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    Adam Borg

    Managing Director and Senior Equity Research Analyst at Stifel Financial Corp.

    Adam Borg is a Managing Director and Senior Equity Research Analyst at Stifel Financial Corp., specializing in enterprise software within the technology sector. He covers leading companies such as Okta, Tenable, Procore Technologies, CyberArk Software, Fortinet, and Cloudflare, and holds a TipRanks success rate of approximately 69% across 18 stocks, with standout calls like a 121% return on Palo Alto Networks. Borg began his career at The Depository Trust & Clearing Corporation and has held roles at Lehman Brothers, Deloitte & Touche, and Oppenheimer & Co. before joining Stifel in 2012. He holds a BS in Management from Binghamton University and an MBA with Distinction from New York University, specializing in Financial Instruments & Markets and Accounting.

    Adam Borg's questions to Autodesk (ADSK) leadership

    Adam Borg's questions to Autodesk (ADSK) leadership • Q2 2026

    Question

    Adam Borg from Stifel Financial Corp asked for details on the continued momentum in the construction business, including the remaining runway for Autodesk Construction Cloud (ACC), and for an update on the EBA renewal opportunity in the second half of the year.

    Answer

    President and CEO Andrew Anagnost confirmed that momentum in the construction business is unchanged and strong, with good performance both domestically and internationally, and highlighted the success of the payments business. EVP & CFO Janesh Moorjani added that the company is well-positioned for the second half, with a large pool of both EBA and product subscription renewals to close.

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    Adam Borg's questions to Autodesk (ADSK) leadership • Q1 2026

    Question

    Adam Borg inquired about the progress of the new transaction model, asking if initial channel disruptions have eased and could become a tailwind, and sought clarification on the Net Revenue Retention (NRR) rate.

    Answer

    CEO Andrew Anagnost stated that channel disruptions have significantly eased and expects partner productivity to increase throughout the year. CFO Janesh Moorjani confirmed the NRR rate was mechanically boosted by the new transaction model and would have otherwise been within the historical 100-110% range. He also noted the first renewals under the new model are approaching in June for the Americas.

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    Adam Borg's questions to Autodesk (ADSK) leadership • Q4 2025

    Question

    Adam Borg inquired about current customer sentiment amid ongoing macro uncertainty and the potential puts and takes for the business from a new political administration, such as changes in regulation, tariffs, or immigration policy.

    Answer

    CEO Andrew Anagnost stated that Autodesk's business is diversified and resilient enough to adapt to any policy changes. He emphasized that the primary issue for customers is not a specific policy outcome but the 'uncertainty' itself, which fuels angst. He expressed that customers, and Autodesk, want to move past the uncertainty to a stable policy environment.

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    Adam Borg's questions to Autodesk (ADSK) leadership • Q3 2025

    Question

    Adam Borg asked about early learnings from the new transaction model regarding customer adoption and upsell opportunities, and whether there has been a change in macro sentiment ahead of a new administration.

    Answer

    CEO Andrew Anagnost explained it is too early for definitive conclusions on the new model's upsell impact but cited successful EBA relationships as a positive indicator. On the macro environment, he stated that key customer drivers like infrastructure and domestic manufacturing are bipartisan issues, suggesting minimal impact from administrative changes.

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    Adam Borg's questions to Autodesk (ADSK) leadership • Q2 2025

    Question

    Adam Borg asked for more detail on the smooth rollout of the new transaction model and what provided the confidence to accelerate its launch in Europe, and also inquired about any potential impact from the upcoming U.S. election.

    Answer

    CEO Andrew Anagnost attributed the confidence to the successful, incremental rollout that started in Australia and proceeded smoothly in the U.S. with no major business disruptions. Interim CFO Betsy Rafael added that the main complexities in Europe are currency and regulations, which the company has extensive experience managing. Regarding the election, Anagnost stated that since key end markets like infrastructure and manufacturing have bipartisan support, they see little potential impact and are not hearing concern from customers.

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    Adam Borg's questions to CrowdStrike Holdings (CRWD) leadership

    Adam Borg's questions to CrowdStrike Holdings (CRWD) leadership • Q2 2026

    Question

    Adam Borg from Stifel Financial Corp asked about the traction of the exposure management business, which crossed the $300 million ARR threshold, and whether it is displacing traditional vulnerability management vendors or coexisting with them.

    Answer

    Founder & CEO George Kurtz called it an exciting business, noting his personal history in the space. He highlighted the strength of CrowdStrike's assets, including agent-based vulnerability management and the recently added network vulnerability management, which can be deployed from existing agents. He stated that customers want to consolidate, leading to big wins, and pointed to CrowdStrike's recognition as a leader in the inaugural IDC MarketScape for exposure management as proof of its success in this rapidly growing business.

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    Adam Borg's questions to Okta (OKTA) leadership

    Adam Borg's questions to Okta (OKTA) leadership • Q2 2026

    Question

    Adam Borg from Stifel Financial Corp. asked about the current state of sales force productivity relative to historical levels and what criteria must be met to increase investment in sales hiring for the second half of the year and into fiscal 2027.

    Answer

    President & COO Eric Kelleher noted that after hitting a multi-year high in sales productivity last year, they saw further gains in Q2 and are on track with their model. CEO Todd McKinnon added that because the business is back-end loaded, strong performance in Q3 and Q4 is critical to build the confidence needed to accelerate go-to-market investment for next year.

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    Adam Borg's questions to Okta (OKTA) leadership • Q4 2025

    Question

    Adam Borg asked if any specific geography or vertical stood out in the strong quarter and inquired about the size and quality of the sales pipeline heading into fiscal '26 compared to the prior year.

    Answer

    CEO Todd McKinnon identified North America as the strongest geography that particularly exceeded expectations, while noting international remains a long-term growth opportunity. CFO Brett Tighe added that EMEA and the public sector also had very strong quarters, describing the performance as strong across the board. Regarding the pipeline, he stated that management is comfortable with its current state based on the guidance provided for FY'26.

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    Adam Borg's questions to Okta (OKTA) leadership • Q3 2025

    Question

    Adam Borg inquired about potential changes to product packaging and pricing in FY'26 to coincide with the new products and sales specialization.

    Answer

    CEO Todd McKinnon confirmed that Okta is exploring pricing and packaging changes. He noted the current model is very a la carte and they are looking to introduce more simplified, tiered editions (e.g., 'good, better, best') to make it easier for customers to purchase and consume the product suite.

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    Adam Borg's questions to Rapid7 (RPD) leadership

    Adam Borg's questions to Rapid7 (RPD) leadership • Q2 2025

    Question

    Adam Borg asked about the strategy for pricing and packaging the Command platform to make the selling motion easier, and also inquired when the modest decline in total customer count might stabilize.

    Answer

    CEO Corey Thomas acknowledged that the company needs to improve its pricing and packaging to facilitate an easier expansion motion with 'bite-sized increments' for customers. Regarding customer count, he stated it is not a primary focus, as the company is successfully adding strategic customers while seeing some smaller, transactional customers churn. He indicated the focus is on growing ARR per customer and that the company will work on providing better metrics to reflect customer quality.

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    Adam Borg's questions to Rapid7 (RPD) leadership • Q1 2025

    Question

    Adam Borg asked how the new Security Operations Center (SOC) in India will contribute to both innovation and operational efficiency.

    Answer

    CEO Corey Thomas explained that the primary driver for the India SOC is to support strong customer demand and growth in EMEA and APAC. While it offers economic benefits, he stressed that the majority of cost efficiency will come from technology innovation, particularly investments in AI. CFO Tim Adams noted this is already reflected in the numbers, with international revenue at 25% of total and growing at 10% year-over-year.

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    Adam Borg's questions to Cloudflare (NET) leadership

    Adam Borg's questions to Cloudflare (NET) leadership • Q2 2025

    Question

    Adam Borg of Stifel asked for an update on Cloudflare One's competitive position in the SASE market and for commentary on the current macroeconomic environment.

    Answer

    Co-Founder & CEO Matthew Prince highlighted the company's rapid innovation in the SASE space, noting that when Cloudflare is included in deals, it wins on speed, ease of deployment, and ROI, often displacing first-generation vendors. He stated that improving market awareness is a key focus. Regarding the macro environment, Prince described it as 'disjointed' but noted that customers continue to invest in Cloudflare for its clear value proposition regardless of broader economic uncertainty.

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    Adam Borg's questions to Cloudflare (NET) leadership • Q1 2025

    Question

    Adam Borg from Stifel asked about the 'developer speed boat' team, its involvement in the $100 million+ Workers deal, and the broader developer go-to-market motion.

    Answer

    CEO Matthew Prince confirmed the specialized developer sales team was critical in closing the large Workers deal. He explained that the team is now actively and successfully engaging customers, helping them build proofs-of-concept that demonstrate the platform's ROI and lead to significant contracts. He noted the timing is right for this motion, given the maturity of the developer platform.

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    Adam Borg's questions to Cloudflare (NET) leadership • Q4 2024

    Question

    Adam Borg of Stifel asked about the implications of the FedRAMP High authorization on Cloudflare's network architecture and requested an update on the company's government business.

    Answer

    CEO Matthew Prince explained that the company designed its compliance strategy to meet FedRAMP High requirements without fragmenting its unified global network, a key differentiator from hyperscalers. He noted that this allows the entire platform to be available to government clients. He also confirmed the federal business continues to grow in the U.S. and internationally, citing NATO as a key customer.

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    Adam Borg's questions to PTC (PTC) leadership

    Adam Borg's questions to PTC (PTC) leadership • Q3 2025

    Question

    Adam Borg requested a deeper dive into the demand environment within the federal aerospace and defense (FA&D) vertical, as well as commentary on the U.S. public sector outlook heading into September.

    Answer

    President and CEO Neil Barua expressed a 'very bullish' view on the FA&D sector globally, citing increased spending commitments and strong customer engagement. For the U.S. public sector, he noted that while some agency introspection continues, the passage of the defense bill and the criticality of programs at agencies like NASA position PTC well. He concluded that the U.S. is the geography they are watching most closely for further clarity.

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    Adam Borg's questions to PTC (PTC) leadership • Q2 2025

    Question

    Adam Borg requested more details on PTC's go-to-market transformation, asking about the internal indicators management is using to gauge its success.

    Answer

    Chief Revenue Officer Robert Dahdah stated he was pleased with the progress over the last 90 days. He highlighted that the pivot to a vertical-focused field organization was executed with low customer churn and the retention of top talent. Dahdah noted that this new structure is already leading to more outcome-focused customer discussions and is showing early positive signs in pipeline development, setting the company up for future growth.

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    Adam Borg's questions to PTC (PTC) leadership • Q4 2024

    Question

    Adam Borg of Stifel asked for commentary on trends in the other key verticals besides automotive and requested a breakdown of the current ARR mix for each of the top five verticals.

    Answer

    CEO Neil Barua identified Federal, Aerospace & Defense as a strong vertical with significant demand and backlog. He also pointed to Med Tech & Life Sciences as an area with growing PLM needs as large companies seek to accelerate product development. CFO Kristian Talvitie provided the ARR mix: Industrial (high 20s%), FA&D (around 15%), Electronics & High Tech (mid-teens), Automotive (low teens), and Med Tech (low teens).

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    Adam Borg's questions to Fortinet (FTNT) leadership

    Adam Borg's questions to Fortinet (FTNT) leadership • Q1 2025

    Question

    Adam Borg asked about the assumptions behind the upcoming refresh cycle, including the volume of firewalls being replaced and any expected shift from physical appliances to virtual or SASE. He also asked for feedback on the Next DLP acquisition.

    Answer

    CAO and incoming CFO Christiane Ohlgart noted smaller customers are buying more devices, while enterprise strategies vary. On data security, Founder, Chairman, and CEO Ken Xie called the Next DLP acquisition a great addition for enhancing SASE and providing standalone data protection, with COO John Whittle adding it's being deployed at scale in large enterprises.

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    Adam Borg's questions to Fortinet (FTNT) leadership • Q3 2024

    Question

    Adam Borg asked for initial customer and partner feedback on the Lacework (FortiCNAPP) acquisition and followed up on the performance of the government vertical.

    Answer

    COO John Whittle reported 'very, very positive feedback' on the Lacework acquisition, highlighting the quality of the product and its organically developed, integrated nature compared to competitors' piecemeal solutions. CEO Ken Xie added that it opens a new $20 billion market. Regarding the government vertical, CFO Keith Jensen noted that Fortinet is not heavily aligned with the U.S. federal cycle, focusing more on state, local, and international governments, so it doesn't see a typical Q3 federal budget flush.

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    Adam Borg's questions to PROCORE TECHNOLOGIES (PCOR) leadership

    Adam Borg's questions to PROCORE TECHNOLOGIES (PCOR) leadership • Q1 2025

    Question

    Adam Borg asked for a breakdown of the untapped customer volume between competitor-held business versus greenfield and inquired about the cause of the lower gross margin in the quarter.

    Answer

    CEO Craig Courtemanche asserted that most untapped volume is greenfield, with potential customers using homegrown solutions or basic office software rather than a dedicated competitor platform. CFO Howard Fu explained the gross margin dip was due to an expense reclassification from sales and marketing to cost of revenue as part of the GTM changes, which was neutral to operating margin and free cash flow. He reiterated the long-term gross margin target in the mid-80s.

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    Adam Borg's questions to PROCORE TECHNOLOGIES (PCOR) leadership • Q4 2024

    Question

    Adam Borg of Stifel asked about the company's strategy for building a channel partner ecosystem and the new logo growth assumptions underlying the 2025 guidance.

    Answer

    CEO Tooey Courtemanche described building a channel with large SIs as a key part of the long-term plan, though not a primary focus currently. CFO Howard Fu explained that new logo count is not a key driver and that the guidance implies lower growth in this metric, pointing instead to the growth in large, six- and seven-figure deals as more indicative of business momentum.

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    Adam Borg's questions to PROCORE TECHNOLOGIES (PCOR) leadership • Q3 2024

    Question

    Adam Borg from Stifel asked how the mix of growth drivers might evolve from being primarily volume-based (ACV) towards greater module adoption, given the go-to-market evolution.

    Answer

    Executive Craig Courtemanche confirmed that driving product adoption is a primary goal of the new strategy. He explained that as Procore sells to a wider range of personas like CFOs and safety heads, specialized sales teams are required. He stated his belief that the growth mix will 'definitely move more towards new product' once the new model matures.

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    Adam Borg's questions to Tenable Holdings (TENB) leadership

    Adam Borg's questions to Tenable Holdings (TENB) leadership • Q1 2025

    Question

    Adam Borg asked for deeper insight into the R&D and go-to-market priorities related to the Vulcan Cyber acquisition.

    Answer

    Co-CEO Stephen Vintz detailed the R&D priorities: 1) Ingesting third-party data to expand Tenable's exposure data set for AI initiatives, and 2) Automating remediation operations. Co-CEO Mark Thurmond explained the go-to-market strategy involves mainstreaming Vulcan's capabilities into the core sales force as a key part of the Tenable One consolidation story, rather than using specialized sellers.

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    Adam Borg's questions to CyberArk Software (CYBR) leadership

    Adam Borg's questions to CyberArk Software (CYBR) leadership • Q4 2024

    Question

    Adam Borg asked for an overview of the channel strategy for the upcoming year, with a specific focus on the Managed Service Provider (MSP) opportunity.

    Answer

    CEO Matt Cohen described the channel as a 'special differentiator' and highlighted MSPs as a major growth area. He noted that MSPs were a key driver of strong new logo performance in Q4 and throughout 2024, as they increasingly adopt more of CyberArk's solution set. He added that the company remains highly enthused by the channel's ability to generate pipeline and deliver results.

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    Adam Borg's questions to CyberArk Software (CYBR) leadership • Q3 2024

    Question

    Adam Borg asked about the current level of technological integration within CyberArk's human identity portfolio and the future roadmap for creating a converged human and non-human identity platform, especially with the addition of Venafi.

    Answer

    CEO Matt Cohen stated the first priority for 2025 is integrating Venafi and Secrets Management into a cohesive Machine Identity Security Solution. He outlined a longer-term vision for 2026 and beyond, where shared platform services like unified dashboards, discovery, and audit would converge the human and machine identity portfolios, providing customers with a single, comprehensive view of security.

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    Adam Borg's questions to Zscaler (ZS) leadership

    Adam Borg's questions to Zscaler (ZS) leadership • Q4 2024

    Question

    Adam Borg asked about the company's headcount growth plans for fiscal 2025 and the primary areas of investment across the organization.

    Answer

    CFO Remo Canessa stated that Zscaler will continue to increase headcount in fiscal 2025 across all functions, including R&D, sales and marketing, G&A, and cloud operations. However, he specified that the pace of hiring will be more moderate compared to fiscal 2024, when the company added approximately 1,400 employees.

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