March/April Quarter Earnings Recaps

Research evidence excerpt

March/April Quarter Earnings Recaps

Security & Infrastructure Software

EQUITY RESEARCH Industry Report

June 26, 2026

Companies mentioned

Ticker Price Rating Target Investment Summary. Our off-calendar quarter companies wrapped CRWD $678.65 Overweight $725.00

reporting two weeks ago, and with most conferences now behind us, we FROG $78.80 Overweight $80.00

are taking a step back to recap key March/April-end quarter results. The FTNT $149.93 Neutral $110.00

OKTA $119.26 Overweight $125.00 dominant theme across the group was AI splitting into two distinct effects,

PANW $293.09 Overweight $340.00 a near-term demand catalyst already visible in results and a longer-dated

RBRK $71.02 Overweight $95.00 monetization question still building in pipeline.

S $14.96 Overweight $24.00 AI infrastructure and AI-driven core demand showed up directly in the

SAIL $12.69 Overweight $23.00

numbers at Fortinet, JFrog, Palo Alto and CrowdStrike, supporting top- TENB $27.44 Overweight $30.00

line beats and guidance raises, while the newer agentic products at VRNS $38.56 Overweight $35.00

ZS $123.80 Overweight $225.00 Zscaler, SailPoint, Okta, and Varonis remain largely outside near-term

guidance as management awaits visibility into deal timing. We highlight

Research Analysts: CrowdStrike, where the FY27 NNARR guidance raise of ~$52M dwarfed the

Jonathan Ruykhaver, CFA ~$3M quarterly beat, reflecting AI conviction management was willing to

617-443-4473

Jonathan.Ruykhaver@cantor.com underwrite in the current-year guide, versus SailPoint, where management

Ben Mitchell largely held agentic out of the FY27 outlook entirely but anchored its FY29

212-428-5917 framework on >$800M of AI-related ARR.

Ben.Mitchell@cantor.com

We also highlight consumption and non-seat-based pricing continue to gain