Technology Research Analysts

In-depth analysis of the technology market.

Comprehensive investigation, research and thought are used by our analysts to create the best information and options for our clients.

Josh Beck

Vertical Software & FinTech

Josh Beck is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc., and focuses on the broadly defined FinTech & Software ecosystem. Josh joined KeyBanc Capital Markets Inc. through its acquisition of Pacific Crest Securities. Prior to joining the firm in 2011, he worked in the corporate finance, strategy and development groups at T-Mobile.

Josh was voted #1 stock picker in IT Services by Thomson Reuters in 2018 and recognized as a “Rising Star” by Institutional Investor magazine in 2016. He has been quoted by The Wall Street Journal, New York Times, Barron’s, and CNBC.

Josh holds an M.B.A. from Carnegie Mellon University’s Tepper School of Business and a B.S. in engineering from Virginia Tech.

Vertical Software & FinTech Companies under Research Coverage

Company Ticker
Adyen NV ADYEN.AS
Alkami Technology, Inc. ALKT
AvidXchange Holdings, Inc. AVDX
BigCommerce Holdings, Inc. BIGC
Bill.com Holdings, Inc. BILL
BlackLine, Inc. BL
Blend Labs, Inc. BLND
Block, Inc. SQ
BTRS Holdings Inc. BTRS
Coupa Software Incorporated COUP
EngageSmart, Inc. ESMT
Fidelity National Info. Services FIS
Fiserv, Inc. FISV
Global Payments Inc. GPN
Global-E Online Ltd. GLBE
i3 Verticals, Inc. IIIV
International Money Express, Inc. IMXI
Intuit Inc. INTU
Marqeta, Inc. MQ
MasterCard Inc. MA
nCino, Inc. NCNO
PagSeguro Digital Ltd. PAGS
PayPal Holdings, Inc. PYPL
Q2 Holdings, Inc. QTWO
Remitly Global, Inc. RELY
Riskified Ltd. RSKD
Robinhood Markets, Inc. HOOD
Shopify Inc. SHOP
Squarespace, Inc. SQSP
Toast, Inc. TOST
Visa, Inc. V
VTEX VTEX
Wix.com LTD WIX

Thomas Blakey, CFA

Infrastructure Software

Thomas Blakey is a Vice President, Equity Research Analyst with KeyBanc Capital Markets Inc. With the company since September 2021, Tom covers the Infrastructure Software sector.

Tom joined KeyBanc Capital Markets with considerable experience in the technology and software space. His most recent experience was as a senior equity research associate at Truist, supporting coverage of the FinTech Software & Information Services space. Prior to Truist, Tom spent nearly two decades as a technology analyst working for Invesco, Pyramis Global Advisors, and Essex Investment Management. Early in his career, he worked in finance at established sell-side and investment banking shops. 

Tom earned a Bachelor of Business Administration degree from the University of Massachusetts, and a Master of Business Administration degree from Boston University. He is a Chartered Financial Analyst and also holds the Series 7, 63, 86, and 87 industry licenses. 

Infrastructure Software Companies Under Research Coverage

Company Ticker
Akamai Technologies, Inc. AKAM
Appian Corporation APPN
Arista Networks, Inc. ANET
Bandwidth Inc. BAND
Box, Inc. BOX
Cisco Systems, Inc. CSCO
Cloudflare, Inc. NET
Commvault Systems, Inc. CVLT
Dropbox, Inc. DBX
Endava plc DAVA
EPAM Systems, Inc. EPAM
F5, Inc. FFIV
Fastly, Inc. FSLY
Five9, Inc. FIVN
Globant S.A. GLOB
Juniper Networks, Inc. JNPR
Kaltura, Inc. KLTR
LivePerson, Inc. LPSN
Nutanix, Inc. NTNX
ON24, Inc. ONTF
Pegasystems Inc. PEGA
Pure Storage, Inc. PSTG
RingCentral, Inc. RNG
Twilio Inc. TWLO
VMware, Inc. VMW
Zoom Video Communications, Inc. ZM

Jason Celino

Vertical Software

Jason Celino is an Equity Research Analyst with KeyBanc Capital Markets Inc. His research coverage is focused on the vertical software sector.

Jason joined KeyBanc Capital Markets through its acquisition of Pacific Crest Securities. Prior to assuming coverage of the vertical software space in March 2019, he worked at KBCM as a senior research associate covering that sector since 2014.

Jason earned a Bachelor of Business Administration degree in Finance and Accounting from the University of Portland. He holds the Chartered Financial Analyst designation, in addition to the Series 7, 63, 86 and 87 industry licenses.

Vertical Software Companies under Research Coverage

Company Ticker
2U Inc. TWOU
ANSYS, Inc. ANSS
AppFolio Inc. APPF
Aspen Technology, Inc. AZPN
Autodesk, Inc. ADSK
Bentley Systems, Incorporated BSY
Cadence Design Systems, Inc. CDNS
Chegg, Inc. CHGG
Coursera, Inc. COUR
Dassault Systemes SA DSY-FR
HireRight Holdings Corporation HRT
Materialise NV MTLS
Paycom Software, Inc. PAYC
Paylocity Holding Corp. PCTY
Pluralsight, Inc. PS
Procore Technologies, Inc. PCOR
PROS Holdings, Inc. PRO
PTC Inc. PTC
SPS Commerce, Inc. SPSC
Sterling Check Corp. STER
Synopsys, Inc. SNPS
Trimble Inc. TRMB
Udemy, Inc. UDMY

Alex Markgraff

FinTech

Alex Markgraff is a Vice President, Equity Research Analyst with KeyBanc Capital Markets Inc. His research coverage is focused on the fintech sector.

Alex joined KeyBanc Capital Markets as a research associate in 2017, covering the fintech & vertical/backoffice SaaS sectors with a focus on the convergence of payments and software, new commerce enabling technology, and backoffice digitization. Prior to joining KBCM, Alex worked as an investment analyst at an institutional investment consulting firm in Portland, OR.

Alex earned a Bachelor of Science degree in Finance with a minor in Economics from Oregon State University. He holds the Series 7, 63, 86 and 87 industry licenses.

FinTech Companies Under Research Coverage

Company Ticker
Nu Holdings Ltd. NU
Remitly Global, Inc. RELY

Brandon Nispel, CFA

Communications Services

Brandon Nispel, CFA, is a Vice President, Equity Research Analyst with KeyBanc Capital Markets Inc., and specializes in communications services.

He joined KeyBanc Capital Markets through its acquisition of Pacific Crest Securities. Prior to joining the firm in 2015, Brandon worked as an associate with Northern Trust helping manage high-net-worth portfolios.

He has a Bachelor of Business Administration in Financial Markets Finance from the University of Minnesota-Duluth and has been a CFA charterholder since 2015.

In Institutional Investor’s 2018 All America edition, Nispel was named a Rising Star for his coverage of the cable, satellite & telecom sector.

Communications Services Companies under Research Coverage

Company Ticker
Altice USA ATUS
American Tower Corporation AMT
Apple Inc. APPL
AT&T Inc. T
Cable One, Inc. CABO
Charter Communications, Inc. CHTR
Cogent Communications, Inc. CCOI
Comcast Corporation CMCSA
Crown Castle International Corp. CCI
Fox Corporation FOX
Paramount Global PARA
SBA Communications Corp. SBAC
T-Mobile US, Inc. TMUS
Verizon Communications Inc. VZ
The Walt Disney Company DIS
Warner Bros. Discovery, Inc.
WBD
WideOpenWest, Inc. WOW

Tyler Parker

Entertainment

Tyler Parker is a Vice President, Equity Research Analyst with KeyBanc Capital Markets Inc. He covers the video games space with a focus on deep-dive fundamental research.

Tyler joined KeyBanc Capital Markets through its acquisition of Pacific Crest Securities. He joined the firm’s internet and video games team in 2014, moving to focus on internet and media from 2016-2018. Before that, he worked as a financial analyst at Nike.

Tyler graduated with a B.S. in Business Administration from the University of Oregon with a focus on finance and entrepreneurship.

Entertainment Companies under Research Coverage

Company Ticker
Activision Blizzard, Inc. ATVI
AppLovin Corporation APP
Electronic Arts Inc EA
ironSource Ltd. IS
Roblox Corporation RBLX
Rovio Entertainment Corporation ROVIO
SciPlay Corporation SCPL
Take-Two Interactive Software, Inc TTWO
Ubisoft Entertainment SA UBI.FP
Unity Software Inc. U

Justin Patterson, CFA

Internet – Digital Media & Travel

Justin Patterson is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc., and specializes in Internet – Digital Media & Travel sectors.

Prior to joining KeyBanc Capital Markets in summer 2020, Patterson spent five years as a Senior Equity Research Analyst covering the Internet - Digital Media, Travel, and Sharing Economy sectors at Raymond James. Before that, he worked for Morgan Keegan, first as an Associate covering Communications Technology, then as an Analyst covering Internet and Travel.

Patterson earned a M.S. in Finance from Vanderbilt University in Nashville, and a B.S. in Accounting and Economics from Ball State University in Muncie, Ind. He is a Chartered Financial Analyst, and also holds the Series 7, 63, 86 & 87 industry licenses.

In its 2018 Analyst Awards, ThomsonReuters recognized Patterson as the #2 stock picker in the Digital Marketing sector. This was his second Thomson Reuters award. In Institutional Investor’s 2016 All America edition, Patterson was named a Rising Star.

Internet – Digital Media & Travel Companies under Research Coverage

Company Ticker
Airbnb, Inc. ABNB
Alphabet Inc. GOOGL
ANGI Homeservices Inc. ANGI
DoubleVerify Holdings, Inc. DV
Duolingo, Inc. DUOL
Eventbrite, Inc. EB
frontdoor, inc. FTDR
IAC/InterActiveCorp IAC
Lyft, Inc. LYFT
Match Group, Inc. MTCH
Meta Platforms, Inc. META
NerdWallet, Inc. NRDS
Netflix, Inc. NFLX
Opendoor Technologies Inc. OPEN
Pinterest, Inc. PINS
PubMatic, Inc. PUBM
Redfin Corporation RDFN
Roku, Inc. ROKU
Snap Inc. SNAP
Spotify Technology, S.A. SPOT
Taboola.com Ltd. TBLA
TechTarget, Inc. TTGT
The Trade Desk, Inc. TTD
Twitter, Inc. TWTR
Uber Technologies, Inc. UBER
Vacasa, Inc. VCSA
Vimeo, Inc. VMEO
Yelp Inc. YELP
Zillow Group, Inc. ZG

Michael Turits

Enterprise Software

Michael Turits is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc. His research coverage focuses on the Enterprise Software sector.

Prior to joining KeyBanc Capital Markets in fall 2020, Turits spent 13 years as an Equity Research Analyst covering Infrastructure Software at Raymond James & Associates in New York. Before that, he was an Equity Research Analyst covering Infrastructure Software and Telecommunications Services for Prudential Equity Group, LLC for 10 years.

Turits earned a Masters in International Economics and Management from SDA Bocconi University in Milan, Italy, a Ph.D. in Comparative Literature from the University of Massachusetts at Amherst in Amherst, Massachusetts, an M.A. in Comparative Literature from New York University in New York, and a B.A from Georgetown University. He holds the Series 7, 63, 86 & 87 industry licenses. He is also a Certified Flight Instructor and Airline Transport Pilot.

Enterprise Software Companies under Research Coverage

Company Ticker
Alteryx, Inc. AYX
Amplitude, Inc. AMPL
Atlassian Corporation Plc TEAM
C3.ai, Inc. AI
Check Point Software Technologies CHKP
Confluent, Inc. CFLT
CyberArk Software Ltd. CYBR
Datadog, Inc. DDOG
DigitalOcean Holdings, Inc. DOCN
ForgeRock, Inc. FORG
Fortinet, Inc. FTNT
Gitlab Inc. GTLB
HubSpot, Inc. HUBS
JFrog Ltd. FROG
Microsoft Corporation MSFT
New Relic, Inc. NEWR
Okta, Inc. OKTA
Oracle Corporation ORCL
Palo Alto Networks, Inc. PANW
Ping Identity Holding Corp. PING
Rapid7, Inc. RPD
Salesforce.com, Inc. CRM
SEMrush Holdings, Inc. SEMR
ServiceNow, Inc. NOW
Splunk Inc. SPLK
Sprinklr, Inc. CXM
Sprout Social, Inc. SPT
UiPath, Inc. PATH
WalkMe Ltd. WKME
Workday, Inc. WDAY

John Vinh, CFA

Semiconductors

John Vinh, CFA, is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc., and specializes in the semiconductor industry, with a particular focus on the components accelerating the proliferation of smartphones, tablets and other touchscreen devices.

He joined KeyBanc Capital Markets through its acquisition of Pacific Crest Securities. Prior to joining the firm in 2012, John was a managing director at Collins Stewart, focusing on research in the semiconductor and digital media industries. Prior to Collins Stewart, he was a senior product manager at Ariba, responsible for several procurement and strategic sourcing applications. Earlier, he spent six years in the foreign-exchange derivatives group at UBS.

John holds a Master of Business Administration in Analytical Finance and Econometrics from the University of Chicago Graduate School of Business, and a Bachelor of Science in Electrical Engineering from the University of Michigan. John holds the CFA charter.

Semiconductors Companies under Research Coverage

Company Ticker
Advanced Micro Devices, Inc. AMD
Ambarella, Inc. AMBA
Broadcom Limited AVGO
Cirrus Logic, Inc. CRUS
indie Semiconductor, Inc. INDI
Intel Corporation INTC
Lattice Semiconductor Corporation LSCC
Marvell Technology Group Ltd. MRVL
Micron Technology, Inc. MU
Monolithic Power Systems, Inc. MPWR
NVIDIA Corporation NVDA
NXP Semiconductors N.V. NXPI
Qorvo, Inc. FIVN
Silicon Laboratories Inc. SLAB
Skyworks Solutions, Inc. SWKS
Synaptics, Incorporated SYNA

Noah Zatzkin

Global Brands & E-Commerce

Noah Zatzkin is a Vice President and Equity Research Analyst with KeyBanc Capital Markets Inc., covering e-commerce, global brands, and softlines retail.

Noah rejoined KBCM in 2021, with considerable experience in the consumer retail and e-commerce space, most recently in private equity/restructuring as a Vice President at M3 Partners, LP (consumer softlines focus) and, prior to that, as an Associate Research Analyst at KBCM (specialty retail/consumer softlines and e-commerce). Earlier in his career, he worked as an Associate at BBR Partners LLC, a multifamily office, and as a Consultant at Deloitte.

Noah earned a Bachelor of Business Administration degree from the University of Michigan, Ross School of Business. He holds the Series 7, 63, 86, and 87 industry licenses.

Global Brands & E-Commerce Companies under Research Coverage

Company Ticker
a.k.a. Brands Holding Corp. AKA
Allbirds, Inc. BIRD
Brilliant Earth Group, Inc. BRLT
Etsy, Inc. ETSY
Farfetch Limited FTCH
FIGS, Inc. FIGS
G-III Apparel Group, Ltd. GIII
Lulu's Fashion Lounge Holdings, Inc. LVLU
lululemon athletica inc. LULU
NIKE, Inc. NKE
Nordstrom, Inc. JWN
Oxford Industries, Inc. OXM
RealReal, Inc. (The) REAL
Rent the Runway, Inc. RENT
Revolve Group, Inc. RVLV
Stitch Fix, Inc. SFIX
ThredUp Inc. TDUP

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