FBN Securities Stock Recommendations and Price Targets

This is a list of recent ratings by FBN Securities.

Date	Company Name	Action	Current Price	Price Target	Rating
10/23/2026	RNG RingCentral	Reiterated Rating	$81.00	$105.00	Outperform ➝ Outperform
10/6/2026	S SentinelOne	Downgrade	$25.00	$24.00	Outperform ➝ Sector Perform
10/2/2026	ABNB Airbnb	Initiated Coverage	$164.00		Outperform
10/2/2026	DDOG Datadog	Initiated Coverage	$235.00	$325.00	Outperform
10/2/2026	DDOG Datadog	Upgrade	$235.00		Strong-Buy
9/23/2026	HUBS HubSpot	Initiated Coverage	$235.00	$230.00	Sector Perform
9/23/2026	HUBS HubSpot	Initiated Coverage	$235.00	$230.00	Hold
9/16/2026	FIVN Five9	Initiated Coverage	$36.00	$40.00	Outperform
9/16/2026	FIVN Five9	Initiated Coverage	$36.00	$40.00	Outperform
9/15/2026	ULTA Ulta Beauty	Initiated Coverage	$640.00		Outperform
9/15/2026	CLS Celestica	Initiated Coverage	$265.00	$375.00	Outperform
9/15/2026	CLS Celestica	Initiated Coverage	$265.00	$375.00	Outperform
9/15/2026	CLS Celestica	Upgrade	C$369.00		Strong-Buy
9/11/2026	CDNS Cadence Design Systems	Initiated Coverage	$328.00	$375.00	Outperform
9/11/2026	CDNS Cadence Design Systems	Upgrade	$328.00		Strong-Buy
9/10/2026	CVLT CommVault Systems	Initiated Coverage	$165.00	$155.00	Outperform
8/10/2026	TEAM Atlassian	Reiterated Rating	$192.00	$170.00	Outperform ➝ Outperform
7/1/2026	PANW Palo Alto Networks	Reiterated Rating	$366.00		Outperform ➝ Outperform
6/3/2026	PANW Palo Alto Networks	Reiterated Rating	$366.00	$330.00	Outperform ➝ Outperform
6/3/2026	PANW Palo Alto Networks	Upgrade	$366.00		Outperform ➝ Strong-Buy
5/27/2026	ZS Zscaler	Reiterated Rating	$238.00	$175.00	Outperform ➝ Outperform
4/23/2026	NOW ServiceNow	Lower Price Target	$105.00	$160.00 ➝ $120.00
2/25/2026	NTSK Netskope	Initiated Coverage	$24.00	$15.00	Outperform
2/24/2026	SAIL SailPoint	Initiated Coverage	$21.00	$18.00	Outperform
11/12/2025	TWLO Twilio	Upgrade	$206.00		Strong-Buy
9/10/2025	RBRK Rubrik	Reiterated Rating	$124.00		Outperform ➝ Outperform
9/4/2025	GTLB GitLab	Upgrade	$54.00		Strong-Buy
6/11/2025	NOW ServiceNow	Upgrade	$105.00		Strong-Buy
6/4/2025	ASAN Asana	Upgrade	$11.00		Strong-Buy
5/30/2025	ZS Zscaler	Upgrade	$238.00		Strong-Buy
3/28/2025	WMG Warner Music Group	Initiated Coverage	$31.00	$35.00	Sector Perform
3/28/2025	CART Maplebear	Initiated Coverage	$56.00	$44.00	Sector Perform
3/28/2025	RBLX Roblox	Initiated Coverage	$43.00	$65.00	Sector Perform
3/28/2025	ROKU Roku	Initiated Coverage	$155.00	$93.00	Outperform
3/28/2025	DASH DoorDash	Initiated Coverage	$179.00	$230.00	Outperform
3/28/2025	APP AppLovin	Initiated Coverage	$228.00	$385.00	Outperform
3/28/2025	SPOT Spotify Technology	Initiated Coverage	$595.00	$645.00	Sector Perform
3/27/2025	NFLX Netflix	Initiated Coverage	$62.00	$116.50	Outperform
9/30/2024	RBRK Rubrik	Initiated Coverage	$124.00	$40.00	Outperform
8/29/2024	CRM Salesforce	Upgrade	$229.00		Strong-Buy
6/5/2024	CRWD CrowdStrike	Upgrade	$250.00		Strong-Buy
5/22/2024	FROG JFrog	Initiated Coverage	$94.00	$45.00	Outperform
3/20/2024	KVYO Klaviyo	Initiated Coverage	$20.00	$35.00	Outperform