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    Pat Walravens

    Research Analyst at Citizens JMP Securities, LLC

    Pat Walravens is Managing Director and Director of Technology Research at Citizens JMP Securities, LLC, specializing in equity research across software, Internet, digital media, semiconductor, and communications equipment sectors. He covers over 59 technology-related companies, including high-profile names such as ServiceNow, Snowflake, Oracle, Vertex, and SAP, and has achieved a price target met ratio of 55.97% with an average upside of 24.28%; notably, his recommendation for Snowflake netted a near 10% gain in two days. Walravens joined JMP Securities in 2001 after serving as Vice President and Senior Research Analyst at Lehman Brothers, and earlier, as an attorney at Cooley LLP; he holds a BA in Economics from Stanford University, an MBA and a JD from UCLA, and earned the Order of the Coif distinction. Recognized in the 2017 Thomson Reuters Analyst Awards with a top-2 ranking for stock picking in Internet Software & Services, he is also an active member of the State Bar of California.

    Pat Walravens's questions to DOMO (DOMO) leadership

    Pat Walravens's questions to DOMO (DOMO) leadership • Q2 2026

    Question

    Pat Walravens of Citizens JMP Securities questioned Domo's international performance beyond Japan and asked if the consumption model was enabling wins in new verticals or customer segments.

    Answer

    CEO Josh James noted Japan's outsized success and broad strength in EMEA, with verticals mirroring the U.S. market. CRO RJ Tracy added that the consumption model is key to winning against 'free' competitors and is opening doors with IT buyers for integration and ETL use cases, not just visuals.

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    Pat Walravens's questions to NICE (NICE) leadership

    Pat Walravens's questions to NICE (NICE) leadership • Q2 2025

    Question

    Pat Walravens asked for specifics on the expanded Salesforce partnership, particularly how AI responsibilities are divided in shared accounts, and also inquired when management realized LiveVox was becoming a drag on growth.

    Answer

    CEO Scott Russell highlighted that customers want a single, orchestrated platform for customer service, which NICE provides. The Salesforce partnership focuses on deep product engineering to create seamless integrations, with portfolio overlaps managed by focusing on core strengths. CFO Beth Gaspich clarified that LiveVox performed as expected in 2024, but signs of softness began to appear early in 2025 and have since been factored into guidance.

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    Pat Walravens's questions to NICE (NICE) leadership • Q2 2025

    Question

    Pat Walravens requested details on the expanded Salesforce partnership, specifically how AI responsibilities are determined between the two companies. He also asked when NICE became aware that LiveVox was underperforming.

    Answer

    CEO Scott Russell emphasized the Salesforce partnership aims to provide a seamless, integrated experience for customers, avoiding fragmentation by focusing on NICE's strength as the core CXAI system of engagement. CFO Beth Gaspich revealed that signs of softness in the LiveVox business began to appear as the company entered 2025, after it had performed in line with expectations throughout 2024.

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    Pat Walravens's questions to NICE (NICE) leadership • Q2 2025

    Question

    Pat Walravens of Citizens JMP Securities, LLC asked for details on the expanded Salesforce partnership, specifically how AI responsibilities are delineated in shared accounts. He also inquired when management first noticed LiveVox was becoming a drag on growth.

    Answer

    CEO Scott Russell emphasized that customers want a single, integrated pane of glass for customer service, which NICE provides. The Salesforce partnership focuses on deep product engineering to create seamless interoperability with platforms like Service Cloud Voice, reducing friction for customers. CFO Beth Gaspich stated that LiveVox performed in line with expectations in 2024, but signs of softness began to appear as NICE stepped into the current year.

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    Pat Walravens's questions to NICE (NICE) leadership • Q2 2025

    Question

    Pat Walravens requested details on the expanded Salesforce partnership, specifically how the companies delineate AI responsibilities in shared accounts, and asked when NICE identified LiveVox as a drag on growth.

    Answer

    CEO Scott Russell explained the Salesforce partnership is focused on deep product integration to create a seamless, single-pane-of-glass experience, which reduces customer friction despite portfolio overlaps. CFO Beth Gaspich stated that the softness in the LiveVox business became apparent at the beginning of the current year (2025) after it had performed as expected throughout 2024.

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    Pat Walravens's questions to Vertex (VERX) leadership

    Pat Walravens's questions to Vertex (VERX) leadership • Q2 2025

    Question

    Pat Walravens of Citizens JMP Securities asked if the company is standing by its 2028 long-term growth targets set at the Analyst Day and whether the board is considering a stock buyback given the share price performance.

    Answer

    President and CEO David DeStefano reaffirmed the company's commitment to its long-term 2028 targets, citing the strength of underlying growth drivers like e-invoicing and ERP migrations. CFO John Schwab responded that a share buyback is something the board will consider among other uses of capital and will provide updates as needed.

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    Pat Walravens's questions to BLACKLINE (BL) leadership

    Pat Walravens's questions to BLACKLINE (BL) leadership • Q2 2025

    Question

    Pat Walravens from Citizens JMP Securities asked about the process for existing customers to adopt the Studio 360 platform, including costs, and the strategic role of Snowflake. He also requested a walkthrough of the company's landmark 8-figure deal.

    Answer

    Co-CEO Therese Tucker explained that while all customers are on the Studio 360 platform, paying for it unlocks advanced capabilities like custom dashboards and complex orchestration. She highlighted Snowflake's critical role in handling massive data volumes. Co-CEO Owen Ryan clarified the 8-figure deal was not an SAP deal but a partner-led win that took over a year, calling it a 'textbook example' of their partner-powered strategy.

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    Pat Walravens's questions to ALKAMI TECHNOLOGY (ALKT) leadership

    Pat Walravens's questions to ALKAMI TECHNOLOGY (ALKT) leadership • Q2 2025

    Question

    Pat Walravens of Citizens JMP Securities inquired about the implications of stablecoins and related legislation for community banks and Alkami's platform.

    Answer

    CEO Alex Shootman explained that clients view stablecoins not as a threat, but as a product they must offer to retain deposits. The primary focus for Alkami is enabling clients to embed these offerings seamlessly into the digital banking experience. He noted that the market is still in the very early stages for both stablecoins and FedNow, with many FIs slow-rolling adoption due to concerns like fraud management.

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    Pat Walravens's questions to MASTERBEEF (MB) leadership

    Pat Walravens's questions to MASTERBEEF (MB) leadership • Q3 2018

    Question

    Pat Walravens of JMP Securities questioned how high-value subscribers could decline sequentially if churn was low. He also posed a strategic question about whether MINDBODY should moderate its growth rate to improve profitability, and asked when management realized Q3 results would be disappointing, given positive commentary at their recent Analyst Day.

    Answer

    CFO & COO Brett White explained the high-value subscriber decline was due to low-value legacy customers, who are part of that definition, opting out when moved to higher price points. CEO Rick Stollmeyer rejected slowing growth, emphasizing they are a "growth company" targeting a large market opportunity. He stated they realized the extent of the challenges in October, after the Analyst Day, with Brett White adding that the full impact of an Apple App Store policy change was a key factor that became clear late in the quarter.

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    Pat Walravens's questions to MASTERBEEF (MB) leadership • Q2 2018

    Question

    Pat Walravens asked what specific factors were learned in June and July that prompted the guidance adjustment, particularly regarding the complexity of merging systems. He also questioned the feasibility and privacy implications of cross-marketing between fitness and beauty clients.

    Answer

    CEO Rick Stollmeyer highlighted learnings about the complexity of merging two Salesforce instances and new details about the Booker customer base, such as hundreds of non-target market clients. Regarding cross-marketing, he explained it is feasible and compliant, as it requires opt-in from both the business owner and the consumer, effectively digitizing existing manual referral practices.

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    Pat Walravens's questions to MASTERBEEF (MB) leadership • Q4 2017

    Question

    Pat Walravens questioned the long-term potential for Average Revenue Per Subscriber (ARPS), citing a high-paying yoga studio as an example. He also asked for an update on the company's progress and strategic importance of the beauty and wellness vertical.

    Answer

    CEO Rick Stollmeyer stated that ARPS has significant room to grow, potentially from less than 1% to 2-3% of a customer's revenue, by delivering more value in operational efficiency and client acquisition. He affirmed the beauty vertical's long-term importance but acknowledged a desire to accelerate growth in that segment, as appointment-based bookings are still a small fraction of the total.

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