Clearwater Analytics Holdings delivered strong revenue growth, early synergy capture, and validated its front-to-back strategy, with major customer wins and a key Bloomberg partnership. Despite exceeding integration targets and achieving record profitability, core ARR growth decelerated and debt levels surged post-Enfusion acquisition. Elevated debt and slowing ARR growth weigh on financial flexibility and risk/reward, justifying a continued hold rating despite long-term potential.

MINNEAPOLIS--(BUSINESS WIRE)--Digi International Inc. (“Digi”) (Nasdaq: DGII), a leading global provider of business and mission-critical Internet of Things (IoT) products, services and solutions, today announced its acquisition of Jolt Software, Inc., a leading solutions provider to the convenience store and food and beverage industries, for approximately $145.5 million in cash, net of Jolt's cash and otherwise subject to customary adjustments. The acquisition marks a significant milestone for.

CyberArk's subscription revenues surge 66% in Q2 2025, fueled by customer migration, upsells, and multi-solution adoption.

Most of the focus is going to be on preferred shares, but we're also talking baby bonds and one common share. Some investors want upside if rates fall. Others want yield or greater security. One management team decided to pump out some shares below our estimate for book value. Share prices promptly underperformed all peers.

Nebius delivered strong Q2 results, nearly doubling revenues and achieving breakeven adjusted EBITDA ahead of expectations, prompting management to raise ARR targets to ~$1B. Shares surged 33% after earnings, but I believe this rally fully prices in near-term growth, capping further upside and justifying a Hold rating. Nebius appears to have reached peak GPU capacity for 2025, with no clear path to meaningful ARR expansion beyond the $1B target this year.

Armour Residential's Q2 2025 book value decline and core earnings underperformance were largely as expected, but results lagged stronger agency mREIT peers. Minor book value underperformance and disappointing net spread income contributed to weaker results, with operational expenses also rising more than projected. Despite modest outperformance in July's book value, ARR's risk/performance rating remains at 4, reflecting ongoing concerns versus peers like AGNC and NLY.

I maintain my buy rating on Varonis Systems, as strong ARR growth and SaaS transition progress signal robust underlying fundamentals and future upside. SaaS ARR now comprises 69% of total ARR, with the transition set to complete a year early, accelerating the growth and margin inflection timeline. Improving net revenue retention and larger initial deal sizes confirm customer demand, supporting my view that VRNS' ARR growth could exceed 20%.

VERO BEACH, Florida, Aug. 05, 2025 (GLOBE NEWSWIRE) -- ARMOUR Residential REIT, Inc. (NYSE: ARR and ARR-PRC) (“ARMOUR” or the “Company”) today announced that it is commencing an underwritten public offering of 18,500,000 shares of common stock. ARMOUR expects to grant the underwriters a 30-day option to purchase up to 2,775,000 additional shares of its common stock.

ARR offers a tempting 17% yield, but persistent book value erosion and a history of dividend cuts make me cautious. The hedging strategy supports current payouts, yet high leverage and rate/spread sensitivity expose ARR to significant downside risk. I prefer stable, lower-risk income; I need to see Fed rate cuts and book value stabilization before considering ARR for my portfolio.

ARMOUR Residential REIT focuses on agency mortgage-backed securities, with a small exposure to U.S. Treasuries added during H1 2025. ARR's recent underperformance largely stems from losses on derivatives positions, as well as continued common stock issuance. Looking ahead, the company trades at only 4.9x consensus 2026 earnings, with its key net interest spread likely to increase from currently depressed levels of only 0.36%.