Themes / Group
Active · newly observed relationshipLatest completed snapshot · Aug 21 · 16:50 ET

MARKET-DISCOVERED GROUP

B2B Data & Workflow Software · BSY

THE TRADER READShared activity without a clean directional read

Price direction is split across 23 measured members. Capital-flow confirmation is unavailable.

Price breadth15 up · 7 downRelative median unavailable
Capital-flow alignmentUnavailablePrice breadth is not yet confirmed by flow
Activity nowBuilding_pressureActivity score 41/100
Evidence depth0 support daysLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

0 timed events
TIMING READA causal timing read is unavailable because no material member price onset could be timestamped.

No session event has enough timestamp precision to place on the clock.

2 earlier filing context receipts

MON, MAR 2ADSK filing documented shared operating contextcredit / rates affecting interest expense · date precision only

WED, AUG 5BSY filing documented shared operating contextcredit / rates affecting interest expense · date precision only

Headline times and retained activity confirmations are point-in-time evidence. Price order is inferred from aligned 5-minute bars. Filing evidence has date precision only and is context, not an intraday catalyst claim.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations
Price sequence unavailableA timestamped price sequence is unavailable.
RELATIVE CO-MOVEMENT

How the members are behaving together

Session-normalized

Observed intraday paths are not available for this group yet.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast
WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

22/23 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across APPF, BSY, CSGP, GDDY, HQY, JKHY, KFY, MORN, PCTY, PTC, SPGI, TYL, VRSK, WAY.

credit / rates affecting interest expense

“35 Table of Contents Interest Expense, Net Three Months Ended Six Months Ended June 30, June 30, 2026 2025 Change 2026 2025 Change Interest expense $ (9,560) $ (3,856) 147.9 % $ (18,249) $ (8,264) 120.8 % Interest income 457 337 35.6 % 946 937 1.0 % Interest expense, net $ (9,103) $ (3,519) 158.7 % $ (17,303) $ (7,327) 136.2 % For the three and six months ended June 30, 2026, interest expense, net increased compared to the same period in the prior year, primarily due to higher weighted average interest rates on borrowings following the January 2026 repayment of the 2026 Notes, which had a 0.125% coupon rate.”

BSY 10-Q · 2026-08-06
restructuring affecting expense

“The benefit of the internal legal entity restructuring was partially offset by an increase in the effective tax rate impact of the GILTI inclusion due to the mandatory capitalization of research and development expenses for U.S.”

BSY 10-K · 2026-02-26
credit / rates

“Net borrowings under the Credit Facility increased $781,221 for the six months ended June 30, 2026 compared to the same period in the prior year due to proceeds from our new $550,000 Term Loan and higher net revolving borrowings.”

BSY 10-Q · 2026-08-06
CONFIRMATION NETWORK

Outsiders and cross-asset links

0 outsiders confirming
PCTY → UNGInverse historical lead/lag · strength -0.21
PCTY → SLVPositive historical lead/lag · strength 0.15

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

No high-confidence filing-linked outsiders are available for this group yet.

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
GDDYMSCISPGIPAYXPCTYCSGPADSKBSYPTCJKHYAPPFMORNMCOFDSTRUTYLHQYVRSKRELXEFXKFYWAYROP

15/23 active15 rising · 8 falling

MemberUnusual activityToday's moveRead now
GDDYGoDaddy Inc.
Elevated · 100/100
-1.1%
Active; unclassifiedHistorical role unavailable
MSCIMSCI Inc.
Elevated · 29/100
-0.8%
Active; unclassifiedHistorical role unavailable
SPGIS&P Global Inc.
Elevated · 28/100
-0.3%
Active; unclassifiedHistorical role unavailable
PAYXPaychex, Inc.
Elevated · 28/100
+1.3%
Active; unclassifiedHistorical role unavailable
PCTYPaylocity Holding Corporation
Elevated · 26/100
+0.7%
Active; unclassifiedHistorical role unavailable
CSGPCoStar Group, Inc.
Elevated · 26/100
-0.0%
Active; unclassifiedHistorical role unavailable
ADSKAutodesk, Inc.
Elevated · 23/100
+1.1%
Active; unclassifiedHistorical role unavailable
BSYBentley Systems, Incorporated
Most unusual · 22/100
+1.9%
Active; unclassifiedHistorical role unavailable
PTCPTC Inc.
Elevated · 22/100
+0.7%
Active; unclassifiedHistorical role unavailable
JKHYJack Henry & Associates, Inc.
Elevated · 21/100
+0.7%
Active; unclassifiedHistorical role unavailable
APPFAppFolio, Inc.
Participating · 17/100
+2.0%
Active; unclassifiedHistorical role unavailable
MORNMorningstar, Inc.
Participating · 17/100
-0.7%
Active; unclassifiedHistorical role unavailable
MCOMoody's Corporation
Participating · 15/100
+0.9%
Active; unclassifiedHistorical role unavailable
FDSFactSet Research Systems Inc.
Participating · 14/100
-0.2%
Active; unclassifiedHistorical role unavailable
TRUTransUnion
Participating · 14/100
-0.5%
Active; unclassifiedHistorical role unavailable
TYLTyler Technologies, Inc.
Participating · 14/100
+0.7%
Active; unclassifiedHistorical role unavailable
HQYHealthEquity, Inc.
Participating · 13/100
+1.3%
Active; unclassifiedHistorical role unavailable
VRSKVerisk Analytics, Inc.
Participating · 13/100
-0.1%
Active; unclassifiedHistorical role unavailable
RELXRELX PLC
Participating · 13/100
+1.4%
Active; unclassifiedHistorical role unavailable
EFXEquifax Inc.
Participating · 12/100
+0.1%
Active; unclassifiedHistorical role unavailable
KFYKorn Ferry
Quiet · 7/100
+0.7%
Watch / laggardHistorical role unavailable
WAYWaystar Holding Corp.
Quiet · 5/100
+0.8%
Watch / laggardHistorical role unavailable
ROPRoper Technologies, Inc.
Quiet · 4/100
+0.3%
Watch / laggardHistorical role unavailable
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
GDDYGoDaddy Inc.Participating-1.1%—Price participation is not yet confirmed by per-name flow.
MSCIMSCI Inc.Participating-0.8%—Price participation is not yet confirmed by per-name flow.
SPGIS&P Global Inc.Participating-0.3%—Price participation is not yet confirmed by per-name flow.
PAYXPaychex, Inc.Participating+1.3%—Price participation is not yet confirmed by per-name flow.
PCTYPaylocity Holding CorporationParticipating+0.7%—Price participation is not yet confirmed by per-name flow.
CSGPCoStar Group, Inc.Participating-0.0%—Price participation is not yet confirmed by per-name flow.
ADSKAutodesk, Inc.Participating+1.1%—Price participation is not yet confirmed by per-name flow.
BSYBentley Systems, IncorporatedMost unusual+1.9%—Most unusual activity in this snapshot; performance direction may differ.
PTCPTC Inc.Participating+0.7%—Price participation is not yet confirmed by per-name flow.
JKHYJack Henry & Associates, Inc.Participating+0.7%—Price participation is not yet confirmed by per-name flow.
APPFAppFolio, Inc.Participating+2.0%—Price participation is not yet confirmed by per-name flow.
MORNMorningstar, Inc.Participating-0.7%—Price participation is not yet confirmed by per-name flow.
MCOMoody's CorporationParticipating+0.9%—Price participation is not yet confirmed by per-name flow.
FDSFactSet Research Systems Inc.Participating-0.2%—Price participation is not yet confirmed by per-name flow.
TRUTransUnionParticipating-0.5%—Price participation is not yet confirmed by per-name flow.
TYLTyler Technologies, Inc.Participating+0.7%—Price participation is not yet confirmed by per-name flow.
HQYHealthEquity, Inc.Participating+1.3%—Price participation is not yet confirmed by per-name flow.
VRSKVerisk Analytics, Inc.Participating-0.1%—Price participation is not yet confirmed by per-name flow.
RELXRELX PLCParticipating+1.4%—Price participation is not yet confirmed by per-name flow.
EFXEquifax Inc.Participating+0.1%—Price participation is not yet confirmed by per-name flow.
KFYKorn FerryQuiet / lagging+0.7%—Not participating yet; a breadth test or a genuine divergence.
WAYWaystar Holding Corp.Quiet / lagging+0.8%—Not participating yet; a breadth test or a genuine divergence.
ROPRoper Technologies, Inc.Quiet / lagging+0.3%—Not participating yet; a breadth test or a genuine divergence.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome
POINT-IN-TIME LIVE OUTCOMES

Live outcome ledger collecting

0/0 events completed

No completed point-in-time outcome is available yet. New live confirmations are now retained with their exact observation timestamp; statistics appear only after the corresponding candles complete.

No point-in-time live observations have completed yet.
Low structural sample

Only 0 completed episodes across 0 active sessions; treat history as context, not a validated playbook. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support0 daysHow often the cohort identity was observed
Completed episodes0Separate periods of broad group activity
Active sessions0Completed session observations, not trades

Historical cohort observations are not available yet.