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

by | Dec 18, 2025 | General

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

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

The Ratings

Analyst Mike Cikos maintained the following ratings and price targets:

Check out other analyst stock ratings.

The Key Takeaways

The Needham analyst mentioned the following takeaways:

  • Backblaze is undertaking some initiatives in phase 2 of its Go-to-Market transformation, although the benefits from this may take some time.
  • Cellebrite continues to execute well, and management expects growth to reaccelerate growth in 2026.
  • 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.
  • Datadog is ramping several sales and marketing initiatives to support the medium- to long-term growth targets.
  • DigitalOcean expects to bring 30MW of data center capacity online during the first half of 2026.
  • Dynatrace seems confident about net new ARR reaccelerating in fiscal 2027.
  • JFrog’s execution was strong in the third quarter of 2025, and the company seems “well-positioned to continue driving cross-sell with existing customers, while providing prudent guidance which excludes over-consumption,” Cikos wrote.
  • 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.
  • 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.
  • 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.
  • Tenable is shifting toward installment billing, which could exert pressure in the near term but offer customers greater flexibility and result in margin expansion.
  • Varonis expects around $60 million of “our estimated $175 million in OPS ARR to renew in 4QCY25, which should provide management a dramatically improved view of customer behavior into CY26,” the analyst further stated.

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

  • Backblaze by 4.88% to $4.67
  • Cellebrite by 1.36% to $18.63
  • Datadog by 1.80% to $139.17
  • DigitalOcean by 3.24% to $45.28
  • Dynatrace by 1.16% to $44.70
  • JFrog by 3.99% to $66.54
  • N-Able by 0.86% to $7.64
  • Tenable by 1.16% to $25.08
  • Varonis Systems by 0.85% to $32.94

The following had declined:

  • Check Point Software Technologies by 0.33% to $186.73
  • Fortinet by 0.14% to $79.27
  • ServiceNow by 2.19% to $153.07

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

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