<p>Needham 分析师与 12 家公司的管理团队进行了会议，讨论了它们在 12 月底之前的表现，随后这些公司进入了 &#34;静默期&#34;。</p>
<p><strong>• Fortinet 股票交易处于低迷水平。FTNT 股票接下来会怎样？</strong></p>
<h2><strong>评级</strong></h2>
<p>分析师 Mike Cikos 维持以下评级和价格目标：</p>
<ul>
<li><strong>Backblaze Inc</strong> (NASDAQ: BLZE): 买入，$8</li>
<li><strong>Check Point Software Technologies Ltd</strong> (NASDAQ: CHKP): 持有，NA</li>
<li><strong>Cellebrite DI Ltd</strong> (NASDAQ: CLBT): 买入，$24</li>
<li><strong>Datadog Inc</strong> (NASDAQ: DDOG): 买入，$220</li>
<li><strong>DigitalOcean Holdings Inc</strong> (NYSE: DOCN): 持有，NA</li>
<li><strong>Dynatrace Inc</strong> (NYSE: DT): 持有，NA</li>
<li><strong>JFrog Ltd</strong> (NASDAQ: FROG): 买入，$70</li>
<li><strong>Fortinet Inc</strong> (NASDAQ: FTNT): 持有，NA</li>
<li><strong>N-Able Inc</strong> (NYSE: NABL): 买入，$10</li>
<li><strong>ServiceNow Inc</strong> (NYSE: NOW): 买入，$1,200</li>
<li><strong>Tenable Holdings Inc</strong> (NASDAQ: TENB): 买入，$38</li>
<li><strong>Varonis Systems Inc</strong> (NASDAQ: VRNS): 买入，$58</li>
</ul>
<p>查看 其他分析师股票评级。</p>
<h2><strong>关键要点</strong></h2>
<p>Needham 分析师提到以下要点：</p>
<ul>
<li>Backblaze 正在进行其市场转型的第二阶段的一些举措，尽管这些举措的好处可能需要一些时间才能显现。</li>
<li>Cellebrite 的执行情况良好，管理层预计在 2026 年将重新加速增长。</li>
<li>Check Point 已经实现了之前宣布的 7%-10% 的价格上涨，同时由于销售补偿与 ARR 相关联，价格纪律有所改善。</li>
<li>Datadog 正在加大多个销售和市场推广举措，以支持中长期增长目标。</li>
<li>DigitalOcean 预计将在 2026 年上半年上线 30MW 的数据中心容量。</li>
<li>Dynatrace 对于 2027 财年的净新 ARR 重新加速充满信心。</li>
<li>JFrog 在 2025 年第三季度的执行表现强劲，且公司似乎 &#34;在继续推动现有客户的交叉销售方面处于良好位置，同时提供排除过度消费的谨慎指导，&#34; Cikos 写道。</li>
<li>Fortinet 正在专注于在 2026 年下半年重新加速服务收入增长，此前今年产品收入和扩展账单表现强劲。</li>
<li>N-able 旨在将其剩余的现有客户转为年度合同。分析师预计到 2026 年底，约 65%-70% 的客户将签订年度合同。</li>
<li>ServiceNow 继续看到 Now Assist 的吸引力，而来自美国联邦机构的短期桥接合同的 cRPO 阻力可能会随着支出环境的正常化而减轻。</li>
<li>Tenable 正在转向分期账单，这可能在短期内施加压力，但为客户提供更大的灵活性，并导致利润率扩张。</li>
<li>Varonis 预计约 6000 万美元的 &#34;我们估计的 1.75 亿美元的 OPS ARR 将在 2025 年第四季度续约，这应该为管理层提供对 2026 年客户行为的显著改善的视角，&#34; 分析师进一步表示。</li>
</ul>
<p><strong>价格走势：</strong> 在周四发布时，以下股票上涨：</p>
<ul>
<li>Backblaze 上涨 4.88% 至 $4.67</li>
<li>Cellebrite 上涨 1.36% 至 $18.63</li>
<li>Datadog 上涨 1.80% 至 $139.17</li>
<li>DigitalOcean 上涨 3.24% 至 $45.28</li>
<li>Dynatrace 上涨 1.16% 至 $44.70</li>
<li>JFrog 上涨 3.99% 至 $66.54</li>
<li>N-Able 上涨 0.86% 至 $7.64</li>
<li>Tenable 上涨 1.16% 至 $25.08</li>
<li>Varonis Systems 上涨 0.85% 至 $32.94</li>
</ul>
<p><strong>以下股票下跌：</strong></p>
<ul>
<li>Check Point Software Technologies 下跌 0.33% 至 $186.73</li>
<li>Fortinet 下跌 0.14% 至 $79.27</li>
<li>ServiceNow 下跌 2.19% 至 $153.07</li>
</ul>
<p><strong>阅读更多：</strong></p>
<p>• <strong>ServiceNow 面临 AI 挑战，M&amp;A 风险，分析师表示</strong></p>
<p><em>照片来源：Shutterstock</em></p>

BLZE

CLBT

<p>Needham 分析师在静默期前与 12 家公司会面，提供了评级和价格目标。关键见解包括 Backblaze 的市场转型、Cellebrite 的增长预期以及 Fortinet 的收入关注。分析师 Mike Cikos 对 Backblaze、Datadog 和 ServiceNow 等公司的评级维持在买入。股票价格的变动被记录，Backblaze、Cellebrite 等公司的股价上涨，而 Check Point 和 Fortinet 的股价则出现下跌</p>

<p>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;</p>
<div class="lb-trans"><p>Needham 分析师与 12 家公司的管理团队进行了会议，讨论了它们在 12 月底之前的表现，随后这些公司进入了 &#34;静默期&#34;。</p>
</div><p><strong>• Fortinet stock is trading at depressed levels. What’s next for FTNT stock?</strong></p>
<div class="lb-trans"><p><strong>• Fortinet 股票交易处于低迷水平。FTNT 股票接下来会怎样？</strong></p>
</div><h2><strong>The Ratings</strong></h2>
<div class="lb-trans"><h2><strong>评级</strong></h2>
</div><p>Analyst Mike Cikos maintained the following ratings and price targets:</p>
<div class="lb-trans"><p>分析师 Mike Cikos 维持以下评级和价格目标：</p>
</div><ul>
<li><strong>Backblaze Inc</strong> (NASDAQ: BLZE): Buy, $8</li>
<li><strong>Check Point Software Technologies Ltd</strong> (NASDAQ: CHKP): Hold, NA</li>
<li><strong>Cellebrite DI Ltd</strong> (NASDAQ: CLBT): Buy, $24</li>
<li><strong>Datadog Inc</strong> (NASDAQ: DDOG): Buy, $220</li>
<li><strong>DigitalOcean Holdings Inc</strong> (NYSE: DOCN): Hold, NA</li>
<li><strong>Dynatrace Inc</strong> (NYSE: DT): Hold, NA</li>
<li><strong>JFrog Ltd</strong> (NASDAQ: FROG): Buy, $70</li>
<li><strong>Fortinet Inc</strong> (NASDAQ: FTNT): Hold, NA</li>
<li><strong>N-Able Inc</strong> (NYSE: NABL): Buy, $10</li>
<li><strong>ServiceNow Inc</strong> (NYSE: NOW): Buy, $1,200</li>
<li><strong>Tenable Holdings Inc</strong> (NASDAQ: TENB): Buy, $38</li>
<li><strong>Varonis Systems Inc</strong> (NASDAQ: VRNS): Buy, $58</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Backblaze Inc</strong> (NASDAQ: BLZE): 买入，$8</li>
<li><strong>Check Point Software Technologies Ltd</strong> (NASDAQ: CHKP): 持有，NA</li>
<li><strong>Cellebrite DI Ltd</strong> (NASDAQ: CLBT): 买入，$24</li>
<li><strong>Datadog Inc</strong> (NASDAQ: DDOG): 买入，$220</li>
<li><strong>DigitalOcean Holdings Inc</strong> (NYSE: DOCN): 持有，NA</li>
<li><strong>Dynatrace Inc</strong> (NYSE: DT): 持有，NA</li>
<li><strong>JFrog Ltd</strong> (NASDAQ: FROG): 买入，$70</li>
<li><strong>Fortinet Inc</strong> (NASDAQ: FTNT): 持有，NA</li>
<li><strong>N-Able Inc</strong> (NYSE: NABL): 买入，$10</li>
<li><strong>ServiceNow Inc</strong> (NYSE: NOW): 买入，$1,200</li>
<li><strong>Tenable Holdings Inc</strong> (NASDAQ: TENB): 买入，$38</li>
<li><strong>Varonis Systems Inc</strong> (NASDAQ: VRNS): 买入，$58</li>
</ul>
</div><p>Check out other analyst stock ratings.</p>
<div class="lb-trans"><p>查看 其他分析师股票评级。</p>
</div><h2><strong>The Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>关键要点</strong></h2>
</div><p>The Needham analyst mentioned the following takeaways:</p>
<div class="lb-trans"><p>Needham 分析师提到以下要点：</p>
</div><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>
<div class="lb-trans"><ul>
<li>Backblaze 正在进行其市场转型的第二阶段的一些举措，尽管这些举措的好处可能需要一些时间才能显现。</li>
<li>Cellebrite 的执行情况良好，管理层预计在 2026 年将重新加速增长。</li>
<li>Check Point 已经实现了之前宣布的 7%-10% 的价格上涨，同时由于销售补偿与 ARR 相关联，价格纪律有所改善。</li>
<li>Datadog 正在加大多个销售和市场推广举措，以支持中长期增长目标。</li>
<li>DigitalOcean 预计将在 2026 年上半年上线 30MW 的数据中心容量。</li>
<li>Dynatrace 对于 2027 财年的净新 ARR 重新加速充满信心。</li>
<li>JFrog 在 2025 年第三季度的执行表现强劲，且公司似乎 &#34;在继续推动现有客户的交叉销售方面处于良好位置，同时提供排除过度消费的谨慎指导，&#34; Cikos 写道。</li>
<li>Fortinet 正在专注于在 2026 年下半年重新加速服务收入增长，此前今年产品收入和扩展账单表现强劲。</li>
<li>N-able 旨在将其剩余的现有客户转为年度合同。分析师预计到 2026 年底，约 65%-70% 的客户将签订年度合同。</li>
<li>ServiceNow 继续看到 Now Assist 的吸引力，而来自美国联邦机构的短期桥接合同的 cRPO 阻力可能会随着支出环境的正常化而减轻。</li>
<li>Tenable 正在转向分期账单，这可能在短期内施加压力，但为客户提供更大的灵活性，并导致利润率扩张。</li>
<li>Varonis 预计约 6000 万美元的 &#34;我们估计的 1.75 亿美元的 OPS ARR 将在 2025 年第四季度续约，这应该为管理层提供对 2026 年客户行为的显著改善的视角，&#34; 分析师进一步表示。</li>
</ul>
</div><p><strong>Price Actions:</strong> At the time of publication on Thursday, the following shares had risen:</p>
<div class="lb-trans"><p><strong>价格走势：</strong> 在周四发布时，以下股票上涨：</p>
</div><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>
<div class="lb-trans"><ul>
<li>Backblaze 上涨 4.88% 至 $4.67</li>
<li>Cellebrite 上涨 1.36% 至 $18.63</li>
<li>Datadog 上涨 1.80% 至 $139.17</li>
<li>DigitalOcean 上涨 3.24% 至 $45.28</li>
<li>Dynatrace 上涨 1.16% 至 $44.70</li>
<li>JFrog 上涨 3.99% 至 $66.54</li>
<li>N-Able 上涨 0.86% 至 $7.64</li>
<li>Tenable 上涨 1.16% 至 $25.08</li>
<li>Varonis Systems 上涨 0.85% 至 $32.94</li>
</ul>
</div><p><strong>The following had declined:</strong></p>
<div class="lb-trans"><p><strong>以下股票下跌：</strong></p>
</div><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>
<div class="lb-trans"><ul>
<li>Check Point Software Technologies 下跌 0.33% 至 $186.73</li>
<li>Fortinet 下跌 0.14% 至 $79.27</li>
<li>ServiceNow 下跌 2.19% 至 $153.07</li>
</ul>
</div><p><strong>Read More:</strong></p>
<div class="lb-trans"><p><strong>阅读更多：</strong></p>
</div><p>• <strong>ServiceNow Has AI Challenges, M&amp;A Risks Ahead, Says Analyst</strong></p>
<div class="lb-trans"><p>• <strong>ServiceNow 面临 AI 挑战，M&amp;A 风险，分析师表示</strong></p>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片来源：Shutterstock</em></p>
</div>

安全技术检查：来自 12 家公司的分析师在 “静默期” 前的见解