U.S. Software: Raimo's Roundup: 13F's Show Some Bottom- Fishing In Software

研报英文原文证据摘录

U.S. Software: Raimo's Roundup: 13F's Show Some Bottom- Fishing In Software

Equity Research

22 May 2026

U.S. Software

Raimo's Roundup: 13F's Show

Some Bottom- Fishing In Software

This week, we are looking at the recent 13F filings in our U.S. Software

space (see within). It does seem like the market is starting to POSITIVE

look at names that have been left behind. Names like TEAM, U.S. Software

Raimo Lenschow, CFA

GTLB or DT saw the largest buying motion while previous +1 212 526 2712

stalwarts like SAP fared less well. raimo.lenschow@barclays.com

BCI, US

Saket Kalia, CFA

What Happened?

+1 212 526 8465

saket.kalia@barclays.com

We hosted a call with the CEO and CFO of Legora, an AI platform tool for lawyers, who noted a

$1tn professional services TAM and their moat of ability to run actionable workflows (see

note here). Becky Sun

+1 212 526 0416

We hosted an expert call on Snowflake and the broader data analytics ecosystem, which yuyao.sun@barclays.com

highlighted SNOW's ongoing journey on the GTM and AI front, and while cognizant of risks, we BCI, US

note the expert spoke favorably around the opportunity of genAI advancements to drive more

workload opportunities for SNOW.

CoreWeave announced it has closed its $3.1bn delayed draw term loan facility ("DDTL 5.0

Facility"), closed 50bps tighter than expected due to over-subscribed demand.

Workday announced Sana for ITSM and new Travel Agent, automating workflows for employee

on- and offboarding, and bringing travel and expenses together.

On Wednesday, INTU reported mixed Q3 results following more bullish mgmt messaging, which

is drove an expectations reset (particularly in tax) and could lead to lower near-term

sentiment (see note here). In addition, INTU announced plans to reduce workforce by 17%.