Themes / Group
Building · established relationshipLatest completed snapshot · Jul 14 · 18:03 ET

MARKET-DISCOVERED GROUP

Software and Insurance

THE TRADER READBroad relative move, confirmed beyond the cohort—but not by flow

7 of 12 measured SPY-adjusted paths align to the downside across 8.6 effective names. Common-bar coverage spans 12 of 24 cohort members. PAYX, IOT are also moving with filing-linked members. Capital-flow agreement is 16%, so the basket is not yet clean. No verified headline preceded the measured move.

Price breadth3 up · 20 down-0.5% median path versus SPY
Capital-flow alignment16%Price breadth is not yet confirmed by flow
Activity nowNormalActivity score 50/100 · lift 1.0×
Evidence depth2 episodesLow sample—context, not a validated playbook
EVIDENCE CLOCK

What happened, in timestamp order

4 timed events · 09:50–15:55 ET
TIMING READNo verified timestamped headline was found within 24 hours of the first measured price move in the available common-bar window. The move currently reads as market-led or unexplained.
  1. 5-minute inferenceCXM registered the first material upside path

    +0.51% session path at the threshold · CXM

  2. 5-minute inferenceBLKB registered a material downside path

    -0.61% session path at the threshold · BLKB

  3. 5-minute inferenceCLVT registered a material upside path

    +1.31% session path at the threshold · CLVT

  4. 5-minute inferenceCCC registered a material upside path

    +0.53% session path at the threshold · CCC

2 earlier filing context receipts

THU, MAR 12ASAN filing documented shared operating contextrestructuring affecting expense · date precision only

MON, MAY 4QLYS filing documented shared operating contextrestructuring affecting expense · date precision only

Headline times and retained activity confirmations are point-in-time evidence. Price order is inferred from aligned 5-minute bars. Filing evidence has date precision only and is context, not an intraday catalyst claim.
THEME CONSTRUCTION

Broad move or one-stock disguise?

SPY-adjusted 5m paths

Observed movement is broad across 8.6 effective names. CLVT represents 22.6% of absolute path energy; 7 of 12 members align with the down relative path.

ConstructionBroad22.6% from the largest path
Effective names8.6 / 1212 of 24 cohort members had common bars
Direction breadth7/12 aligneddownside relative path · 5 counter-moving
Largest moverCLVT 22.6%33.7% from the top two paths
CLVT22.6%Counter-move · path +3.12% · basket +0.26pp
DOCU11.1%Aligned contributor · path -1.53% · basket -0.13pp
CXM10.5%Counter-move · path +1.45% · basket +0.12pp
BOX10.4%Aligned contributor · path -1.44% · basket -0.12pp
FRSH9.3%Aligned contributor · path -1.28% · basket -0.11pp
ASAN7.4%Aligned contributor · path -1.02% · basket -0.09pp
CCC7.1%Counter-move · path +0.98% · basket +0.08pp
DSGX6.9%Aligned contributor · path -0.95% · basket -0.08pp
CRM5.7%Aligned contributor · path -0.79% · basket -0.07pp
CHKP4.8%Counter-move · path +0.66% · basket +0.06pp
BL3.0%Counter-move · path +0.41% · basket +0.03pp
BLKB1.2%Aligned contributor · path -0.17% · basket -0.01pp
Top six names by movement share are shown. Movement share measures absolute 5-minute path energy; signed basket contribution is equal-weight. Neither is a portfolio weight or causal attribution.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations
HOW THE PRICE MOVE SPREAD

Observed session sequence

5-minute bars · inferred
  1. CXM moved higher firstFirst member to clear the material path threshold · path +0.51%
  2. BLKB registered a material lower path0m after the first price move · path -0.61%
  3. CLVT registered a material higher path15m after the first price move · path +1.31%
  4. CCC registered a material higher path15m after the first price move · path +0.53%
  5. CHKP registered a material higher path15m after the first price move · path +0.41%
  6. DOCU registered a material lower path120m after the first price move · path -0.45%

Sequence inferred from aligned 5-minute price paths; it is not a causal ordering.

RELATIVE CO-MOVEMENT

How the members are behaving together

SPY-adjusted
Aug 25 · 09:50 ETMove visible 15:40 ETAug 25 · 15:55 ET
Group median -0.48%Strongest relative path CLVTWeakest relative path DOCU

Observed member paths adjusted against SPY. The dashed marker shows when the median move first cleared a material threshold; shading marks the latest 20% of the observed window.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast
WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

22/25 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across BL, BLKB, BOX, CCC, CRM, CXM, DOCU, FRSH, HUBS, INTA, MANH, PAYC, PCTY, PD, PTC, QLYS, TEAM, VERX, WDAY.

restructuring affecting expense

Cost of Revenues Three Months Ended March 31, Change 2026 2025 $ % (in thousands, except percentages) Cost of revenues $ 29,990 $ 28,926 $ 1,064 4 % Cost of revenues increased by $1.1 million for the three months ended March 31, 2026 compared to the same period in 2025, primarily due to an increase in personnel costs of $0.9 million, driven by additional employees hired to support the growth of our business, an impairment of our property and equipment of $0.6 million, an increase in shared cloud platform cost of $0.2 million, partially offset by a decrease in depreciation and amortization expense of $0.6 million resulting from certain of our assets that became fully depreciated or amortized.

QLYS 10-Q · 2026-05-05
product pipeline / R&D affecting expense

Research and Development Expenses Year Ended December 31, Change 2025 2024 $ % (in thousands, except percentages) Research and development $ 117,284 $ 111,852 $ 5,432 5 % Research and development expenses increased by $5.4 million in 2025 compared to 2024, primarily due to an increase in personnel costs of $4.4 million, driven by additional employees hired to support the growth of our business and an increase in incentive compensation, an increase in overhead allocations of $1.8 million, and an increase in shared cloud platform costs of $1.0 million, partially offset by a decrease in stock-based compensation of $1.1 million driven by lower average grant-date fair value and geographic mix, and a decrease in professional service expense of $0.7 million.

QLYS 10-K · 2026-02-20
credit / rates affecting interest expense

Interest expense decreased $0.5 million during fiscal 2026 compared to fiscal 2025 primarily due to a decrease in interest rates.

ASAN 10-K · 2026-03-13
CONFIRMATION NETWORK

Outsiders and cross-asset links

2 outsiders confirming

No qualified cross-asset lead/lag link is available for this group.

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

PAYXMoving with group

PCTY · text peer

IOTMoving with group

PD · text peer

NOWNot confirming

ASAN · text peer

WKNot confirming

WDAY · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
QLYSPTCCLVTBLKBCHKPDSGXBLCCCCXMFRSHDOCUVERXMANHTEAMASANPDCRMMNDYPAYCBOXPCTYINTAHUBSWDAY

14/25 active4 rising · 20 falling

MemberUnusual activityToday's moveRead now
QLYSQualys, Inc.
Most unusual · 100/100
-1.4%
Flow confirmerActive in 0% of observed group sessions
PTCPTC Inc.
Elevated · 62/100
-2.1%
Active; unclassifiedActive in 0% of observed group sessions
CLVTClarivate Plc
Elevated · 58/100
+1.2%
Counter-move / dispersionActive in 0% of observed group sessions
BLKBBlackbaud, Inc.
Elevated · 56/100
-1.3%
Aligned path contributorActive in 0% of observed group sessions
CHKPCheck Point Software Technologies Ltd.
Elevated · 52/100
-0.8%
Counter-move / dispersionActive in 20% of observed group sessions
DSGXThe Descartes Systems Group Inc.
Elevated · 48/100
-1.1%
Aligned path contributorActive in 20% of observed group sessions
BLBlackLine, Inc.
Elevated · 40/100
-1.1%
Counter-move / dispersionActive in 0% of observed group sessions
CCCCCC Intelligent Solutions Holdi
Elevated · 36/100
-0.4%
Counter-move / dispersionActive in 20% of observed group sessions
CXMSprinklr, Inc.
Elevated · 36/100
+0.7%
Counter-move / dispersionActive in 0% of observed group sessions
FRSHFreshworks Inc.
Elevated · 32/100
-2.6%
Aligned path contributorActive in 20% of observed group sessions
DOCUDocuSign, Inc.
Elevated · 31/100
-3.2%
Aligned price + flowActive in 0% of observed group sessions
VERXVertex, Inc.
Elevated · 29/100
-1.2%
Active; unclassifiedActive in 20% of observed group sessions
MANHManhattan Associates, Inc.
Elevated · 27/100
-0.1%
Active; unclassifiedActive in 20% of observed group sessions
TEAMAtlassian Corporation
Quiet · 27/100
-2.8%
Watch / laggardActive in 0% of observed group sessions
ASANAsana, Inc.
Quiet · 25/100
-3.2%
Watch / laggardActive in 0% of observed group sessions
PDPagerDuty, Inc.
Quiet · 25/100
-1.2%
Watch / laggardActive in 0% of observed group sessions
CRMSalesforce, Inc.
Quiet · 24/100
-1.7%
Watch / laggardActive in 0% of observed group sessions
MNDYmonday.com Ltd.
Quiet · 23/100
-1.1%
Watch / laggardActive in 20% of observed group sessions
PAYCPaycom Software, Inc.
Quiet · 23/100
+0.9%
Watch / laggardActive in 40% of observed group sessions
BOXBox, Inc.
Quiet · 20/100
-1.5%
Watch / laggardActive in 0% of observed group sessions
PCTYPaylocity Holding Corporation
Quiet · 18/100
+0.0%
Watch / laggardActive in 20% of observed group sessions
INTAIntapp, Inc.
Quiet · 18/100
-0.4%
Watch / laggardActive in 0% of observed group sessions
HUBSHubSpot, Inc.
Quiet · 18/100
-2.6%
Watch / laggardActive in 0% of observed group sessions
WDAYWorkday, Inc.
Quiet · 16/100
-2.4%
Watch / laggardActive in 0% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
QLYSQualys, Inc.Most unusual-1.4%0% of 5 sessionsMost unusual activity in this snapshot; performance direction may differ.
PTCPTC Inc.Participating-2.1%0% of 5 sessionsPrice participation is not yet confirmed by per-name flow.
CLVTClarivate PlcParticipating+1.2%0% of 5 sessionsPrice participation is not yet confirmed by per-name flow.
BLKBBlackbaud, Inc.Participating-1.3%0% of 5 sessionsPrice participation is not yet confirmed by per-name flow.
CHKPCheck Point Software Technologies Ltd.Participating-0.8%20% of 5 sessionsPrice participation is not yet confirmed by per-name flow.
DSGXThe Descartes Systems Group Inc.Participating-1.1%20% of 5 sessionsPrice participation is not yet confirmed by per-name flow.
BLBlackLine, Inc.Participating-1.1%0% of 5 sessionsPrice participation is not yet confirmed by per-name flow.
CCCCCC Intelligent Solutions HoldiParticipating-0.4%20% of 5 sessionsPrice participation is not yet confirmed by per-name flow.
CXMSprinklr, Inc.Participating+0.7%0% of 5 sessionsPrice participation is not yet confirmed by per-name flow.
FRSHFreshworks Inc.Participating-2.6%20% of 5 sessionsPrice participation is not yet confirmed by per-name flow.
DOCUDocuSign, Inc.Participating-3.2%0% of 5 sessionsPrice participation with accumulating signed flow.
VERXVertex, Inc.Participating-1.2%20% of 5 sessionsPrice participation is not yet confirmed by per-name flow.
MANHManhattan Associates, Inc.Participating-0.1%20% of 5 sessionsPrice participation is not yet confirmed by per-name flow.
TEAMAtlassian CorporationQuiet / lagging-2.8%0% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
ASANAsana, Inc.Quiet / lagging-3.2%0% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
PDPagerDuty, Inc.Quiet / lagging-1.2%0% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
CRMSalesforce, Inc.Quiet / lagging-1.7%0% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
MNDYmonday.com Ltd.Quiet / lagging-1.1%20% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
PAYCPaycom Software, Inc.Quiet / lagging+0.9%40% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
BOXBox, Inc.Quiet / lagging-1.5%0% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
PCTYPaylocity Holding CorporationQuiet / lagging+0.0%20% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
INTAIntapp, Inc.Quiet / lagging-0.4%0% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
HUBSHubSpot, Inc.Quiet / lagging-2.6%0% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.
WDAYWorkday, Inc.Quiet / lagging-2.4%0% of 5 sessionsNot participating yet; a breadth test or a genuine divergence.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome
POINT-IN-TIME LIVE OUTCOMES

Live outcome ledger collecting

0/0 events completed

No completed point-in-time outcome is available yet. New live confirmations are now retained with their exact observation timestamp; statistics appear only after the corresponding candles complete.

Only point-in-time live watcher observations and conservative same-day EOD observations are included. Later backfills and replay runs are excluded.
Low structural sample

Only 2 completed episodes across 5 active sessions; treat history as context, not a validated playbook. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support15 daysHow often the cohort identity was observed
Completed episodes2Separate periods of broad group activity
Active sessions5Completed session observations, not trades
2026-07-091 active session100% composition consistency through the episode
2026-06-25 → 2026-07-024 active sessionsNo name was active through every recorded session
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
PAYC40% · 1 episode
CCC20% · 1 episode
CHKP20% · 1 episode
DSGX20% · 1 episode
FRSH20% · 1 episode
MANH20% · 1 episode
MNDY20% · 1 episode
PCTY20% · 1 episode
SPT20% · 1 episode
VERX20% · 1 episode
ASAN0% · 0 episodes
BL0% · 0 episodes
BLKB0% · 0 episodes
BOX0% · 0 episodes
CLVT0% · 0 episodes
CRM0% · 0 episodes
CXM0% · 0 episodes
DOCU0% · 0 episodes
HUBS0% · 0 episodes
INTA0% · 0 episodes
PD0% · 0 episodes
PTC0% · 0 episodes
QLYS0% · 0 episodes
TEAM0% · 0 episodes
WDAY0% · 0 episodes