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    Michael Berg

    Vice President of Equity Research at Wells Fargo & Company

    Michael Berg is a Vice President of Equity Research at Wells Fargo, specializing in technology sector analysis with direct coverage of companies including Smartsheet, Klaviyo, WalkMe, CSG Systems International, and Everbridge. He holds a track record of 51.16% success rate across 9 stock ratings and achieved a +47.80% return on his most profitable call for Smartsheet between March and September 2024, with an average return of +25.09% on Smartsheet over 10 ratings. Berg began his career in financial services with previous experience in the biotechnology and utilities sectors before joining Wells Fargo, where he has established expertise in tech equity research. He is a CFA charterholder, underscoring his strong professional credentials and commitment to industry standards.

    Michael Berg's questions to Braze (BRZE) leadership

    Michael Berg's questions to Braze (BRZE) leadership • Q1 2026

    Question

    Michael Berg asked how OfferFit's significant professional services component would affect Braze's overall mix between subscription and professional services revenue.

    Answer

    CFO Isabelle Winkels stated that OfferFit is currently too small as a percentage of total revenue to materially change the company's revenue mix. CEO Bill Magnuson added that OfferFit's own gross margin has been improving as it automates its services, and he expects the acquisition to be gross margin accretive to Braze in the long term.

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    Michael Berg's questions to Braze (BRZE) leadership • Q4 2025

    Question

    Michael Berg of Wells Fargo inquired about the expected contribution of Project Catalyst to financial guidance, given its upcoming beta release, and how the OfferFit acquisition might alter that outlook. He also asked if the underperformance of legacy competitors is driving more top-of-funnel activity for Braze.

    Answer

    CEO Bill Magnuson clarified that Project Catalyst is entering its first private beta, with no GA date set, and CFO Isabelle Winkles confirmed no material revenue from it is included in the current guidance. Regarding competition, Bill Magnuson stated that the 'distracted posture' of legacy marketing clouds is increasingly noticed by their partners and enterprise customers, who are recognizing that those platforms are stagnant while Braze continues to innovate, which is creating more opportunities.

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    Michael Berg's questions to Braze (BRZE) leadership • Q3 2025

    Question

    Michael Berg inquired whether strong holiday shopping data and potential interest rate cuts could lead to a meaningful acceleration in customer expansion rates next year.

    Answer

    CFO Isabelle Winkles advised against drawing a strong parallel, noting that retail/e-commerce is only about one-fifth of Braze's business and holiday seasonality is largely a U.S. phenomenon. She views interest rate changes as 'modulations around a theme' and does not expect a return to the zero-interest-rate growth environment.

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    Michael Berg's questions to Braze (BRZE) leadership • Q2 2025

    Question

    Michael Berg asked if Braze is increasingly winning deals funded by enterprise data budgets, as opposed to traditional marketing budgets, due to its expanding data capabilities.

    Answer

    CEO Bill Magnuson confirmed this trend, noting that while the budgets are often co-located, the involvement of technical stakeholders and budgets from product or engineering groups is increasing. He views this as a very positive sign and a testament to Braze's technical excellence, reliability, and the 'build with Braze' message, which is a significant long-term competitive advantage that is hard for others to replicate.

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    Michael Berg's questions to monday.com (MNDY) leadership

    Michael Berg's questions to monday.com (MNDY) leadership • Q1 2025

    Question

    Michael Berg inquired about the company's hiring plans, specifically asking for color on the typical ramp time for new enterprise sales reps and how much contribution from this new cohort is embedded in the current guidance.

    Answer

    Co-CEO Eran Zinman confirmed strong hiring with 187 new employees in Q1 and a plan to grow headcount by approximately 30% in fiscal 2025, with a focus on the CRO organization and R&D. While not providing a specific ramp time, he noted that hiring decisions are based on the strong performance and return on investment seen from these roles.

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    Michael Berg's questions to monday.com (MNDY) leadership • Q4 2024

    Question

    Michael Berg asked for details on a typical customer landing with monday Service, including whether it displaces or co-exists with other solutions. He also inquired about the specific impact of price increases on the Net Dollar Retention (NDR) rate inflection and its stabilization outlook.

    Answer

    co-CEO Eran Zinman described monday Service landings as varied, serving multiple departments and sometimes displacing or co-existing with other vendors, with customers valuing its flexibility and integration. CFO Eliran Glazer stated that the recent NDR improvement reflects strong gross retention and that the pricing adjustment is expected to contribute approximately 100 basis points to the reported NDR in fiscal 2025.

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    Michael Berg's questions to monday.com (MNDY) leadership • Q3 2024

    Question

    Michael Berg requested an update on the financial contribution from the recent pricing changes and asked for clarification on the general availability (GA) timeline for monday Service, noting rumors of potential delays.

    Answer

    Co-CEO Eran Zinman provided an update on pricing, stating it's on track to be fully rolled out by July 2025, with a ~$30 million impact in fiscal 2024 and a total impact of ~$80 million through fiscal 2026. He clarified there is no delay with monday Service, which is on schedule for a GA announcement around the end of the year or early January, noting the product is already available and performing well in beta.

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    Michael Berg's questions to CSG SYSTEMS INTERNATIONAL (CSGS) leadership

    Michael Berg's questions to CSG SYSTEMS INTERNATIONAL (CSGS) leadership • Q1 2025

    Question

    Michael Berg asked for clarification on the perceived weakness in the telecommunications vertical and whether it was primarily related to performance at Charter.

    Answer

    CFO Hai Tran clarified the trend was not specific to any single customer but reflected natural industry cycles and slower decision-making across the sector due to market uncertainty. CEO Brian Shepherd added that CSG is strategically pivoting to sell more SaaS-based, less services-heavy solutions like its Ascendant platform. This shift impacts the revenue mix but is designed to drive long-term growth by helping global operators reduce costs.

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    Michael Berg's questions to Klaviyo (KVYO) leadership

    Michael Berg's questions to Klaviyo (KVYO) leadership • Q4 2024

    Question

    Michael Berg asked about the mechanics of the new pricing changes, including the rollout process, how customers are notified of compliance, and the company's long-term pricing philosophy.

    Answer

    CFO Amanda Whalen explained that the changes went into effect recently and will apply to customers as their monthly billing cycles renew. Customers were notified a month in advance with details on their plan and any potential impact, which is capped at a 25% increase. Co-Founder and CEO Andrew Bialecki added that the philosophy is to offer premium products with approachable, value-aligned pricing to make adoption easy.

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    Michael Berg's questions to Klaviyo (KVYO) leadership • Q3 2024

    Question

    Michael Berg of Wells Fargo Securities inquired about the progress of Klaviyo's international expansion, particularly the impact of recent product localizations and new language support.

    Answer

    CFO Amanda Whalen reported strong international results, with 45% YoY growth in EMEA. She noted significant new business traction in France, Germany, and Spain following product localizations and highlighted key wins like The Body Shop, attributing success to both product investment and a strong international partner network.

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    Michael Berg's questions to ZI leadership

    Michael Berg's questions to ZI leadership • Q4 2024

    Question

    Asked for more detail on the seat expansion dynamics contributing to NRR, particularly any differences between the upmarket and downmarket segments.

    Answer

    Seat penetration is nearly 100% in the downmarket, but there remains a large seat expansion opportunity in the upmarket. Copilot is a key driver for this expansion, as it opens up new user personas beyond traditional sales prospectors to include account managers and customer success managers, increasing the total addressable seats within an enterprise account.

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    Michael Berg's questions to DOCUSIGN (DOCU) leadership

    Michael Berg's questions to DOCUSIGN (DOCU) leadership • Q3 2025

    Question

    Michael Berg, on for Michael Turrin, asked for details on what is driving the improvements in gross retention and whether changes in the competitive landscape were a contributing factor.

    Answer

    CFO Blake Grayson attributed the retention improvement to the team's increased focus on data and proactive engagement with customers ahead of renewals. CEO Allan Thygesen added that expanding customer success coverage to the mid-market has also been a key contributor. Regarding competition, Thygesen stated the environment has been stable, but he believes the broader IAM suite will further differentiate DocuSign from its traditional signature competitors over time.

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    Michael Berg's questions to 8X8 INC /DE/ (EGHT) leadership

    Michael Berg's questions to 8X8 INC /DE/ (EGHT) leadership • Q2 2025

    Question

    Michael Berg of Wells Fargo Securities asked about the potential for raising the full-year guidance given recent performance accelerations. He also inquired about the key factors needed for the business to return to year-over-year growth, such as macro improvements, product focus, or completing the Fuze migration. Additionally, he asked for details on gross margin trends and whether the impact is primarily from a mix shift towards CPaaS.

    Answer

    CEO Samuel Wilson explained that future overall growth depends on new products becoming a more significant part of the business and the diminishing headwind from the Fuze platform runoff, noting the core 8x8 platform is already growing. CFO Kevin Kraus confirmed the gross margin pressure is mix-driven due to the acceleration of the lower-margin CPaaS business, while underlying UCaaS/CCaaS margins remain steady. Wilson added that new AI product launches might cause slight near-term margin compression as adoption scales.

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    Michael Berg's questions to Sprinklr (CXM) leadership

    Michael Berg's questions to Sprinklr (CXM) leadership • Q2 2025

    Question

    Michael Berg of Wells Fargo asked for clarification on whether the prior non-GAAP operating income guidance of $104 million, adjusted for one-time items, should be considered the new baseline for modeling future profitability.

    Answer

    Chief Financial Officer Manish Sarin advised against using the adjusted figure as a definitive baseline for outer years. He stated that the company is currently focused on executing its initiatives for the second half of the year and will provide more constructive commentary on future operating income in subsequent calls.

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    Michael Berg's questions to SMAR leadership

    Michael Berg's questions to SMAR leadership • Q4 2024

    Question

    Asked about the reasons for the slowdown in capabilities growth and whether it was due to budget constraints. Also questioned if capabilities could eventually become the majority of the company's revenue.

    Answer

    The slowdown in capabilities growth is attributed to the macro environment affecting how customers purchase (e.g., a la carte vs. bundles), though underlying demand remains strong. The company expects balanced growth from both seats and capabilities, with capabilities becoming an increasingly significant part of the revenue mix over time rather than the outright majority.

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