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KW

Ken Wong

Managing Director and Senior Equity Analyst at Oppenheimer & Co. Inc.

San Francisco, CA, US

Ken Wong is a Managing Director and Senior Equity Analyst at Oppenheimer & Co. Inc., specializing in SaaS and applications software within the Technology sector. He covers leading companies such as Shopify, Veeva Systems, Wix, HubSpot, and Altair Engineering, with a 59–67% success rate on his stock recommendations and average returns ranging from 12.7% to 14.35%, including a standout 280% return on HubSpot. With over 17 years of equity research experience, Wong joined Oppenheimer in 2022 after senior research roles at Guggenheim Securities, Citigroup, Cowen, and Bear Stearns. He holds a B.A. from the University of California, Berkeley, and maintains professional regulatory credentials required for equity research analysts.

Ken Wong's questions to SIMILARWEB (SMWB) leadership

Question · Q3 2025

Ken Wong of Oppenheimer & Co. questioned the slight decline in Revenue Per User (RPU) despite a focus on up-market customers and sought insight into future RPU trends. He also asked about the potential impact of declining SEO traffic on demand for web intelligence and core products, considering the company's AI tools for other channels.

Answer

Rami Myerson, Head of Investor Relations, clarified that RPU fluctuations are influenced by the addition of customers, particularly those below the average, emphasizing that increasing customer count for future land-and-expand opportunities is the primary focus. Or Offer, Co-Founder and CEO, countered that declining SEO traffic actually increases demand for Similarweb's solutions as companies seek to understand and compensate for traffic gaps. Maoz Lakovski, Chief Business Officer, added that they are actively investing in GEO/AEO offerings and seeing positive initial monetization from Web Intelligence 4.0.

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Ken Wong's questions to PROCORE TECHNOLOGIES (PCOR) leadership

Question · Q3 2025

Ken Wong sought feedback from Groundbreak attendees regarding the competitive landscape and asked about the key drivers behind customers opting for longer contract durations.

Answer

Tooey Courtemanche, Founder, CEO, and President, Procore Technologies, stated that no customers mentioned competitors at Groundbreak, emphasizing overwhelmingly positive feedback on Procore's achievements and excitement about AI. Matt Puljiz, Senior Vice President of Finance, Procore Technologies, added that internal data shows a favorable competitive dynamic. Matt Puljiz explained that longer contract durations are primarily driven by pooled contract models, offering customers flexibility with project schedule uncertainty, and are not incentivized by the go-to-market team. Tooey Courtemanche added that Procore's mission-critical nature makes longer-term investments sensible for customers.

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Ken Wong's questions to Guidewire Software (GWRE) leadership

Question · Q4 2025

Ken Wong asked for context on the Liberty Mutual deal's fully ramped basis, specifically how it compares given Guidewire's practice of capping fully ramped ARR at five years, and its comparability for further years of the arrangement.

Answer

CFO Jeff Cooper reiterated that Guidewire caps its fully ramped ARR metric at five years and cannot disclose specific terms of the Liberty Mutual deal. He noted that it was a very meaningful deal that significantly changes the financial and strategic arrangement with the customer.

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