Technology Research Analysts

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

Jackson Ader, CFA

Enterprise Software

Jackson Ader is a Managing Director and Equity Research Analyst for KeyBanc Capital Markets Inc. With the firm since November 2023, he leads KBCM’s Software team. His research coverage is focused on large-cap, enterprise software, and front-office applications.

Prior to joining KBCM, Jackson covered horizontal application software at SVB MoffettNathanson. Before that, he was a senior analyst at J.P. Morgan covering the vertical application software space.

Jackson earned a bachelor's degree in finance from Murray State University and a Master of Finance degree from London Business School. He is also a CFA Charterholder.

Enterprise Software Companies Under Research Coverage

Company	Ticker
Adobe Inc.	ADBE
Amplitude, Inc.	AMPL
Asana, Inc.	ASAN
HubSpot, Inc.	HUBS
Klaviyo, Inc.	KVYO
Microsoft Corporation	MSFT
monday.com Ltd.	MNDY
Oracle Corporation	ORCL
Salesforce.com, Inc.	CRM
SAP SE	SAP.GY
SEMrush Holdings, Inc.	SEMR
ServiceNow, Inc.	NOW
Sprinklr, Inc.	CXM
Sprout Social, Inc.	SPT
Zeta Global Holdings Corp.	ZETA
ZoomInfo Technologies Inc.	ZI

Jason Celino, CFA

Vertical Software

Jason Celino is a Managing Director and Equity Research Analyst for KeyBanc Capital Markets Inc. His research coverage is focused on the vertical software sector, with a specific focus in the digitization of traditional industries and the modernization of workforce management.

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. He has been quoted by The Wall Street Journal, Barron’s, and several specialty news organizations.

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
ANSYS, Inc.	ANSS
AppFolio Inc.	APPF
Appian Corporation	APPN
Atlassian Corporation Plc	TEAM
Autodesk, Inc.	ADSK
Bentley Systems, Incorporated	BSY
Cadence Design Systems, Inc.	CDNS
Chegg, Inc.	CHGG
Coursera, Inc.	COUR
Dassault Systemes SA	DSY-FR
Dayforce, Inc.	DAY
GitLab Inc.	GTLB
JFrog Ltd.	FROG
Paycom Software, Inc.	PAYC
Paylocity Holding Corp.	PCTY
Pegasystems Inc.	PEGA
Pluralsight, Inc.	PS
Procore Technologies, Inc.	PCOR
PROS Holdings, Inc.	PRO
PTC Inc.	PTC
ServiceTitan, Inc.	TTAN
Synopsys, Inc.	SNPS
Trimble Inc.	TRMB
Udemy, Inc.	UDMY
UiPath, Inc.	PATH
Workday, Inc.	WDAY

Eric Heath, CFA

Security Software

Eric Heath is a Vice President and Equity Research Analyst for KeyBanc Capital Markets Inc., covering the Security Software sector. Heath joined the firm as an Associate Analyst on the Enterprise Software team in June 2020 and has had lead coverage of cybersecurity companies since 2022.

Prior to joining KBCM, Heath was a Senior Equity Research Associate at Raymond James, supporting coverage of the Infrastructure Software sector. Prior to Raymond James, he held an Investment Analyst role at Sompo International and a Financial Analyst role at Omnicom Group.

Eric earned a bachelor’s degree from Siena College. He is a Chartered Financial Analyst and also holds the Series 7, 63, 86, and 87 industry licenses.

Security Software Companies Under Research Coverage

Company	Ticker
C3.ai, Inc.	AI
Check Point Software Technologies	CHKP
Commvault Systems, Inc.	CVLT
Confluent, Inc.	CFLT
CrowdStrike Holdings, Inc.	CRWD
CyberArk Software Ltd.	CYBR
Datadog, Inc.	DDOG
Fortinet, Inc.	FTNT
MongoDB, Inc.	MDB
Okta, Inc.	OKTA
Palo Alto Networks, Inc.	PANW
Rapid7, Inc.	RPD
Rubrik, Inc.	RBRK
SentinelOne, Inc.	S
Snowflake, Inc.	SNOW
Zscaler, Inc.	ZS

Alex Markgraff

FinTech

Alex Markgraff is a Vice President and Equity Research Analyst for 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 and vertical/back-office 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, Oregon.

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
Adyen NV	ADYEN.AS
Alkami Technology, Inc.	ALKT
AvidXchange Holdings, Inc.	AVDX
Bill.com Holdings, Inc.	BILL
Block, Inc.	XYZ
Coinbase Global, Inc.	COIN
Fidelity National Info. Services	FIS
Fiserv, Inc.	FI
Global Payments Inc.	GPN
i3 Verticals, Inc.	IIIV
International Money Express, Inc.	IMXI
Intuit Inc.	INTU
Marqeta, Inc.	MQ
MasterCard Inc.	MA
nCino, Inc.	NCNO
Nu Holdings Ltd.	NU
PagSeguro Digital Ltd.	PAGS
PayPal Holdings, Inc.	PYPL
Q2 Holdings, Inc.	QTWO
Remitly Global, Inc.	RELY
Robinhood Markets, Inc.	HOOD
Visa, Inc.	V

Brandon Nispel, CFA

Communications Services

Brandon Nispel, CFA, is a Director and Equity Research Analyst for 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 at 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, and telecom sector.

Communications Services Companies Under Research Coverage

Company	Ticker
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
Digital Realty Trust, Inc.	DLR
Equinix, Inc.	EQIX
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

Justin Patterson, CFA

Internet – Digital Media and Travel

Justin Patterson is a Managing Director and Equity Research Analyst for KeyBanc Capital Markets Inc. and specializes in Internet–Digital Media and 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 financial markets finance degree from Vanderbilt University in Nashville and a Bachelor of Science in accounting and economics from Ball State University in Muncie, Indiana. He is a Chartered Financial Analyst and also holds the Series 7, 63, 86, and 87 industry licenses.

In its 2018 Analyst Awards, ThomsonReuters recognized Justin 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, he 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
BigCommerce Holdings, Inc.	BIGC
Criteo S.A.	CRTO
DoorDash, Inc.	DASH
DoubleVerify Holdings, Inc.	DV
Duolingo, Inc.	DUOL
Eventbrite, Inc.	EB
Frontdoor, Inc.	FTDR
Global-E Online Ltd.	GLBE
IAC/InterActiveCorp	IAC
Lyft, Inc.	LYFT
Maplebear Inc.	CART
Meta Platforms, Inc.	META
NerdWallet, Inc.	NRDS
Netflix, Inc.	NFLX
Pinterest, Inc.	PINS
PubMatic, Inc.	PUBM
Roku, Inc.	ROKU
Shopify Inc.	SHOP
Snap Inc.	SNAP
Spotify Technology, S.A.	SPOT
TechTarget, Inc.	TTGT
The Trade Desk, Inc.	TTD
Uber Technologies, Inc.	UBER
Vacasa, Inc.	VCSA
VTEX	VTEX
Wix.com LTD	WIX
Yelp Inc.	YELP
Zillow Group, Inc.	ZG
ZipRecruiter, Inc.	ZIP

John Vinh, CFA

Semiconductors

John Vinh, CFA, is a Managing Director and Equity Research Analyst for 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
Analog Devices, Inc.	ADI
Arm Holdings plc	ARM
Broadcom Limited	AVGO
Cirrus Logic, Inc.	CRUS
indie Semiconductor, Inc.	INDI
Intel Corporation	INTC
Lattice Semiconductor Corporation	LSCC
Marvell Technology Group Ltd.	MRVL
Microchip Technology Incorporated	MCHP
Micron Technology, Inc.	MU
Monolithic Power Systems, Inc.	MPWR
NVIDIA Corporation	NVDA
NXP Semiconductors N.V.	NXPI
onsemi	ON
Qorvo, Inc.	QRVO
Qualcomm Incorporated	QCOM
Silicon Laboratories Inc.	SLAB
Skyworks Solutions, Inc.	SWKS
Synaptics, Incorporated	SYNA
Texas Instruments Incorporated	TXN

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