Confirmed

Cybersecurity Software

8 names are moving together; 25% are participating in the current session.

2 observed daily builds

Co-movement

Observed member paths adjusted against SPY. Shading marks the latest observation window.

Members

TICKER	Company	Sector	Today	Observed activity
NTSK	Netskope, Inc.	Technology	+4.1%	Group member
FROG	JFrog Ltd.	Technology	+1.4%	Group member
PALU	Direxion Daily PANW Bull 2X ETF	—	+1.5%	Group member
RBRK	Rubrik, Inc.	Technology	-0.5%	Group member
PANW	Palo Alto Networks, Inc.	Technology	+1.4%	Group member
FTNT	Fortinet, Inc.	Technology	+2.0%	Group member
TWLO	Twilio Inc.	Technology	+1.7%	Group member
RDWR	Radware Ltd.	Technology	-2.1%	Most structurally connected

Why we believe this

Cohort

8 names

Participation

25% this session

Observed history

2 daily builds

Filing coverage

6/8 members

product pipeline / R&D affecting expense

“Share-based Compensation Expense Year Ended December 31, 2025 2024 $ Change % Change (in thousands, except percentages) Cost of revenue: subscription–self-managed and SaaS $ 16,768 $ 14,555 $ 2,213 15 % Research and development 58,203 48,192 10,011 21 % Sales and marketing 55,749 47,603 8,146 17 % General and administrative 25,937 20,756 5,181 25 % Total share-based compensation expense $ 156,657 $ 131,106 $ 25,551 19 % The increase in share-based compensation expenses for the year ended December 31, 2025 compared to the year ended December 31, 2024 was primarily attributable to grants to new and existing employees.”
FROG 10-K

demand / volume affecting revenue

“As a result of customer buying patterns and the efforts of our sales force and channel partners to meet or exceed quarterly quotas, we have historically received a substantial portion of each quarter’s sales orders and generated a substantial portion of each quarter’s billings and revenue during the last two weeks of the quarter.”
FTNT 10-Q

credit / rates affecting interest expense

“Interest expense consists of interest expense due to the senior notes and other miscellaneous interest expense.”
FTNT 10-K

This identity theme becomes less useful if activity narrows to one or two names instead of remaining broad across the cohort.

Connected, outside the group

MSFT

FROGpartner · Not moving with the group now

Filing receipt · MSFT / FROG

“Many companies address only certain parts of the DevOps cycle and may compete with a limited set of JFrog offerings, including Microsoft’s GitHub, GitLab, Cloudsmith, an…”
FROG · partner

AMZN

FROGpartner · Not moving with the group now

Filing receipt · AMZN / FROG

“While also partners, cloud providers, such as Amazon Web Services (“AWS”), Microsoft Azure (including Azure DevOps) and Alphabet Inc.’s Google Cloud, may compete with a…”
FROG · partner

SCSC

FTNTcustomer · Not moving with the group now

Filing receipt · SCSC / FTNT

“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…”
FTNT · customer

AVGO

FTNTsupplier · Not moving with the group now

Filing receipt · AVGO / FTNT

“Our limited source components for particular appliances and suppliers of those components include specific types of Central Processing Units from Intel Corporation (“Int…”
FTNT · supplier

PANWcompetitor · Not moving with the group now

Filing receipt · ZS / PANW

“Our main competitors fall into four categories: • large companies that incorporate security features in their products, such as Cisco Systems, Inc.”
PANW · competitor

History

2026-07-138 names in the durable cohort

2026-07-078 names in the durable cohort