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    Hamza Fodderwala

    Research Analyst at Morgan Stanley

    Hamza Fodderwala is an Executive Director and Senior Equity Analyst at Morgan Stanley, specializing in cybersecurity and covering leading public companies such as Palo Alto Networks, CrowdStrike, Fortinet, SentinelOne, Okta, Zscaler, Cloudflare, Rapid7, Check Point, Qualys, Varonis, and Tenable. He has earned a reputation for insightful sector analysis, with over 54% of his stock ratings resulting in profitable outcomes and an average return per transaction of 4.6% according to TipRanks. Fodderwala began his career as a Corporate Finance Consultant at Stern Value Management in 2013, moved to Susquehanna Financial Group as an Equity Research Associate from 2014 to 2016, and joined Morgan Stanley's software research team in early 2016. He holds a Bachelor of Arts in Economics from New York University and is registered with FINRA as part of Morgan Stanley & Co. LLC.

    Hamza Fodderwala's questions to Tenable Holdings (TENB) leadership

    Hamza Fodderwala's questions to Tenable Holdings (TENB) leadership •

    Question

    Hamza Fodderwala asked about the drivers behind cloud security sales doubling year-over-year, specifically whether it's from existing customer consolidation or new customer acquisition.

    Answer

    Co-CEO and COO Mark Thurmond responded that growth is coming from both new customers adopting the Tenable One platform and a massive opportunity within the existing installed base. He highlighted a seven-figure cloud deal with a health agency as an example of consolidation, where the customer needed a unified view of a hybrid environment including on-prem, cloud, and OT assets.

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    Hamza Fodderwala's questions to Tenable Holdings (TENB) leadership • Q3 2024

    Question

    Hamza Fodderwala of Morgan Stanley asked about the guidance philosophy for Q4 and 2025, specifically the implied 8-9% CCB growth and assumptions for budget flush.

    Answer

    CFO Steve Vintz confirmed the implied 8-9% CCB growth for Q4, stating it assumes continued strength in exposure solutions and moderation in VM. He noted this is a fair expectation for 2025 growth and that the overall pipeline is healthy with large, late-stage opportunities.

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    Hamza Fodderwala's questions to CyberArk Software (CYBR) leadership

    Hamza Fodderwala's questions to CyberArk Software (CYBR) leadership • Q4 2024

    Question

    Hamza Fodderwala inquired why CyberArk believes it is in the 'pole position' to secure AI agents, which behave like a hybrid of machines and humans.

    Answer

    CEO Matt Cohen stated that AI agents, which can dynamically elevate their own privileges while accessing data, represent the core security problem CyberArk has been solving for decades. He asserted that the company's platform, which combines tools for dynamic human access with machine identity solutions, is uniquely positioned to secure these agents as their privilege levels change. He also noted more details would be shared at the upcoming Investor Day.

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    Hamza Fodderwala's questions to CyberArk Software (CYBR) leadership • Q3 2024

    Question

    Hamza Fodderwala asked for details on the structure of machine identity deals, specifically how they are priced, and questioned the potential deal size multiplier when Venafi is included in a CyberArk sale.

    Answer

    CEO Matt Cohen clarified the pricing models, stating human identity is based on seats, Secrets Management is based on applications, and Venafi's certificate management is based on 'instances'. He estimated that a full Secrets deployment could be 1.5x the size of a PAM deal, and the certificate opportunity could be even larger, potentially 2x, leading to significantly larger deal sizes.

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    Hamza Fodderwala's questions to Palo Alto Networks (PANW) leadership

    Hamza Fodderwala's questions to Palo Alto Networks (PANW) leadership • Q2 2025

    Question

    Hamza Fodderwala asked for a big-picture perspective on the proliferation of AI, referencing the DeepSeek model, and its broader implications for the cybersecurity industry and Palo Alto Networks.

    Answer

    CEO Nikesh Arora described DeepSeek as a pivotal moment for AI, noting its high quality and low cost are driving widespread experimentation. He emphasized that any new technology adoption, especially AI, necessitates enhanced security measures. This trend creates a significant opportunity for Palo Alto Networks' solutions, such as AI firewalls, to secure these new enterprise AI deployments.

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    Hamza Fodderwala's questions to Palo Alto Networks (PANW) leadership • Q1 2025

    Question

    Hamza Fodderwala asked for an outlook on 2025, balancing macroeconomic optimism and new products against customer focus on value and potential U.S. federal spending changes.

    Answer

    Chairman and CEO Nikesh Arora identified AI-driven attacks as the primary catalyst for sustained security spending. He explained that the platform consolidation trend directly addresses CIOs' need for value by delivering better security outcomes at a lower cost. Regarding potential administrative changes, he noted that higher uncertainty often translates to increased risk, which can bolster security demand.

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    Hamza Fodderwala's questions to Rapid7 (RPD) leadership

    Hamza Fodderwala's questions to Rapid7 (RPD) leadership • Q4 2024

    Question

    Hamza Fodderwala asked for an update on churn and downsell pressures within the legacy VM business and whether these trends have started to bottom out.

    Answer

    CEO Corey Thomas acknowledged that the transition away from their legacy VM solution created retention and new business pressure in the prior year. For 2025, he stated that the baseline guidance assumes retention stabilizes at last year's levels. He sees upside potential as the company works to upgrade its installed base from the legacy InsightVM product to the more integrated and stickier Exposure Command platform, which should improve retention and create expansion opportunities.

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    Hamza Fodderwala's questions to Rapid7 (RPD) leadership • Q3 2024

    Question

    Hamza Fodderwala of Morgan Stanley asked about the balance between growth and profitability for 2025, questioning whether the focus would be on investing for growth acceleration or continuing to drive operating leverage.

    Answer

    CEO Corey Thomas stated that the clear focus for next year is on reaccelerating growth. He explained that after investing in the product portfolio this year and seeing positive early indicators, the company is now set up to prioritize growth. While they expect to grow free cash flow dollars, the primary objective is to leverage the improved product set to drive top-line acceleration.

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    Hamza Fodderwala's questions to Cloudflare (NET) leadership

    Hamza Fodderwala's questions to Cloudflare (NET) leadership • Q4 2024

    Question

    Hamza Fodderwala of Morgan Stanley asked about the impact of recent AI model efficiency gains, like those from DeepSeek, on the trend of moving AI inference workloads to the edge.

    Answer

    CEO Matthew Prince responded that developments like DeepSeek are a positive sign for Cloudflare, validating its focus on efficiency and the commoditization of AI models. He explained that this trend plays to Cloudflare's strength in optimizing infrastructure, noting that inference and AI agents are the killer applications for the Cloudflare Workers platform, which can deliver better price-performance than hyperscalers.

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    Hamza Fodderwala's questions to CHECK POINT SOFTWARE TECHNOLOGIES (CHKP) leadership

    Hamza Fodderwala's questions to CHECK POINT SOFTWARE TECHNOLOGIES (CHKP) leadership • Q4 2024

    Question

    Hamza Fodderwala asked what CISOs feel Check Point could do better, and also requested the operating margin assumption for 2025 and if it includes any foreign exchange benefits.

    Answer

    CEO Nadav Zafrir responded that customers want faster innovation in SASE and AI, but delivered responsibly without sacrificing security and reliability. CFO Roei Golan guided for an operating margin approximately 0.5% below 2024's level, primarily due to the Cyberint acquisition, and stated no significant FX benefit is expected.

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    Hamza Fodderwala's questions to CHECK POINT SOFTWARE TECHNOLOGIES (CHKP) leadership • Q3 2024

    Question

    Hamza Fodderwala of Morgan Stanley asked about the potential duration of the network security hardware refresh cycle, given the increase in network traffic and the persistence of hybrid work environments.

    Answer

    Founder and CEO Gil Shwed acknowledged that the refresh cycle is taking longer than he would like but noted that Check Point is winning healthy refresh deals. He expressed that while the company's new product lines and Maestro hyperscaling technology are well-positioned to capture this demand, he would like to see the cycle accelerate faster, especially given the market weakness seen from some competitors.

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    Hamza Fodderwala's questions to VARONIS SYSTEMS (VRNS) leadership

    Hamza Fodderwala's questions to VARONIS SYSTEMS (VRNS) leadership • Q4 2024

    Question

    Hamza Fodderwala of Morgan Stanley sought clarification on the renewal process, asking if Varonis was pulling deals forward, and questioned the durability of mid-teens growth post-transition, inquiring about future drivers like AI or new product cycles.

    Answer

    CFO and COO Guy Melamed clarified they are not pulling deals forward, but rather starting conversations earlier for renewals expiring within the year to manage the security and documentation process of moving to SaaS. He expressed confidence in future growth, pointing to the outstanding 50% ACV growth from new customers in 2024 and the untapped upsell potential that will be unlocked once the transition is complete. CEO Yaki Faitelson emphasized the drastic value difference of the SaaS platform and the company's ability to innovate quickly on its scalable architecture.

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    Hamza Fodderwala's questions to VARONIS SYSTEMS (VRNS) leadership • Q3 2024

    Question

    Hamza Fodderwala inquired about the size of the Generative AI opportunity, asking if Varonis could quantify what percentage of its pipeline is related to customers preparing for Gen AI adoption.

    Answer

    CFO & COO Guy Melamed stated that while Gen AI comes up in nearly every customer conversation, the company is not yet sizing the opportunity or baking material amounts into guidance because it's still early. However, he confirmed that deals related to Gen AI began to close for the first time this quarter, increasing their confidence. CEO Yaki Faitelson added that as Gen AI use becomes widespread among knowledge workers, protecting against data overexposure will be inevitable.

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    Hamza Fodderwala's questions to Gen Digital (GEN) leadership

    Hamza Fodderwala's questions to Gen Digital (GEN) leadership • Q3 2025

    Question

    Hamza Fodderwala from Morgan Stanley asked about Gen's long-term approach to balancing capital allocation between debt paydown and share buybacks, particularly after the pending MoneyLion acquisition closes.

    Answer

    CFO Natalie Derse reaffirmed that the company's capital allocation strategy remains unchanged and consistent with their Analyst Day framework. She stated that once the deal closes, Gen will resume its balanced approach, opportunistically pursuing both accelerated debt paydown and share buybacks. She also noted the company plans to refinance its 2025 senior unsecured notes soon, signaling a return to market activity.

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    Hamza Fodderwala's questions to Gen Digital (GEN) leadership • Q2 2025

    Question

    Hamza Fodderwala asked about cost trends, particularly regarding advertising costs within the direct-to-consumer business and whether they have been increasing or decreasing.

    Answer

    CFO Natalie Derse explained that advertising costs vary by brand and channel. She noted that while the overall cost of acquisition is 'stable to up,' the company optimizes for ROI. She clarified that acquiring a high-value LifeLock customer has a higher absolute dollar cost (CAC) than a security customer in a new international market, which is justified by the higher lifetime value.

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    Hamza Fodderwala's questions to Okta (OKTA) leadership

    Hamza Fodderwala's questions to Okta (OKTA) leadership • Q3 2025

    Question

    Hamza Fodderwala asked for Okta's perspective on the reported FTC investigation into Microsoft's security bundling and how Okta communicates the risks of vendor lock-in to customers.

    Answer

    CEO Todd McKinnon explained that while bundling appears cheaper initially, it ultimately removes customer choice, leading to higher long-term costs and worse security outcomes. He emphasized that identity is a strategic control point, and Okta's position as an independent, neutral platform allows customers to choose best-of-breed technologies, which is critical in an adversarial security landscape. This message, he noted, is resonating with customers.

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    Hamza Fodderwala's questions to CrowdStrike Holdings (CRWD) leadership

    Hamza Fodderwala's questions to CrowdStrike Holdings (CRWD) leadership • Q3 2025

    Question

    Hamza Fodderwala asked for clarification on the Q4 net new ARR seasonality guidance, questioning if it assumes a strong budget flush like the prior year or a more muted one.

    Answer

    CFO Burt Podbere responded that visibility for Q4 remains limited due to the ongoing effects of the July incident and the deployment of Customer Commitment Packages (CCPs). He noted that while Q4 is typically their largest quarter for renewals, it is too early to predict the outcome given these unique circumstances.

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    Hamza Fodderwala's questions to CrowdStrike Holdings (CRWD) leadership • Q2 2025

    Question

    Hamza Fodderwala asked if CrowdStrike would need to rearchitect its Falcon agent or limit kernel access following the July outage, and whether such an effort would detract from its innovation roadmap.

    Answer

    CEO George Kurtz clarified the incident was a configuration update, not a code or kernel update, and defended the current architecture as best-in-class, citing superior efficacy and a lightweight agent. He stated no re-architecture is needed, and CrowdStrike will continue to work with Microsoft as part of the broader ecosystem without impacting its innovation.

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    Hamza Fodderwala's questions to Fortinet (FTNT) leadership

    Hamza Fodderwala's questions to Fortinet (FTNT) leadership • Q3 2024

    Question

    Hamza Fodderwala asked about Fortinet's differentiated approach to Sovereign SASE and its strategy for highly regulated verticals.

    Answer

    Founder, Chairman and CEO Ken Xie explained that Fortinet's key differentiator is its single operating system, FortiOS, which runs all SASE functions both on-premise and in the cloud, enabling private or 'Sovereign SASE'. He highlighted that this allows service providers and enterprises to deploy SASE in their own data centers for data privacy. Xie also noted the easy migration path for their large firewall and SD-WAN customer base, which can enable SASE in minutes, contributing to a pipeline growth of over 100% for SSE.

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    Hamza Fodderwala's questions to Zscaler (ZS) leadership

    Hamza Fodderwala's questions to Zscaler (ZS) leadership • Q4 2024

    Question

    Hamza Fodderwala asked for early proof points from the new sales leadership that provide confidence heading into fiscal 2025.

    Answer

    CEO Jagtar Chaudhry cited the successful shift to an account-centric sales motion, which is driving larger upsell deals and is reflected in the strong growth of customers with over $1 million and $5 million in ARR. He also pointed to deeper engagement with GSIs and the high quality of new sales leaders. CFO Remo Canessa added his confidence in the strength of the new go-to-market leadership team.

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    Hamza Fodderwala's questions to SentinelOne (S) leadership

    Hamza Fodderwala's questions to SentinelOne (S) leadership • Q2 2025

    Question

    Hamza Fodderwala of Morgan Stanley questioned whether the go-to-market engine has significantly improved, particularly after the recent CRO transition, to capitalize on the current market opportunity.

    Answer

    CEO Tomer Weingarten affirmed that the go-to-market execution showed good evidence of improvement in Q2 and is trending positively. He mentioned that the company is seeing better sales cadence, pipeline retention, and conversion rates, independent of recent competitive events. Weingarten noted that these improvements position SentinelOne well to capture the increased market interest, but the company is taking a responsible approach to its forecast for the rest of the year.

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    Hamza Fodderwala's questions to SCWX leadership

    Hamza Fodderwala's questions to SCWX leadership • Q4 2024

    Question

    Asked about how the company delivers ROI alongside security outcomes and inquired about the new CFO's guidance philosophy regarding conservatism.

    Answer

    ROI is delivered via a unique, transparent, fixed per-endpoint pricing model without variable data charges, which is enabled by their cloud architecture. They also demonstrate security value through quarterly reviews and benchmarking. The CFO's guidance philosophy is to take a balanced approach, weighing high-confidence items against macro risks, while focusing on both growth and achieving profitability.

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    Hamza Fodderwala's questions to SCWX leadership • Q3 2024

    Question

    Inquired about the demand pipeline for early fiscal '25 and whether the shift to a partner-led go-to-market strategy might be reducing visibility into customer demand, potentially making the outlook seem more conservative than it is.

    Answer

    The company responded that the total pipeline remains healthy, but the typical Q4 pull-in of deals is not happening due to cautious customer spending. They acknowledged that the partner model introduces a learning curve for forecasting predictability, as the motion is different from their historical direct model, but they do have visibility through processes like deal registration.

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