Themes / Group
Fading · newly observed relationshipLatest completed snapshot · Sep 11 · 11:20 ET

MARKET-DISCOVERED GROUP

B2B Software & Data

THE TRADER READShared activity without a clean directional read

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

Price breadth14 up · 7 downRelative median unavailable
Capital-flow alignmentUnavailablePrice breadth is not yet confirmed by flow
Activity nowLow_pressureActivity score 19/100
Evidence depth0 support daysLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

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

“The decrease in interest and other income, net, was primarily due to an increase in interest expense.”

ADSK 10-K · 2026-03-03
restructuring affecting expense

“Restructuring, other exit costs, and facility reductions 29 (82) NM (1) 111 The decrease is due to the restructuring plan initiated during the first quarter of fiscal 2026 which was substantially complete as of January 31, 2026.”

ADSK 10-Q · 2026-08-28
credit / rates

“Financing For fiscal 2025, net cash used in financing activities was $407.8 million, consisting mainly of $805.0 million related primarily to the repayment of the 2022 Credit Facilities, $300.5 million of share repurchases and $160.0 million of dividend payments, partially offset by $803.4 million of proceeds from borrowings under the 2025 Term Facility and the 2022 Revolving Facility, in periods prior to its termination, and $81.7 million of proceeds from employee stock plans.”

FDS 10-K · 2025-10-22
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

5/23 active15 rising · 8 falling

MemberUnusual activityToday's moveRead now
GDDYGoDaddy Inc.
Elevated · 100/100
+1.7%
Active; unclassifiedHistorical role unavailable
MSCIMSCI Inc.
Elevated · 29/100
+1.3%
Active; unclassifiedHistorical role unavailable
SPGIS&P Global Inc.
Elevated · 28/100
+0.1%
Active; unclassifiedHistorical role unavailable
PAYXPaychex, Inc.
Elevated · 28/100
+0.5%
Active; unclassifiedHistorical role unavailable
PCTYPaylocity Holding Corporation
Elevated · 26/100
-0.9%
Active; unclassifiedHistorical role unavailable
CSGPCoStar Group, Inc.
Elevated · 26/100
+3.2%
Active; unclassifiedHistorical role unavailable
ADSKAutodesk, Inc.
Elevated · 23/100
+0.4%
Active; unclassifiedHistorical role unavailable
BSYBentley Systems, Incorporated
Elevated · 22/100
-0.1%
Active; unclassifiedHistorical role unavailable
PTCPTC Inc.
Elevated · 22/100
+1.8%
Active; unclassifiedHistorical role unavailable
JKHYJack Henry & Associates, Inc.
Elevated · 21/100
-0.2%
Active; unclassifiedHistorical role unavailable
APPFAppFolio, Inc.
Participating · 17/100
+1.6%
Active; unclassifiedHistorical role unavailable
MORNMorningstar, Inc.
Participating · 17/100
-1.0%
Active; unclassifiedHistorical role unavailable
MCOMoody's Corporation
Participating · 15/100
+1.6%
Active; unclassifiedHistorical role unavailable
FDSFactSet Research Systems Inc.
Most unusual · 14/100
-1.3%
Active; unclassifiedHistorical role unavailable
TRUTransUnion
Participating · 14/100
+1.1%
Active; unclassifiedHistorical role unavailable
TYLTyler Technologies, Inc.
Participating · 14/100
+0.3%
Active; unclassifiedHistorical role unavailable
HQYHealthEquity, Inc.
Participating · 13/100
+1.8%
Active; unclassifiedHistorical role unavailable
VRSKVerisk Analytics, Inc.
Participating · 13/100
+0.2%
Active; unclassifiedHistorical role unavailable
RELXRELX PLC
Participating · 13/100
-0.1%
Active; unclassifiedHistorical role unavailable
EFXEquifax Inc.
Participating · 12/100
+0.5%
Active; unclassifiedHistorical role unavailable
KFYKorn Ferry
Quiet · 7/100
-0.8%
Watch / laggardHistorical role unavailable
WAYWaystar Holding Corp.
Quiet · 5/100
+1.8%
Watch / laggardHistorical role unavailable
ROPRoper Technologies, Inc.
Quiet · 4/100
-0.0%
Watch / laggardHistorical role unavailable
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
GDDYGoDaddy Inc.Participating+1.7%—Price participation is not yet confirmed by per-name flow.
MSCIMSCI Inc.Participating+1.3%—Price participation is not yet confirmed by per-name flow.
SPGIS&P Global Inc.Participating+0.1%—Price participation is not yet confirmed by per-name flow.
PAYXPaychex, Inc.Participating+0.5%—Price participation is not yet confirmed by per-name flow.
PCTYPaylocity Holding CorporationParticipating-0.9%—Price participation is not yet confirmed by per-name flow.
CSGPCoStar Group, Inc.Participating+3.2%—Price participation is not yet confirmed by per-name flow.
ADSKAutodesk, Inc.Participating+0.4%—Price participation is not yet confirmed by per-name flow.
BSYBentley Systems, IncorporatedParticipating-0.1%—Price participation is not yet confirmed by per-name flow.
PTCPTC Inc.Participating+1.8%—Price participation is not yet confirmed by per-name flow.
JKHYJack Henry & Associates, Inc.Participating-0.2%—Price participation is not yet confirmed by per-name flow.
APPFAppFolio, Inc.Participating+1.6%—Price participation is not yet confirmed by per-name flow.
MORNMorningstar, Inc.Participating-1.0%—Price participation is not yet confirmed by per-name flow.
MCOMoody's CorporationParticipating+1.6%—Price participation is not yet confirmed by per-name flow.
FDSFactSet Research Systems Inc.Most unusual-1.3%—Most unusual activity in this snapshot; performance direction may differ.
TRUTransUnionParticipating+1.1%—Price participation is not yet confirmed by per-name flow.
TYLTyler Technologies, Inc.Participating+0.3%—Price participation is not yet confirmed by per-name flow.
HQYHealthEquity, Inc.Participating+1.8%—Price participation is not yet confirmed by per-name flow.
VRSKVerisk Analytics, Inc.Participating+0.2%—Price participation is not yet confirmed by per-name flow.
RELXRELX PLCParticipating-0.1%—Price participation is not yet confirmed by per-name flow.
EFXEquifax Inc.Participating+0.5%—Price participation is not yet confirmed by per-name flow.
KFYKorn FerryQuiet / lagging-0.8%—Not participating yet; a breadth test or a genuine divergence.
WAYWaystar Holding Corp.Quiet / lagging+1.8%—Not participating yet; a breadth test or a genuine divergence.
ROPRoper Technologies, Inc.Quiet / lagging-0.0%—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.