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    Matt Hedberg

    Research Analyst at RBC Capital Markets

    Matt Hedberg is Managing Director and Head of Global TIMT (Technology, Internet, Media & Telecommunications) Research at RBC Capital Markets, specializing in technology sector equity research. He covers a broad range of leading tech companies, including Autodesk, Rapid7, Bentley Systems, and Teradata, and is recognized as a top-performing analyst, boasting a TipRanks success rate of up to 67% and an average return of over 20% per transaction with more than 600 published ratings. Hedberg began his Wall Street career at Craig-Hallum Capital Group before joining RBC and has held senior research roles since at least 2024. He holds an undergraduate degree from St. Olaf College, an MBA from the University of St. Thomas, and maintains regulatory credentials including FINRA securities licenses.

    Matt Hedberg's questions to CrowdStrike Holdings (CRWD) leadership

    Matt Hedberg's questions to CrowdStrike Holdings (CRWD) leadership • Q2 2026

    Question

    Matt Hedberg from RBC Capital Markets asked for a holistic view on CrowdStrike's strategy for the identity market, particularly in light of the announced Palo Alto Networks and CyberArk deal, and how the market is evolving.

    Answer

    Founder & CEO George Kurtz explained that CrowdStrike was ahead of the curve, identifying the importance of identity security back in 2020 with the Preempt acquisition. He noted strong customer demand for alternatives to legacy PAM solutions and highlighted the fantastic uptake of their new next-gen identity offerings, which are crucial for preventing breaches in the enterprise SaaS market. Kurtz emphasized that CrowdStrike has been in the market since 2020 and recognized identity's critical role early on.

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    Matt Hedberg's questions to Snowflake (SNOW) leadership

    Matt Hedberg's questions to Snowflake (SNOW) leadership • Q2 2026

    Question

    Matt Hedberg of RBC Capital Markets asked for an update on the Crunchy Data acquisition, inquiring about the integration progress and where Snowflake stands in addressing the combined OLTP and OLAP market opportunity.

    Answer

    EVP of Product Christian Kleinerman reported that the integration, now called Snowflake Postgres, is progressing 'extremely well.' He emphasized the focus on enterprise-grade capabilities like customer-managed keys and business continuity. He announced that the product will be in preview within the next couple of months and is seeing very strong customer interest.

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    Matt Hedberg's questions to EverCommerce (EVCM) leadership

    Matt Hedberg's questions to EverCommerce (EVCM) leadership • Q2 2025

    Question

    Matt Hedberg from RBC Capital Markets followed up on the decision to maintain full-year revenue guidance after two consecutive quarterly beats, asking if factors beyond conservatism, like deal pull-ins, were at play. He also requested an update on the internal use of AI for operational efficiency.

    Answer

    CFO Ryan Siurek confirmed no unusual revenue pull-ins occurred and that the guidance reflects a prudent, bottoms-up build for the second half. President Matt Feierstein highlighted significant efficiency gains from using AI in customer support, where AI agents now resolve 25-50% of chat tickets, and noted that AI is being tested across other functions like engineering and marketing.

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    Matt Hedberg's questions to Dynatrace (DT) leadership

    Matt Hedberg's questions to Dynatrace (DT) leadership • Q1 2026

    Question

    Matt Hedberg asked if Dynatrace is observing different behaviors in this year's DPS contract cohort compared to last year's, and if ODC trends are changing as the initial cohort enters its second year.

    Answer

    CFO Jim Benson stated that different cohort classes behave differently, and ODC continues to be driven by a small number of customers. He confirmed that customers on DPS contracts, regardless of cohort, are consuming at a rapid rate, which is a positive trend for the business.

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    Matt Hedberg's questions to Cloudflare (NET) leadership

    Matt Hedberg's questions to Cloudflare (NET) leadership • Q2 2025

    Question

    Matt Hedberg of RBC Capital Markets questioned how recent go-to-market improvements are impacting Cloudflare's ability to land larger deals and requested an update on channel partner momentum.

    Answer

    Co-Founder & CEO Matthew Prince explained that the company has matured from being purely product-led to building strong executive relationships, which is critical for securing large, multi-million dollar contracts. He highlighted that Cloudflare has adopted a 'partner-first' sales strategy, with partner-sourced growth now outpacing the rest of the business. Prince emphasized that partners are increasingly crucial for winning large enterprise deals.

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    Matt Hedberg's questions to PTC (PTC) leadership

    Matt Hedberg's questions to PTC (PTC) leadership • Q3 2025

    Question

    Matt Hedberg asked for an update on the prior $1 billion free cash flow target for fiscal 2026, inquiring if management's confidence in achieving that number has increased since the last quarter.

    Answer

    Executive VP & CFO Kristian Talvitie stated that while official guidance for FY26 is not yet set, the company feels 'incrementally better' about the target. He cited favorable current FX rates and the recently passed tax policy as tailwinds that provide 'incremental comfort.' He reiterated that a precise forecast depends on several factors, including the FY25 finish and FY26 planning, which will be detailed next quarter.

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    Matt Hedberg's questions to VARONIS SYSTEMS (VRNS) leadership

    Matt Hedberg's questions to VARONIS SYSTEMS (VRNS) leadership • Q2 2025

    Question

    Matt Hedberg asked for details on the expanded Microsoft partnership, requesting insights into the potential revenue opportunity and specific go-to-market initiatives.

    Answer

    CEO Yaki Faitelson described the partnership as a strategic alignment to address the security challenges of deploying Microsoft Copilot, which he called a 'gating factor' for adoption. He noted the go-to-market includes joint pipeline development and compensation for Microsoft's sellers, emphasizing that while it's still early, the synergy is strong.

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    Matt Hedberg's questions to ServiceNow (NOW) leadership

    Matt Hedberg's questions to ServiceNow (NOW) leadership • Q2 2025

    Question

    Matt Hedberg of RBC Capital Markets inquired about the early customer adoption and usage of Now Assist consumption packs and the potential growth trajectory for this revenue source.

    Answer

    President, CPO & COO Amit Zavery noted that customer adoption of Pro Plus has been rapid, with usage increasing nine-fold over the last three months. President & CFO Gina Mastantuono reaffirmed the company's confidence in achieving its $1 billion Now Assist ACV target by 2026, with growth consistently beating expectations.

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    Matt Hedberg's questions to SailPoint (SAIL) leadership

    Matt Hedberg's questions to SailPoint (SAIL) leadership • Q1 2026

    Question

    Inquired about any potential macro pressure, specifically regarding U.S. Federal government exposure, which has been a point of pressure for other cybersecurity vendors.

    Answer

    The company stated that it has been 'business as usual' in the federal vertical and they have not seen any material negative impact. They continue to monitor the situation but their business in that sector remains resolute.

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    Matt Hedberg's questions to SailPoint (SAIL) leadership • Q1 2026

    Question

    Matt Hedberg from RBC Capital Markets asked about potential macro pressure, specifically within the U.S. Federal vertical, which has been a point of concern for other cybersecurity vendors.

    Answer

    President Matt Mills stated that for SailPoint, it has been "business as usual" in the federal sector. He confirmed that the company has not observed any material negative impact or challenges related to government spending thus far.

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    Matt Hedberg's questions to TERADATA CORP /DE/ (TDC) leadership

    Matt Hedberg's questions to TERADATA CORP /DE/ (TDC) leadership • Q4 2024

    Question

    Speaking for Matt Hedberg, an analyst asked for commonalities among the 30 GenAI proof-of-concepts and sought a ranking of the key drivers for the company's return to ARR growth in 2025.

    Answer

    CEO Stephen McMillan highlighted that many POCs are in the customer experience (CX) space, using existing tech to analyze unstructured data for clients like banks, who value Teradata's efficiency at scale. CFO Claire Bramley noted the drivers are interrelated but called the meaningful improvement in retention rates "one of the strongest areas" for achieving growth, supported by go-to-market changes that improve visibility.

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    Matt Hedberg's questions to SWI leadership

    Matt Hedberg's questions to SWI leadership • Q3 2024

    Question

    Inquired about the demand environment, which seems stronger than described, and asked the new CFO about his guidance philosophy and approach to forecasting.

    Answer

    The CEO attributed strong results to strategy execution and a diversified customer base, noting demand remains stable without large variations. The new CFO explained his guidance philosophy is consistent with the past, based on performance, market data, and a level of prudence to ensure deliverability.

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    Matt Hedberg's questions to SWI leadership • Q4 2023

    Question

    Asked if the strong Q4 performance was due to an improving macro environment or just seasonal budget flush, and requested specific metrics on the value uplift from maintenance-to-subscription conversions.

    Answer

    Management attributed the strong Q4 to continued execution focus and normal seasonality, not a significant change in the macro environment. They explained that maintenance conversions are robust because they often involve upselling customers from a single product to the broader observability suite, resulting in a blended rate of simple conversion and significant expansion.

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