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.
Payments & FinTech
Josh Beck is a Director, Equity Research Analyst with KeyBanc Capital Markets Inc., and specializes in the payments & FinTech sectors. Josh is focused on deeply exploring the impact of technology forces like mobility, software, ecommerce, data analytics and security upon the payments & FinTech ecosystem.
Josh joined KeyBanc Capital Markets through its acquisition of Pacific Crest Securities. Prior to joining the firm in 2011, he worked on M&A and J.V. transactions within the wireless and mobile payment ecosystem at T-Mobile USA and Deutsche Telekom.
Josh holds an M.B.A. from Carnegie Mellon University’s Tepper School of Business and a B.S. in engineering from Virginia Tech.
In 2018, Josh was recognized by Thomson Reuters as the #1 stock picker in the IT Services sector. He was also recognized as a “Rising Star” by Institutional Investor magazine for the Payments, Processors & IT Services sector in 2016, and has been quoted by The Wall Street Journal, New York Times, Barron’s and CNBC.
Payments & FinTech Companies under Research Coverage
|Alliance Data Systems Corporation||ADS|
|American Express Company||AXP|
|Diebold Nixdorf Incorporated||DBD|
|First Data Corporation||FDC|
|Global Payments Inc.||GPN|
|i3 Verticals, Inc.||IIIV|
|PagSeguro Digital Ltd.||PAGS|
|PayPal Holdings, Inc.||PYPL|
|Total System Services, Inc.||TSS|
Cloud Software & Analytics
Brent Bracelin is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc. His research coverage is focused on cloud software and analytics with an emphasis on emerging growth areas within SaaS, in addition to new data science tools that are empowering the next era of intelligent computing.
Brent joined KeyBanc Capital Markets through its acquisition of Pacific Crest Securities. Prior to joining the firm in 1998, he was a technology analyst at Charter Investment Group and a generalist at the Red Chip Review.
Brent received a Bachelor of Arts. in finance from Linfield College.
Brent was ranked by Institutional Investor’s All-America Research Team in three categories. He has appeared regularly on CNBC and Bloomberg, and is frequently quoted in Barron’s, Business Insider,The Wall Street Journal, Reuters and Dow Jones.
Cloud Software & Analytics Companies under Research Coverage
|Adobe Systems Incorporated||ADBE|
|Coupa Software Incorporated||COUP|
|Paycom Software, Inc.||PAYC|
|Tableau Software Inc.||DATA|
|Tyler Technologies, Inc.||TYL|
|Veeva Systems, Inc.||VEEV|
Equity Research Analyst
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
|Aspen Technology, Inc.||AZPN|
|Cadence Design Systems, Inc.||CDNS|
|Dassault Systemes SA||DSY-FR|
|PROS Holdings, Inc.||PRO|
|SPS Commerce, Inc.||SPSC|
Hans Chung, CFA
China Internet & Ecommerce
Hans Chung, CFA, is a Vice President, Equity Research Analyst with KeyBanc Capital Markets Inc., and specializes in China’s internet and ecommerce. Hans has been a key contributor to the semiconductor team, covering PCs, mobile devices, cloud computing and wireless technology.
Hans joined KeyBanc Capital Markets through its acquisition of Pacific Crest Securities. Prior to joining the firm in 2013, Hans had many years of experience in technology and the internet industry in Taiwan and China, where he worked as a manager in R&D and business development departments.
Hans earned a Master of Science in Electrical Engineering and a Master of Business Administration. from the University of Michigan. He is proficient in Mandarin and has been a CFA charterholder since 2014.
China Internet & Ecommerce Companies under Research Coverage
|Alibaba Group Holding Ltd.||BABA|
|Ctrip.com International, Ltd.||CTRP|
|Tencent Holdings Ltd.||700.HK|
|Tencent Music Entertainment Group||TME|
|Vipshop Holdings Ltd.||VIPS|
Andy Hargreaves, CFA
Media & Internet
Andy Hargreaves, CFA, is a Director, Equity Research Analyst with KeyBanc Capital Markets Inc. He covers digital media with a vertical approach that focuses on the relationships among software, hardware and content.
Andy joined KeyBanc Capital Markets through its acquisition of Pacific Crest Securities. He joined the firm’s software team in 2003 and helped it earn national recognition as Institutional Investor’s Best of the Boutiques in 2003 and 2004. Before that, he helped manage portfolios for high-net-worth individuals at Merrill Lynch and Robertson Stephens.
Andy graduated with a Bachelor of Arts in Economics from UCLA. He holds the CFA charter.
Andy received honorable mention in Institutional Investor’s 2008, 2009 and 2011 All-America Research Teams in the IT hardware category, the software category for 2009 and 2011, and in the Internet category in 2011. He was also ranked in the IT hardware category in 2010. He often appears on CNBC, Bloomberg and Fox Business News, and has been quoted in Barron’s, The Wall Street Journal and the Chicago Tribune.
Media & Internet Companies under Research Coverage
|Sirius XM Radio Inc.||SIRI|
Alex Kurtz is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc., and heads the enterprise infrastructure practice.
Alex has a decade of experience covering emerging data center technologies. From May 2011 to June 2016, Alex was a managing director at Sterne Agee. Prior to Sterne Agee, he was with Merriman Capital. Before Merriman, Alex worked at EMC Corporation, where he performed business analysis duties for the inside sales organization for North America, as well as the OEM/Channels organization. He also worked as an associate covering the data networking sector at Thomas Weisel Partners.
Alex has a Bachelor of Arts in Economics from Tufts University and an Master of Business Administration from The Carroll School of Management.
For the 2010 “Best on the Street” WSJ Survey, Alex was ranked #2 in the computer and office equipment sector.
Enterprise Infrastructure Companies under Research Coverage
|Arista Networks, Inc.||ANET|
|Atlassian Corporation Plc||TEAM|
|Cisco Systems, Inc.||CSCO|
|Commvault Systems, Inc.||CVLT|
|F5 Networks, Inc.||FFIV|
|Juniper Networks, Inc.||JNPR|
|NetScout Systems, Inc.||NTCT|
|Pivotal Software, Inc.||PVTL|
|Pure Storage, Inc.||PSTG|
|Red Hat, Inc.||RHT|
|Zoom Video Communications, Inc.||ZM|
Brandon Nispel, CFA
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
|Akamai Technologies, Inc.||AKAM|
|American Tower Corporation||AMT|
|Cable One, Inc.||CABO|
|Charter Communications, Inc.||CHTR|
|Cogent Communications, Inc.||CCOI|
|Crown Castle International Corp.||CCI|
|SBA Communications Corp.||SBAC|
|T-Mobile US, Inc.||TMUS|
|Verizon Communications Inc.||VZ|
|Zayo Group Holdings, Inc.||ZAYO|
Security and Infrastructure Software
Rob Owens is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc. Rob and his team focus on understanding the key drivers of the enabling technologies involved with the Internet and corporate IT.
Rob joined KeyBanc Capital Markets through its acquisition of Pacific Crest Securities. He has been with the firm since 1994, and manages its security and infrastructure software practice.
Rob graduated cum laude with a Bachelor of Science in Mathematics and Finance from Linfield College.
Rob’s accolades include a third-place ranking in The Wall Street Journal’s “Best on the Street” survey for his earnings forecasting; a sixth-place ranking in a Reuters survey for his software sector research; and rankings in Institutional Investor’s 2006-2009 and 2003 All-America Research Teams, with an honorable mention in the software category in 2011. Rob is frequently a speaker at industry conferences and trade shows.
Security and Infrastructure Software Companies under Research Coverage
|Carbon Black Inc.||CBLK|
|Check Point Software Technologies||CHKP|
|CyberArk Software Ltd.||CYBR|
|ForeScout Technologies Inc.||FSCT|
|New Relic, Inc.||NEWR|
|Palo Alto Networks, Inc.||PANW|
|SailPoint Technologies Holdings||SAIL|
|Sophos Group PLC||SOPH-GB|
Business Software & Services
Arvind Ramnani is a Director, Equity Research Analyst with KeyBanc Capital Markets Inc., and heads the tech-enabled business services and IT services practice. Arvind has over a decade of experience covering the technology & IT services space at Sanford Bernstein, UBS and BNP Paribas.
Prior to joining the firm, Arvind was an independent research analyst servicing large institutional investors. Before starting his Wall Street career, Arvind was a founding member of a technology services firm that grew to 1,200 employees. Investors leverage Arvind for his industry insights, which include proprietary checks with buyers of tech (CTOs, CIOs, decision makers), private-company executives, software companies, takeaways from industry conferences, and on-site field visits to operational hubs (India, Eastern Europe, etc.).
Arvind graduated with majors/minors in economics, computer science, MIS and management from Luther College and earned his Master of Business Administration from the University of Michigan.
Arvind was recognized by Institutional Investor in the IT services sector, and is often quoted in Barron’s, Investor’s Business Daily and BBC.
Business Software & Services under Research Coverage
|Blue Prism Group plc||PRSMB.L|
|Ceridian HCM Holding Inc.||CDAY|
|Cognizant Technology Solutions||CTSH|
|DXC Technology Co.||DXC|
|Fidelity National Information Services, Inc.||FIS|
|International Business Machines||IBM|
|Paylocity Holding Corp.||PCTY|
|Q2 Holdings, Inc.||QTWO|
Semiconductor & Industrial Technology
Weston Twigg is a Managing Director, Equity Research Analyst with KeyBanc Capital Markets Inc. He leads the semiconductor and industrial technology equity research group.
He joined KeyBanc Capital Markets through its acquisition of Pacific Crest Securities. Prior to joining the firm in 2005, he worked in the semiconductor industry as a senior engineer at Intel, and before that, as a process engineer at Samsung.
Weston received his Master of Business Administration from the University of Washington, his Master of Science in Chemical Engineering from Michigan State University, and his Bachelor of Arts in Chemistry from Albion College.
He has been recognized as one of the Top Ten Stock Pickers in the U.S. by Financial Times and StarMine, and has been a winner in The Wall Street Journal’s “Best on the Street” survey three times, including taking the top spot in 2011. In 2008, he was voted “Best Up-and-Coming Analyst” by Institutional Investor, and he has been regularly named in that publication’s All-American Research Team.
Semiconductor & Industrial Companies under Research Coverage
|Advanced Energy Industries, Inc.||AEIS|
|Advanced Micro Devices, Inc.||AMD|
|Applied Material, Inc.||AMAT|
|ASML Holding N.V.||ASML-NL|
|Lam Research Corporation||LRCX|
|Micron Technology, Inc.||MU|
|MKS Instruments, Inc.||MKSI|
|Silicon Motion Technology Corp.||SIMO|
|Western Digital Corporation||WDC|
John Vinh, CFA
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
|Cirrus Logic, Inc.||CRUS|
|Cypress Semiconductor Corporation||CY|
|Mellanox Technologies, Ltd.||MLNX|
|Monolithic Power Systems, Inc.||MPWR|
|NXP Semiconductors N.V.||NXPI|
|Silicon Laboratories Inc.||SLAB|
|Skyworks Solutions, Inc.||SWKS|