.73 -
Hortonworks, Inc. (HDP) EW EW 18.06 22.00 20.00 -9 -0.90 -0.90 - -0.53 -0.53 -
Mimecast Ltd. (MIME) OW OW 37.55 36.00 40.00 11 -0.03 -0.03 - 0.28 0.28 -
MuleSoft, Inc. (MULE) OW EW 44.24 31.00 44.00 42 -0.30 -0.30 - -0.26 -0.26 -
Paycom (PAYC) OW EW 112.27 97.00 115.00 19 2.50 2.50 - 3.15 3.15 -
PTC Inc. (PTC) OW OW 79.64 77.00 86.00 12 1.33 1.33 - 2.02 2.02 -
Rapid7 (RPD) OW OW 26.25 27.00 30.00 11 -0.52 -0.52 - 0.03 0.03 -
Varonis Systems, Inc. (VRNS) EW EW 64.60 58.00 65.00 12 0.01 0.01 - 0.36 0.36 -
Source: Barclays Research. Share prices and target prices are shown in the primary listing currency and EPS estimates are shown in the reporting currency.
FY1(E): Current fiscal year estimates by Barclays Research. FY2(E): Next fiscal year estimates by Barclays Research.
Stock Rating: OW: Overweight; EW: Equal Weight; UW: Underweight; RS: Rating Suspended
Industry View: Pos: Positive; Neu: Neutral; Neg: Negative
Barclays | U.S. Software
12 April 2018 3
CONTENTS
EARNINGS CALENDAR . 5
VALUATION AND PRICE PERFORMANCE ... 6
ANSYS, INC. (UW/POS, PT $152)...... 8
APPIAN (UW/POS, PT $27) .... 9
APPTIO (EW/POS, PT $28) ... 10
CA TECHNOLOGIES (EW/POS, PT $37) .... 11
CARBONITE (EW/POS, PT $31) ....... 12
CHECKPOINT SOFTWARE TECHNOLOGIES (EW/POS, PT $106) ....... 13
CITRIX (EW/POS, PT $90) ..... 14
CORNERSTONE (UW/POS, PT $33) ........... 15
CYBERARK (EW/POS, PT $52) ......... 16
ELLIE MAE (OW/POS, PT $114) ...... 17
FIREEYE (EW/POS, PT $17) .. 18
FIVE9 (EW/POS, PT $28) ....... 19
FORTINET (EW/POS, PT $55) .......... 20
HORTONWORKS (EW/POS, PT $20) ......... 21
LOGMEIN (OW/POS, PT $142) ........ 22
MICROSOFT (OW/POS, PT $100) .. 23
MIMECAST LTD. (OW/POS, PT $40) ......... 25
MOBILEIRON (UW/POS, PT $5) ...... 26
MULESOFT (EW/POS, PT $44) ........ 27
NUANCE (OW/POS, PT $23)28
PAYCOM (EW/POS, PT $115) ......... 29
PTC (OW/POS, PT $86) ......... 31
RAPID7 (OW/POS, PT $30) .. 32
SERVICENOW (OW/POS, PT $180)33
Barclays | U.S. Software
12 April 2018 4
SYMANTEC (OW/POS, PT $34)....... 34
TABLEAU (OW/POS, PT $98) .......... 35
TALEND (OW/POS, PT $55) . 36
TERADATA (UW/POS, PT $31) ....... 37
VARONIS SYTEMS, INC. (EW/POS, PT $65) ......... 38。