Themes / Group
Active · established relationshipLatest completed snapshot · Aug 14 · 18:20 ET

MARKET-DISCOVERED GROUP

Construction Management Software

THE TRADER READBroad relative move, confirmed beyond the cohort—but not by flow

0 of 12 measured SPY-adjusted paths align to the mixed across 7.4 effective names. Common-bar coverage spans 12 of 24 cohort members. MSFT is also moving with filing-linked members. Capital-flow agreement is 18%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth0 up · 23 down-0.0% median path versus SPY
Capital-flow alignment18%Price breadth is not yet confirmed by flow
Activity nowHotActivity score 92/100 · lift 1.3×
Evidence depth1 episodeLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

5 timed events · 09:40–15:55 ET
TIMING READNo verified timestamped headline was found within 24 hours of the first measured price move in the available common-bar window. The move currently reads as market-led or unexplained.
  1. 5-minute inferenceDBX registered the first material downside path

    -1.61% session path at the threshold · DBX

  2. 5-minute inferenceBRZE registered a material downside path

    -1.22% session path at the threshold · BRZE

  3. 5-minute inferenceBOX registered a material downside path

    -0.80% session path at the threshold · BOX

  4. 5-minute inferenceCRM registered a material downside path

    -0.78% session path at the threshold · CRM

  5. Retained observationGroup activity qualified live

    84% breadth · Hot activity

2 earlier filing context receipts

WED, OCT 29APPF filing documented shared operating contextrestructuring affecting expense · date precision only

WED, MAY 27CRM filing documented shared operating contextrestructuring affecting 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.
THEME CONSTRUCTION

Broad move or one-stock disguise?

SPY-adjusted 5m paths

Observed movement is broad across 7.4 effective names. DBX represents 21.2% of absolute path energy; 0 of 12 members align without a clean common direction.

ConstructionBroad21.2% from the largest path
Effective names7.4 / 1212 of 24 cohort members had common bars
Direction breadthMixedmixed relative path · 0 counter-moving
Largest moverDBX 21.2%36.9% from the top two paths
DBX21.2%Independent direction · path -2.76% · basket -0.23pp
CLBT15.7%Independent direction · path +2.05% · basket +0.17pp
DSGX14.7%Independent direction · path +1.91% · basket +0.16pp
APPF12.8%Independent direction · path +1.66% · basket +0.14pp
BRZE12.0%Independent direction · path -1.57% · basket -0.13pp
BOX8.2%Independent direction · path -1.06% · basket -0.09pp
CRM4.8%Independent direction · path -0.63% · basket -0.05pp
DOCU3.6%Independent direction · path -0.47% · basket -0.04pp
BSY3.5%Independent direction · path +0.46% · basket +0.04pp
FIG2.7%Independent direction · path +0.34% · basket +0.03pp
BL0.5%Flat / inactive path · path -0.06% · basket -0.01pp
AVPT0.3%Flat / inactive path · path +0.04% · basket +0.00pp
Top six names by movement share are shown. Movement share measures absolute 5-minute path energy; signed basket contribution is equal-weight. Neither is a portfolio weight or causal attribution.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations
HOW THE PRICE MOVE SPREAD

Observed session sequence

5-minute bars · inferred
  1. DBX moved lower firstFirst member to clear the material path threshold · path -1.61%
  2. BRZE registered a material lower path0m after the first price move · path -1.22%
  3. BOX registered a material lower path0m after the first price move · path -0.80%
  4. CRM registered a material lower path0m after the first price move · path -0.78%
  5. DOCU registered a material lower path0m after the first price move · path -1.33%
  6. FIG registered a material higher path0m after the first price move · path +0.60%

Sequence inferred from aligned 5-minute price paths; it is not a causal ordering.

RELATIVE CO-MOVEMENT

How the members are behaving together

SPY-adjusted
Aug 14 · 09:40 ETMove visible 10:05 ETAug 14 · 15:55 ET
Group median -0.01%Strongest relative path CLBTWeakest relative path DBX

Observed member paths adjusted against SPY. The dashed marker shows when the median move first cleared a material threshold; shading marks the latest 20% of the observed window.

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

29/34 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across APPF, BL, BOX, BRZE, BSY, CRM, DBX, DOCU, FIG, FRSH, GEN, GWRE, HUBS, INTA, IOT, KVYO, MANH, PATH, PCOR, QTWO, TEAM, TTAN, VERX, WDAY.

restructuring affecting expense

“36 Table of Contents Operating Expenses Three Months Ended April 30, Variance Dollars (in millions) 2026 As a % of Total Revenues 2025 As a % of Total Revenues Research and development $ 1,627 14 % $ 1,460 15 % $ 167 Sales and marketing 3,769 34 3,429 35 340 General and administrative 740 7 697 7 43 Restructuring 80 1 36 0 44 Total operating expenses $ 6,216 56 % $ 5,622 57 % $ 594 For the three months ended April 30, 2026, the increase in research and development expenses in absolute dollars was primarily due to an increase in employee-related costs, including stock-based compensation expense.”

CRM 10-Q · 2026-05-28
product pipeline / R&D affecting expense

“Research and development expenses as a percentage of total revenues during the three months ended April 30, 2026 decreased by one percent from the same period a year ago due to our total revenues growth outpacing our research and development expenses growth.”

CRM 10-Q · 2026-05-28
credit / rates affecting interest expense

“Other income primarily consists of interest income on our marketable securities portfolio, which is partially offset by interest expense on our debt as well as our finance leases.”

CRM 10-K · 2026-03-02
CONFIRMATION NETWORK

Outsiders and cross-asset links

1 outsiders confirming

No qualified cross-asset lead/lag link is available for this group.

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

MSFTMoving with group

BRZE · supplier

Filing receipt
“These systems include data storage partners such as Microsoft Azure, Amazon Web Services, and Google Cloud; Customer data platforms such as Segment, mParticle and Tealiu…”
AMZNNot confirming

BRZE · supplier

Filing receipt
“These systems include data storage partners such as Microsoft Azure, Amazon Web Services, and Google Cloud; Customer data platforms such as Segment, mParticle and Tealiu…”
SCSCRelationship only · live confirmation unavailable

NICE · customer

Filing receipt
“Our key suppliers includ e AT&T, Avaya, Axis, Cisco, Comcast Business, Dell, Elo, Extreme, Five9, Fortinet, Hanwha, Honeywell, HP Poly, HPE/Aruba, Ingenico, Lumen, Micro…”
NOWNot confirming

BOX · partner

Filing receipt
“We offer more than 1,500 pre-built integrations with leading enterprise technology providers, including Adobe, Apple, Cisco, CrowdStrike, Google, Guidewire, IBM, Microso…”

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
CRMMNDYDSGXQTWOKVYOIOTDBXDOCUGWREVERXTEAMBSYGENPCORPATHFRSHWDAYAPPFBOXHUBSMANHPEGAAVPTNICE

29/34 active0 rising · 24 falling

MemberUnusual activityToday's moveRead now
CRMSalesforce, Inc.
Most unusual · 100/100
-2.5%
Flow confirmerActive in 33.3% of observed group sessions
MNDYmonday.com Ltd.
Elevated · 97/100
-7.2%
Active; unclassifiedActive in 19% of observed group sessions
DSGXThe Descartes Systems Group Inc.
Elevated · 84/100
-0.2%
Active; unclassifiedActive in 14.3% of observed group sessions
QTWOQ2 Holdings, Inc.
Elevated · 83/100
-2.4%
Active; unclassifiedActive in 9.5% of observed group sessions
KVYOKlaviyo, Inc.
Elevated · 82/100
-3.9%
Active; unclassifiedActive in 23.8% of observed group sessions
IOTSamsara Inc.
Elevated · 80/100
-3.3%
Active; unclassifiedActive in 4.8% of observed group sessions
DBXDropbox, Inc.
Elevated · 65/100
-4.2%
First material pathActive in 9.5% of observed group sessions
DOCUDocuSign, Inc.
Elevated · 63/100
-3.2%
Active; unclassifiedActive in 23.8% of observed group sessions
GWREGuidewire Software, Inc.
Elevated · 60/100
-3.8%
Active; unclassifiedActive in 4.8% of observed group sessions
VERXVertex, Inc.
Elevated · 54/100
-3.9%
Active; unclassifiedActive in 4.8% of observed group sessions
TEAMAtlassian Corporation
Elevated · 50/100
-2.1%
Flow confirmerActive in 4.8% of observed group sessions
BSYBentley Systems, Incorporated
Elevated · 49/100
-0.8%
Active; unclassifiedActive in 9.5% of observed group sessions
GENGen Digital Inc.
Elevated · 49/100
-3.7%
Active; unclassifiedActive in 4.8% of observed group sessions
PCORProcore Technologies, Inc.
Elevated · 47/100
-3.8%
Active; unclassifiedActive in 9.5% of observed group sessions
PATHUiPath, Inc.
Elevated · 43/100
-3.9%
Flow confirmerActive in 4.8% of observed group sessions
FRSHFreshworks Inc.
Elevated · 43/100
-0.0%
Active; unclassifiedActive in 14.3% of observed group sessions
WDAYWorkday, Inc.
Elevated · 42/100
-3.9%
Flow confirmerActive in 14.3% of observed group sessions
APPFAppFolio, Inc.
Elevated · 36/100
-0.1%
Active; unclassifiedActive in 23.8% of observed group sessions
BOXBox, Inc.
Elevated · 36/100
-2.9%
Active; unclassifiedActive in 9.5% of observed group sessions
HUBSHubSpot, Inc.
Elevated · 34/100
-6.7%
Flow confirmerActive in 14.3% of observed group sessions
MANHManhattan Associates, Inc.
Elevated · 32/100
-1.8%
Active; unclassifiedActive in 9.5% of observed group sessions
PEGAPegasystems Inc.
Quiet · 25/100
-3.5%
Watch / laggardActive in 9.5% of observed group sessions
AVPTAvePoint, Inc.
Quiet · 22/100
-2.0%
Watch / laggardActive in 0% of observed group sessions
NICENICE Ltd.
Quiet · 21/100
-2.7%
Watch / laggardActive in 23.8% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
CRMSalesforce, Inc.Most unusual-2.5%33.3% of 21 sessionsMost unusual activity in this snapshot; performance direction may differ.
MNDYmonday.com Ltd.Participating-7.2%19% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
DSGXThe Descartes Systems Group Inc.Participating-0.2%14.3% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
QTWOQ2 Holdings, Inc.Participating-2.4%9.5% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
KVYOKlaviyo, Inc.Participating-3.9%23.8% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
IOTSamsara Inc.Participating-3.3%4.8% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
DBXDropbox, Inc.Participating-4.2%9.5% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
DOCUDocuSign, Inc.Participating-3.2%23.8% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
GWREGuidewire Software, Inc.Participating-3.8%4.8% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
VERXVertex, Inc.Participating-3.9%4.8% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
TEAMAtlassian CorporationParticipating-2.1%4.8% of 21 sessionsPrice participation with accumulating signed flow.
BSYBentley Systems, IncorporatedParticipating-0.8%9.5% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
GENGen Digital Inc.Participating-3.7%4.8% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
PCORProcore Technologies, Inc.Participating-3.8%9.5% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
PATHUiPath, Inc.Participating-3.9%4.8% of 21 sessionsPrice participation with accumulating signed flow.
FRSHFreshworks Inc.Participating-0.0%14.3% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
WDAYWorkday, Inc.Participating-3.9%14.3% of 21 sessionsPrice participation with accumulating signed flow.
APPFAppFolio, Inc.Participating-0.1%23.8% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
BOXBox, Inc.Participating-2.9%9.5% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
HUBSHubSpot, Inc.Participating-6.7%14.3% of 21 sessionsPrice participation with accumulating signed flow.
MANHManhattan Associates, Inc.Participating-1.8%9.5% of 21 sessionsPrice participation is not yet confirmed by per-name flow.
PEGAPegasystems Inc.Quiet / lagging-3.5%9.5% of 21 sessionsNot participating yet; a breadth test or a genuine divergence.
AVPTAvePoint, Inc.Quiet / lagging-2.0%0% of 21 sessionsNot participating yet; a breadth test or a genuine divergence.
NICENICE Ltd.Quiet / lagging-2.7%23.8% of 21 sessionsNot 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

Early observed follow-through

4/4 events completed
30 minutes-0.21%33% continuation · n=3Median MFE +0.14% · MAE -1.55%
60 minutes-1.05%0% continuation · n=3Median MFE +0.14% · MAE -1.55%
Session close-0.41%33% continuation · n=3Median MFE +0.14% · MAE -1.55%
Next-session close-1.71%0% continuation · n=2Median MFE +0.38% · MAE -1.80%
Only point-in-time live watcher observations and conservative same-day EOD observations are included. Later backfills and replay runs are excluded.
Low structural sample

One continuous episode spans 21 active sessions; the independent episode sample remains low—context, not a validated playbook. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support23 daysHow often the cohort identity was observed
Completed episodes1Separate periods of broad group activity
Active sessions21Completed session observations, not trades
2026-07-15 → 2026-08-1421 active sessionsNo name was active through every recorded session
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
CRM33.3% · 1 episode
RNG28.6% · 1 episode
APPF23.8% · 1 episode
DOCU23.8% · 1 episode
INTA23.8% · 1 episode
KVYO23.8% · 1 episode
NICE23.8% · 1 episode
WIX23.8% · 1 episode
MNDY19% · 1 episode
BL14.3% · 1 episode
DSGX14.3% · 1 episode
FRSH14.3% · 1 episode
HUBS14.3% · 1 episode
SPSC14.3% · 1 episode
TTAN14.3% · 1 episode
WDAY14.3% · 1 episode
BOX9.5% · 1 episode
BRZE9.5% · 1 episode
BSY9.5% · 1 episode
DBX9.5% · 1 episode
INTU9.5% · 1 episode
MANH9.5% · 1 episode
PCOR9.5% · 1 episode
PEGA9.5% · 1 episode
QTWO9.5% · 1 episode
CLBT4.8% · 1 episode
FIG4.8% · 1 episode
GEN4.8% · 1 episode
GWRE4.8% · 1 episode
IOT4.8% · 1 episode
PATH4.8% · 1 episode
TEAM4.8% · 1 episode
VERX4.8% · 1 episode
AVPT0% · 0 episodes