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    Siti Panigrahi

    Managing Director and Senior Equity Analyst at Mizuho Securities

    Siti Panigrahi is a Managing Director and Senior Equity Analyst at Mizuho Securities, specializing in US technology with a focus on Software-as-a-Service (SaaS) companies including Bill.com Holdings, Ceridian HCM, 8x8 Inc., Oracle, and others. With over 25 years of industry experience and equity research coverage since 2007, Panigrahi has consistently delivered investment insights, maintaining a 53% success rate and an average return of 1.8% per rating as ranked on TipRanks, with notable calls such as a 276.5% return on Twilio. Panigrahi began his career as an IT engineer at Tata Motors in 1994, held product management roles at Oracle, and served as VP and senior analyst at Credit Suisse and Wells Fargo before joining Mizuho in 2019. He holds an MBA from UC Berkeley Haas School of Business, a bachelor's in electrical engineering from the National Institute of Technology (India), and has been a judge for the SIIA CODiE Awards; professional credentials include registration with FINRA and securities analyst licenses.

    Siti Panigrahi's questions to Autodesk (ADSK) leadership

    Siti Panigrahi's questions to Autodesk (ADSK) leadership • Q2 2026

    Question

    Siti Panigrahi from Mizuho Securities inquired about the impact of the new transaction model on channel activity one year in and asked about competitive displacement trends for Autodesk Construction Cloud (ACC).

    Answer

    President and CEO Andrew Anagnost stated the model is working as expected, with lower-tier transactional business coming direct and partners increasing new business generation. He also noted ACC's momentum is consistent and strong, driven by its modern, connected stack. EVP & CFO Janesh Moorjani added that Americas partners completed their first renewals on the new model in June, with EMEA to follow in September.

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    Siti Panigrahi's questions to MongoDB (MDB) leadership

    Siti Panigrahi's questions to MongoDB (MDB) leadership • Q2 2026

    Question

    Siti Panigrahi followed up on comments about a potential AI slowdown, asking for views on when an inflection point for enterprise AI adoption might occur and when it could become a material revenue contributor for MongoDB.

    Answer

    President & CEO Dev Ittycheria suggested there won't be a single inflection point, but rather a gradual process. He explained that enterprises are starting with low-stakes use cases and will move to higher-stakes applications as they gain comfort with the technology's quality, security, and scalability. He believes this will take time as companies learn to build scaffolding around frontier models to address specific business needs.

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    Siti Panigrahi's questions to INTUIT (INTU) leadership

    Siti Panigrahi's questions to INTUIT (INTU) leadership • Q4 2025

    Question

    Siti Panigrahi of Mizuho Securities asked about the most exciting growth areas for the Global Business Group in fiscal 2026, learnings from fiscal 2025, and the potential impact of slowing SEO search on QuickBooks lead generation.

    Answer

    CEO Sasan Goodarzi highlighted three key areas of confidence for the business group: strong customer growth in U.S. QBO (8%) and mid-market (23%), the new all-in-one platform with AI agents driving service penetration, and the significant momentum in the mid-market. Regarding AI search, Goodarzi stated it is not a concern, as overall traffic is up, AI search constitutes only 1% of traffic, and Intuit's strong brands like QuickBooks have a visibility advantage.

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    Siti Panigrahi's questions to NICE (NICE) leadership

    Siti Panigrahi's questions to NICE (NICE) leadership • Q2 2025

    Question

    Siti Panigrahi inquired about the recent dip in cloud gross margin below 70%, its expected future trend, and the primary drivers for the guided 50 basis point operating margin expansion for the year.

    Answer

    CFO Beth Gaspich explained that the lower cloud gross margin was an intentional, planned investment to accelerate growth, particularly in international markets and go-live timeframes. She anticipates the cloud gross margin will be relatively flat in the near term but expects operating leverage in the second half of the year from reduced marketing spend and the company's proven ability to drive efficiency, which will support margin expansion over time.

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    Siti Panigrahi's questions to NICE (NICE) leadership • Q2 2025

    Question

    Siti Panigrahi asked for clarification on the cloud gross margin dipping below 70% and questioned where the company expects to find leverage to achieve its 50 basis point operating margin expansion for the year.

    Answer

    CFO Beth Gaspich clarified that the lower cloud gross margin was an intentional result of investments to accelerate growth, particularly in international markets. She anticipates the cloud gross margin will remain relatively flat in the near term but expects operating leverage in the second half from lower marketing spend and long-term margin expansion as large deals ramp up.

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    Siti Panigrahi's questions to NICE (NICE) leadership • Q2 2025

    Question

    Siti Panigrahi asked for clarification on the cloud gross margin dipping below 70% and questioned where the primary leverage for the guided 50 basis point operating margin expansion would originate this year.

    Answer

    CFO Beth Gaspich explained that the lower cloud gross margin was a deliberate, intentional investment to accelerate growth, especially in international markets and for faster customer go-live times. She anticipates the cloud gross margin will be flattish in the near term, with operating leverage in the second half of the year coming from reduced OpEx and future margin improvements as investments mature.

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    Siti Panigrahi's questions to NICE (NICE) leadership • Q2 2025

    Question

    Siti Panigrahi of Mizuho Securities asked for clarification on the cloud gross margin dipping below 70%, its future trajectory, and the primary sources of leverage for the guided 50 basis point operating margin expansion for the year.

    Answer

    CFO Beth Gaspich explained the lower cloud gross margin was an intentional result of investments in international infrastructure and accelerating go-live timeframes. She expects the cloud gross margin to remain flattish in the near term before expanding over time. For the second half of the year, she anticipates operating leverage from reduced marketing spend post-conference and rebranding, alongside opportunities for gross margin elevation.

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    Siti Panigrahi's questions to TWILIO (TWLO) leadership

    Siti Panigrahi's questions to TWILIO (TWLO) leadership • Q2 2025

    Question

    Siti Panigrahi asked for a high-level perspective on the potential size and timeframe of the AI opportunity compared to the COVID-era revenue boom, and also inquired about the size of SIP trunking within the voice business.

    Answer

    CEO Khozema Shipchandler described the AI opportunity as 'materially TAM expansive,' positioning Twilio at the center of the value chain and expecting it to add material revenue over time. He declined to break out SIP trunking but confirmed that voice infrastructure is the primary contributor to the voice business.

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    Siti Panigrahi's questions to Paycom Software (PAYC) leadership

    Siti Panigrahi's questions to Paycom Software (PAYC) leadership • Q2 2025

    Question

    Siti Panigrahi of Mizuho Financial Group asked about the demand environment in the first half and expectations for the second half, as well as any observed changes in the competitive landscape, particularly with recent industry consolidation.

    Answer

    CEO Chad Richison stated that the demand environment remains strong and that Paycom also creates its own demand given its low market share. He asserted that the competitive landscape became 'a lot less competitive' with the launch of iWant, as he believes clients will not want to use older, less intuitive HCM systems. He expects customers to gravitate toward Paycom's command-driven experience, making it difficult for competitors to keep up.

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    Siti Panigrahi's questions to Paycom Software (PAYC) leadership • Q1 2025

    Question

    Siti Panigrahi of Mizuho, via Phillip Leytes, inquired whether Paycom is observing any changes in the competitive landscape regarding pricing or discounting strategies from rivals.

    Answer

    CEO Chad Richison gave a concise response, stating that the competitive environment regarding pricing is not different from what Paycom has seen in the past.

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    Siti Panigrahi's questions to BENTLEY SYSTEMS (BSY) leadership

    Siti Panigrahi's questions to BENTLEY SYSTEMS (BSY) leadership • Q2 2025

    Question

    Siti Panigrahi of Mizuho Securities asked about the role of agentic AI in addressing the engineer shortage, seeking details on Bentley's progress, future vision, and how it will be incorporated into products.

    Answer

    CEO Nicholas Cumins stated that AI is a top priority for engineering firms facing labor shortages. He highlighted strong customer engagement with Bentley's AI-powered OpenSite+ application and a strategy to expand these capabilities. He also noted that Bentley Infrastructure Cloud is positioned to help firms use their own data to build custom AI agents, which will drive new business models and value redistribution in the ecosystem.

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    Siti Panigrahi's questions to BENTLEY SYSTEMS (BSY) leadership • Q3 2024

    Question

    An analyst from Mizuho, on behalf of Siti Panigrahi, asked about the potential impact of the U.S. elections on customer sentiment and the timeline for bringing large infrastructure projects to market.

    Answer

    Executive Chair Greg Bentley expressed that the infrastructure community is largely unconcerned about administration changes due to the visibility from the multi-year IIJA program. He noted that infrastructure is a bipartisan priority and sees potential upside from permitting reform, which could accelerate energy and grid projects, regardless of project mix changes.

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    Siti Panigrahi's questions to Dayforce (DAY) leadership

    Siti Panigrahi's questions to Dayforce (DAY) leadership • Q2 2025

    Question

    Siti Panigrahi of Mizuho Financial Group asked about the translation of strong bookings growth to revenue, initiatives for smooth go-lives, and the relative implementation speed of back-to-base sales versus new bookings.

    Answer

    Chairman & CEO David Ossip explained that it takes about twelve months to onboard a new client, with add-on modules for existing clients going live faster. He highlighted that SI-led sales, now 45% of new sales, are crucial for handling implementation. He attributed the 40%+ ACV growth to high full-suite attachment, strong AI and Managed services uptake, and a 50% year-over-year increase in sales to the existing client base.

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    Siti Panigrahi's questions to Paylocity Holding (PCTY) leadership

    Siti Panigrahi's questions to Paylocity Holding (PCTY) leadership • Q4 2025

    Question

    Siti Panigrahi of Mizuho Financial Group asked for customer feedback on Airbase since the acquisition and the expected revenue uplift. He also sought clarification on whether the 8% sales rep growth figure was for the core sales team or a combined number.

    Answer

    President, CEO & Director Toby Williams noted that the integrated 'Paylocity for Finance' product was just launched, so go-to-market efforts are in the early stages, but feedback on the underlying Airbase product has been strong. Executive Chairman Steve Beauchamp confirmed the 8% sales force growth is for the total sales organization, with the majority of new hires joining the core HCM sales teams.

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    Siti Panigrahi's questions to Klaviyo (KVYO) leadership

    Siti Panigrahi's questions to Klaviyo (KVYO) leadership • Q2 2025

    Question

    Speaking on behalf of Siti Panigrahi, an analyst from Mizuho asked for a ranking of new products (help desk, conversational agents, customer hub) by medium-term revenue potential and for feedback on the MCP server's pricing strategy.

    Answer

    Co-Founder and CEO Andrew Bialecki expressed the most bullish view on the conversational agent, seeing it as a source of enormous value. He stated there are no current plans to price or package the MCP server, viewing it instead as a tool for customers and a valuable source of feedback for Klaviyo's own product development by revealing how users want to query their data.

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    Siti Panigrahi's questions to Five9 (FIVN) leadership

    Siti Panigrahi's questions to Five9 (FIVN) leadership • Q2 2025

    Question

    Siti Panigrahi of Mizuho Securities inquired about the enterprise deal elongation and international slowdown mentioned last quarter, and asked for the assumptions behind the second-half guidance, which implies slower growth.

    Answer

    President Andy Dignan reported that the previous quarter's deal elongation and international slowdown did not persist. CFO Bryan Lee explained the guidance incorporates conservatism due to minimal expected seasonality from macro uncertainty, longer revenue ramps for recent large software deals, and tough year-over-year comparisons from a major customer's ramp-up in the prior year.

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    Siti Panigrahi's questions to PTC (PTC) leadership

    Siti Panigrahi's questions to PTC (PTC) leadership • Q3 2025

    Question

    Siti Panigrahi asked for details on early adopters of PTC's AI capabilities and what kind of ARR uplift could be expected as customers increase their uptake of AI solutions.

    Answer

    President and CEO Neil Barua explained that AI is a key topic in customer conversations, with PTC's differentiation lying in its ability to combine AI with contextualized product data from PLM, ALM, and SLM. While he noted positive feedback from proofs-of-concept and some customers purchasing AI modules, he cautioned that it is still early to quantify an ARR impact. Chief Revenue Officer Robert Dahdah added that the AI opportunity focuses on creating predictive insights and automating tasks.

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    Siti Panigrahi's questions to CADENCE DESIGN SYSTEMS (CDNS) leadership

    Siti Panigrahi's questions to CADENCE DESIGN SYSTEMS (CDNS) leadership • Q2 2025

    Question

    Siti Panigrahi of Mizuho Securities asked for a characterization of demand from traditional semiconductor customers versus systems and hyperscaler companies.

    Answer

    President & CEO Anirudh Devgan noted that while systems companies continue to expand their design efforts, there are now positive signs of recovery in the traditional semiconductor space. He pointed to strength in the memory market and highlighted a significant expansion with ADI as an example of improving demand in mixed-signal. However, he stressed that Cadence's diversified business is not dependent on the timing of a full recovery.

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    Siti Panigrahi's questions to ORACLE (ORCL) leadership

    Siti Panigrahi's questions to ORACLE (ORCL) leadership • Q4 2025

    Question

    Siti Panigrahi of Mizuho Securities asked about the cloud database business, customer migration trends from on-premise, and the expected contribution of cloud database revenue to OCI's projected 70% growth.

    Answer

    CEO Safra Catz described the database business as 'on fire,' with strong growth across license, support, and cloud services, noting the vast majority of the business is still on-premise. CTO Lawrence Ellison provided a powerful example, stating that migrating $10 billion of database support revenue to the cloud would generate at least $50 billion in total cloud revenue, as it includes compute and networking services.

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    Siti Panigrahi's questions to UiPath (PATH) leadership

    Siti Panigrahi's questions to UiPath (PATH) leadership • Q1 2026

    Question

    Siti Panigrahi asked when the company expects to see a stabilization in the dollar-based net retention rate (NRR) given the new platform investments. She also sought clarification on the foreign exchange impact on net new ARR and the assumptions in the full-year guidance.

    Answer

    CFO & COO Ashim Gupta stated that while the new agentic platform is seeing early traction with POCs, it is not expected to have a material revenue impact this fiscal year, suggesting the NRR discussion could be revisited later. Regarding FX, Gupta reiterated that the company uses the most recent rates for its guidance and the impact was not material.

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    Siti Panigrahi's questions to SYNOPSYS (SNPS) leadership

    Siti Panigrahi's questions to SYNOPSYS (SNPS) leadership • Q2 2025

    Question

    Siti Panigrahi of Mizuho Securities inquired about the level of design activity in non-AI customer segments like automotive and industrial. He also asked about the opportunity presented by emerging AI companies beginning to design their own custom chips.

    Answer

    CEO Sassine Ghazi noted seeing stabilization and 'new energy' in the industrial and automotive sectors, with early positive signals appearing in the IP portfolio. He confirmed that the trend of new companies pursuing custom silicon, whether through ASIC models or full in-house design, is a 'fantastic opportunity' for Synopsys across its EDA, IP, and hardware verification products.

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    Siti Panigrahi's questions to SYNOPSYS (SNPS) leadership • Q2 2025

    Question

    Siti Panigrahi of Mizuho Securities inquired about the level of design activity in non-AI customer segments like industrial and automotive. He also asked about the opportunity presented by emerging AI companies building their own custom chips and when they might reach the scale of hyperscalers.

    Answer

    CEO Sassine Ghazi observed that after a period of being muted, the industrial and automotive sectors are showing signs of stabilization and new design activity, which is first visible in the IP portfolio. He affirmed that the trend of new companies pursuing custom silicon, whether via ASIC models or full in-house design, is a significant growth opportunity for Synopsys's entire product portfolio.

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    Siti Panigrahi's questions to 8X8 INC /DE/ (EGHT) leadership

    Siti Panigrahi's questions to 8X8 INC /DE/ (EGHT) leadership • Q3 2025

    Question

    Chad on behalf of Siti Panigrahi from Mizuho Securities asked about customer appetite for AI products across different market segments and whether AI is being used to complement or replace human agents.

    Answer

    CEO Samuel Wilson explained that the target market of upper small business to low-end enterprise shows strong interest in best-in-breed, natively integrated AI like voice bots for self-service payments and digital messaging. While he believes AI will replace some agent functions over time, he doesn't see a major trend today. He noted that even if seat counts decline, the average revenue per customer increases substantially with the adoption of AI and other next-gen technologies.

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