<p>Needham 分析師與 12 家公司的管理團隊進行了會議，討論了它們在 12 月底之前的表現，隨後這些公司進入了 &#34;靜默期&#34;。</p>
<p><strong>• Fortinet 股票交易處於低迷水平。FTNT 股票接下來會怎樣？</strong></p>
<h2><strong>評級</strong></h2>
<p>分析師 Mike Cikos 維持以下評級和價格目標：</p>
<ul>
<li><strong>Backblaze Inc</strong> (NASDAQ: BLZE): 買入，$8</li>
<li><strong>Check Point Software Technologies Ltd</strong> (NASDAQ: CHKP): 持有，NA</li>
<li><strong>Cellebrite DI Ltd</strong> (NASDAQ: CLBT): 買入，$24</li>
<li><strong>Datadog Inc</strong> (NASDAQ: DDOG): 買入，$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): 買入，$70</li>
<li><strong>Fortinet Inc</strong> (NASDAQ: FTNT): 持有，NA</li>
<li><strong>N-Able Inc</strong> (NYSE: NABL): 買入，$10</li>
<li><strong>ServiceNow Inc</strong> (NYSE: NOW): 買入，$1,200</li>
<li><strong>Tenable Holdings Inc</strong> (NASDAQ: TENB): 買入，$38</li>
<li><strong>Varonis Systems Inc</strong> (NASDAQ: VRNS): 買入，$58</li>
</ul>
<p>查看 其他分析師股票評級。</p>
<h2><strong>關鍵要點</strong></h2>
<p>Needham 分析師提到以下要點：</p>
<ul>
<li>Backblaze 正在進行其市場轉型的第二階段的一些舉措，儘管這些舉措的好處可能需要一些時間才能顯現。</li>
<li>Cellebrite 的執行情況良好，管理層預計在 2026 年將重新加速增長。</li>
<li>Check Point 已經實現了之前宣佈的 7%-10% 的價格上漲，同時由於銷售補償與 ARR 相關聯，價格紀律有所改善。</li>
<li>Datadog 正在加大多個銷售和市場推廣舉措，以支持中長期增長目標。</li>
<li>DigitalOcean 預計將在 2026 年上半年上線 30MW 的數據中心容量。</li>
<li>Dynatrace 對於 2027 財年的淨新 ARR 重新加速充滿信心。</li>
<li>JFrog 在 2025 年第三季度的執行表現強勁，且公司似乎 &#34;在繼續推動現有客户的交叉銷售方面處於良好位置，同時提供排除過度消費的謹慎指導，&#34; Cikos 寫道。</li>
<li>Fortinet 正在專注於在 2026 年下半年重新加速服務收入增長，此前今年產品收入和擴展賬單表現強勁。</li>
<li>N-able 旨在將其剩餘的現有客户轉為年度合同。分析師預計到 2026 年底，約 65%-70% 的客户將簽訂年度合同。</li>
<li>ServiceNow 繼續看到 Now Assist 的吸引力，而來自美國聯邦機構的短期橋接合同的 cRPO 阻力可能會隨着支出環境的正常化而減輕。</li>
<li>Tenable 正在轉向分期賬單，這可能在短期內施加壓力，但為客户提供更大的靈活性，並導致利潤率擴張。</li>
<li>Varonis 預計約 6000 萬美元的 &#34;我們估計的 1.75 億美元的 OPS ARR 將在 2025 年第四季度續約，這應該為管理層提供對 2026 年客户行為的顯著改善的視角，&#34; 分析師進一步表示。</li>
</ul>
<p><strong>價格走勢：</strong> 在週四發佈時，以下股票上漲：</p>
<ul>
<li>Backblaze 上漲 4.88% 至 $4.67</li>
<li>Cellebrite 上漲 1.36% 至 $18.63</li>
<li>Datadog 上漲 1.80% 至 $139.17</li>
<li>DigitalOcean 上漲 3.24% 至 $45.28</li>
<li>Dynatrace 上漲 1.16% 至 $44.70</li>
<li>JFrog 上漲 3.99% 至 $66.54</li>
<li>N-Able 上漲 0.86% 至 $7.64</li>
<li>Tenable 上漲 1.16% 至 $25.08</li>
<li>Varonis Systems 上漲 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>閲讀更多：</strong></p>
<p>• <strong>ServiceNow 面臨 AI 挑戰，M&amp;A 風險，分析師表示</strong></p>
<p><em>照片來源：Shutterstock</em></p>

BLZE

CLBT

<p>Needham 分析師在靜默期前與 12 家公司會面，提供了評級和價格目標。關鍵見解包括 Backblaze 的市場轉型、Cellebrite 的增長預期以及 Fortinet 的收入關注。分析師 Mike Cikos 對 Backblaze、Datadog 和 ServiceNow 等公司的評級維持在買入。股票價格的變動被記錄，Backblaze、Cellebrite 等公司的股價上漲，而 Check Point 和 Fortinet 的股價則出現下跌</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 分析師與 12 家公司的管理團隊進行了會議，討論了它們在 12 月底之前的表現，隨後這些公司進入了 &#34;靜默期&#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 股票交易處於低迷水平。FTNT 股票接下來會怎樣？</strong></p>
</div><h2><strong>The Ratings</strong></h2>
<div class="lb-trans"><h2><strong>評級</strong></h2>
</div><p>Analyst Mike Cikos maintained the following ratings and price targets:</p>
<div class="lb-trans"><p>分析師 Mike Cikos 維持以下評級和價格目標：</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): 買入，$8</li>
<li><strong>Check Point Software Technologies Ltd</strong> (NASDAQ: CHKP): 持有，NA</li>
<li><strong>Cellebrite DI Ltd</strong> (NASDAQ: CLBT): 買入，$24</li>
<li><strong>Datadog Inc</strong> (NASDAQ: DDOG): 買入，$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): 買入，$70</li>
<li><strong>Fortinet Inc</strong> (NASDAQ: FTNT): 持有，NA</li>
<li><strong>N-Able Inc</strong> (NYSE: NABL): 買入，$10</li>
<li><strong>ServiceNow Inc</strong> (NYSE: NOW): 買入，$1,200</li>
<li><strong>Tenable Holdings Inc</strong> (NASDAQ: TENB): 買入，$38</li>
<li><strong>Varonis Systems Inc</strong> (NASDAQ: VRNS): 買入，$58</li>
</ul>
</div><p>Check out other analyst stock ratings.</p>
<div class="lb-trans"><p>查看 其他分析師股票評級。</p>
</div><h2><strong>The Key Takeaways</strong></h2>
<div class="lb-trans"><h2><strong>關鍵要點</strong></h2>
</div><p>The Needham analyst mentioned the following takeaways:</p>
<div class="lb-trans"><p>Needham 分析師提到以下要點：</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 正在進行其市場轉型的第二階段的一些舉措，儘管這些舉措的好處可能需要一些時間才能顯現。</li>
<li>Cellebrite 的執行情況良好，管理層預計在 2026 年將重新加速增長。</li>
<li>Check Point 已經實現了之前宣佈的 7%-10% 的價格上漲，同時由於銷售補償與 ARR 相關聯，價格紀律有所改善。</li>
<li>Datadog 正在加大多個銷售和市場推廣舉措，以支持中長期增長目標。</li>
<li>DigitalOcean 預計將在 2026 年上半年上線 30MW 的數據中心容量。</li>
<li>Dynatrace 對於 2027 財年的淨新 ARR 重新加速充滿信心。</li>
<li>JFrog 在 2025 年第三季度的執行表現強勁，且公司似乎 &#34;在繼續推動現有客户的交叉銷售方面處於良好位置，同時提供排除過度消費的謹慎指導，&#34; Cikos 寫道。</li>
<li>Fortinet 正在專注於在 2026 年下半年重新加速服務收入增長，此前今年產品收入和擴展賬單表現強勁。</li>
<li>N-able 旨在將其剩餘的現有客户轉為年度合同。分析師預計到 2026 年底，約 65%-70% 的客户將簽訂年度合同。</li>
<li>ServiceNow 繼續看到 Now Assist 的吸引力，而來自美國聯邦機構的短期橋接合同的 cRPO 阻力可能會隨着支出環境的正常化而減輕。</li>
<li>Tenable 正在轉向分期賬單，這可能在短期內施加壓力，但為客户提供更大的靈活性，並導致利潤率擴張。</li>
<li>Varonis 預計約 6000 萬美元的 &#34;我們估計的 1.75 億美元的 OPS ARR 將在 2025 年第四季度續約，這應該為管理層提供對 2026 年客户行為的顯著改善的視角，&#34; 分析師進一步表示。</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>價格走勢：</strong> 在週四發佈時，以下股票上漲：</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 上漲 4.88% 至 $4.67</li>
<li>Cellebrite 上漲 1.36% 至 $18.63</li>
<li>Datadog 上漲 1.80% 至 $139.17</li>
<li>DigitalOcean 上漲 3.24% 至 $45.28</li>
<li>Dynatrace 上漲 1.16% 至 $44.70</li>
<li>JFrog 上漲 3.99% 至 $66.54</li>
<li>N-Able 上漲 0.86% 至 $7.64</li>
<li>Tenable 上漲 1.16% 至 $25.08</li>
<li>Varonis Systems 上漲 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>閲讀更多：</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 面臨 AI 挑戰，M&amp;A 風險，分析師表示</strong></p>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片來源：Shutterstock</em></p>
</div>

安全技術檢查：來自 12 家公司的分析師在 “靜默期” 前的見解