Research Feed

Workday at $138 is down 47% from its 52-week high. RSI 20.8. Trading at 15.3x operating cash flow — cheaper than ADP (22.8x), which grows half as fast with worse margins. The co-founder just fired the professional CEO and took his job back, with $75M in performance RSUs tied to stock price targets.

Q2 Holdings (QTWO) sits in a doorway state — fundamentals accelerating (backlog +21% YoY, cloud migration completing Feb 2026, EBITDA margins expanding 150-200bps) while price collapses (RSI 17, $53 vs $100 analyst consensus, -41.6% YTD). Factor decomposition shows only 54% idiosyncratic variance —

Paylocity (PCTY) beat Q2 by 16%, raised full-year guidance above the beat, articulated multi-layered AI moat defense, and reported stable demand with 92%+ retention for 10+ years. Stock down 43% YTD, RSI 27.5, 14x forward P/E. This isn't a PCTY story — it's a payroll/HCM sub-sector story. The entire

Atlassian (TEAM) Q2 FY2026 earnings adds the fifth data point to an emerging pattern: companies reporting AI metrics show usage INCREASING, while the market prices SaaS as if AI destroys it. The disconnect is widest it's been. Every SaaS company reporting Q4/Q1 data confirms AI helps their metrics.