Needham analysts had meetings with the management teams of 12 companies to discuss their performance until the end of December, before companies entered the &#34;quiet period.&#34;



 • Fortinet stock is trading at depressed levels. What’s next for FTNT stock?



<h2>The Ratings </h2>



Analyst Mike Cikos maintained the following ratings and price targets:



<ul>
<li>Backblaze Inc (NASDAQ:BLZE): Buy, $8</li>



<li>Check Point Software Technologies Ltd (NASDAQ:CHKP): Hold, NA</li>



<li>Cellebrite DI Ltd (NASDAQ:CLBT): Buy, $24</li>



<li>Datadog Inc (NASDAQ:DDOG): Buy, $220</li>



<li>DigitalOcean Holdings Inc (NYSE:DOCN): Hold, NA</li>



<li>Dynatrace Inc (NYSE:DT): Hold, NA</li>



<li>JFrog Ltd (NASDAQ:FROG): Buy, $70</li>



<li>Fortinet Inc (NASDAQ:FTNT): Hold, NA</li>



<li>N-Able Inc (NYSE:NABL): Buy, $10</li>



<li>ServiceNow Inc (NYSE:NOW): Buy, $1,200</li>



<li>Tenable Holdings Inc (NASDAQ:TENB): Buy, $38</li>



<li>Varonis Systems Inc (NASDAQ:VRNS): Buy, $58</li>
</ul>



Check out other analyst stock ratings.



<h2>The Key Takeaways</h2>



The Needham analyst mentioned the following takeaways:



<ul>
<li>Backblaze is undertaking some initiatives in phase 2 of its Go-to-Market transformation, although the benefits from this may take some time.</li>



<li>Cellebrite continues to execute well, and management expects growth to reaccelerate growth in 2026.</li>



<li>Check Point has already captured most of its previously announced 7%-10% price increase, while price-discipline has improved as sales compensation is now linked to ARR.</li>



<li>Datadog is ramping several sales and marketing initiatives to support the medium- to long-term growth targets.</li>



<li>DigitalOcean expects to bring 30MW of data center capacity online during the first half of 2026.</li>



<li>Dynatrace seems confident about net new ARR reaccelerating in fiscal 2027.</li>



<li>JFrog's execution was strong in the third quarter of 2025, and the company seems &#34;well-positioned to continue driving cross-sell with existing customers, while providing prudent guidance which excludes over-consumption,&#34; Cikos wrote.</li>



<li>Fortinet is focusing on re-accelerating service revenue growth in the second half of 2026, following strong product revenue and expansion billings so far this year.</li>



<li>N-able aims to convert its remaining existing customers to annual contracts. The analyst expects roughly 65%-70% of customers to be on annual commitments exiting 2026.</li>



<li>ServiceNow continues to see traction for Now Assist, while cRPO headwinds from short-term bridge contracts with U.S. federal agencies are likely to ease as the spending environment normalizes.</li>



<li>Tenable is shifting toward installment billing, which could exert pressure in the near term but offer customers greater flexibility and result in margin expansion.</li>



<li>Varonis expects around $60 million of &#34;our estimated $175 million in OPS ARR to renew in 4QCY25, which should provide management a dramatically improved view of customer behavior into CY26,&#34; the analyst further stated.</li>
</ul>



Price Actions: At the time of publication on Thursday, the following shares had risen:



<ul>
<li>Backblaze by 4.88% to $4.67</li>



<li>Cellebrite by 1.36% to $18.63</li>



<li>Datadog by 1.80% to $139.17</li>



<li>DigitalOcean by 3.24% to $45.28</li>



<li>Dynatrace by 1.16% to $44.70</li>



<li>JFrog by 3.99% to $66.54</li>



<li>N-Able by 0.86% to $7.64</li>



<li>Tenable by 1.16% to $25.08</li>



<li>Varonis Systems by 0.85% to $32.94</li>
</ul>



The following had declined:



<ul>
<li>Check Point Software Technologies by 0.33% to $186.73</li>



<li>Fortinet by 0.14% to $79.27</li>



<li>ServiceNow by 2.19% to $153.07</li>
</ul>



Read More: • ServiceNow Has AI Challenges, M&amp;A Risks Ahead, Says Analyst







Photo: Shutterstock

BLZE

CLBT

Needham analysts met with 12 companies before the quiet period, providing ratings and price targets. Key insights include Backblaze's market transformation, Cellebrite's growth expectations, and Fortinet's revenue focus. Analyst Mike Cikos maintained ratings such as Buy for Backblaze, Datadog, and ServiceNow. Stock price movements were noted, with increases for Backblaze, Cellebrite, and others, while Check Point and Fortinet saw declines.

Security Tech Check-In: Analyst Insights From 12 Companies Ahead Of The 'Quiet Period'