This is a watchlist composed of the current stocks we are looking to trade none of these are alerts all alerts will be alerted upon entry just like the others on the weekly investment letter.
Company: Jamf Holding Corp
Quote: $JAMF
BT: $10-$12
ST: $18-$20
Sharks Opinion:
Jamf is a name we know well, having traded it during its IPO back in 2020 when shares debuted at $26 and quickly ran near $40. Since then, the stock has been largely off our radar, drifting lower and now sitting around $11, more than 70% below its early highs.
Last week, however, Jamf re-emerged as a potential trade after reports surfaced that the Minneapolis-based Apple device management company is exploring a sale.
Following a round of layoffs, Jamf has been working with Citigroup to field acquisition offers, which suggests that strategic discussions are real and ongoing rather than speculative noise.
One of the biggest factors in play is Vista Equity Partners, which owns roughly 34% of Jamf.
With that level of control and Vista’s history of engineering value-maximizing exits, it’s reasonable to assume they could push toward a near-term resolution if the right bid comes to the table. For us, this looks similar to our recent trade in PagerDuty an event-driven swing setup where the core thesis hinges less on fundamentals and more on corporate activity.
At current levels, the downside appears relatively contained given how far the stock has already fallen, while the upside could be meaningful if a takeover premium materializes.
In short, Jamf is back on watch. We see this as a swing trade with a wait-and-see approach, positioning for potential M&A while staying nimble in case headlines cool off. It’s not a set-and-forget investment, but rather a tactical trade in a name we’ve successfully navigated before.
Description: Jamf Holding Corp. provides management and security solutions for Apple platforms in the Americas, Europe, the Middle East, India, Africa, and the Asia Pacific. The company provides Jamf Pro, an Apple ecosystem management software solution for IT environments; Jamf Now, a pay-as-you-go Apple device management and security software solution for small-to-medium-sized businesses; Jamf School, which enables IT administrators to set up devices with a focus on learning and meeting security needs for deployment and device and application updates; and Jamf Connect, which provides identity and access management for Mac and mobile devices.
Since rolling out its Global Partner Program, Jamf has made meaningful progress in scaling its channel-first strategy and strengthening relationships across its partner ecosystem. The program has streamlined partner-led deal registrations, providing real-time visibility into deal status, progress, and upcoming renewals.
This increased transparency is helping partners engage more effectively with customers and drive stronger business outcomes. The results are already clear: Jamf has seen over a 50% year-over-year increase in partner-driven deal registrations, and the number of partners in the program has more than doubled within its first year. Today, over 60% of Jamf’s ARR is partner-driven, underscoring the program’s role in accelerating growth.
Jamf’s partner roster includes some of the world’s largest MSPs and resellers such as CDW, SoftCat, BT, SHI, and 7th Sense giving the company a global footprint that allows it to scale efficiently. This model has proven effective not only for expanding reach but also for improving retention and renewals, a key driver of predictable recurring revenue.
That channel success is translating into the numbers. In Q2 CY2025, Jamf reported revenue of $176.5 million, up 15.3% year-over-year and well ahead of Wall Street’s $168.6 million estimate.
Adjusted EPS came in at $0.18, right in line with consensus, while adjusted operating income of $33.49 million (a 19% margin) represented a 10% beat versus expectations. Importantly, the company raised its full-year revenue guidance to $702.5 million at the midpoint, reflecting continued confidence in execution.
Other key highlights included operating margin improvements to -8.5% from -13% a year ago, free cash flow margin jumping to 20.9% from just 0.6% last quarter, and billings growth of 11.2% year-over-year. Together, these results point to a company improving its operational efficiency while continuing to invest in growth. Jamf’s combination of expanding channel leverage, consistent top-line execution, and stronger profitability signals that the company is positioning itself well for the next phase of scaling.
Needham Reiterates Buy on Jamf Holding, Maintains $20 Price Target
Morgan Stanley Maintains Equal-Weight on Jamf Holding, Lowers Price Target to $10
Barclays Maintains Equal-Weight on Jamf Holding, Lowers Price Target to $10
Citizens JMP reiterated a Buy rating on Jamf Holding, with a price target of $18.00.
J.P. Morgan maintained a Buy rating on Jamf Holding, with a price target of $12.00
Company: Bullish
Quote: $BLSH
BT: $50-$55
ST: $76
Sharks Opinion:
The “Bullish” (BLSH) trade setup reminds us a lot of our recent BMNR swing a short-term play designed to take advantage of the heightened volatility in crypto-related names. The thesis here is straightforward: Bullish is positioned as both an exchange operator with growing trading volume and as the 5th largest corporate Bitcoin treasury holder in the world, with over 24,000 BTC on its books. That dual identity gives it both operational leverage and asset-backed appeal, especially in a market environment where institutional flows into crypto are accelerating.
The stock went public earlier this year at a much higher level, peaking at $118 during its NYSE debut before sliding to the $50s. With shares currently around $53.83, the setup mirrors a familiar rebound play—oversold conditions meeting fresh catalysts. After last night’s first earnings report, institutional flows are beginning to show up, and that demand can provide near-term support for a momentum push.
On the regulatory side, the news that Bullish has secured both a BitLicense and Money Transmission License from the New York State Department of Financial Services is particularly important. It not only validates the company’s compliance standing but also positions Bullish as a credible competitor to Coinbase, especially with its low-fee model appealing to large institutional traders. That dynamic could shift market share in the U.S. over time, creating both short-term trading upside and a longer-term strategic narrative.
In sum, BLSH fits the quick-swing profile: oversold post-IPO, trading at a discount to its debut highs, backed by hard BTC holdings, and now armed with the regulatory green light to compete directly in the U.S. market. With volatility in crypto expected to persist, we see this as a tactical opportunity to ride near-term momentum while keeping an eye on how quickly the institutional adoption story builds from here.
Description: Bullish provides market infrastructure and information services in United States. It operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making to provide deep and predictable liquidity.
Bullish (BLSH), the newly public owner of CoinDesk, delivered its first quarterly earnings since its NYSE debut, and the results came in far stronger than expected on the bottom line. The company reported Q2 EPS of $0.93, shattering the average analyst estimate of $0.03, while adjusted revenue came in at $57 million versus expectations of $60.7 million.
More importantly, management guided for a sharp improvement in profitability, projecting adjusted EBITDA of $25–28 million for Q3 compared to just $8.1 million in Q2.
Trading activity remains the firm’s engine. Volume surged to $179.6 billion, up from $133.0 billion a year earlier, though management expects Q3 volumes to moderate to $133–142 billion. Still, that level of throughput cements Bullish as a top-tier exchange platform, especially when coupled with its growing role as one of the world’s largest corporate Bitcoin treasuries.
The stock, which IPO’d in August at $37, now trades at $53.54, up 44% from the listing price. Shares moved higher in regular hours Wednesday after the firm secured a BitLicense from New York State, a regulatory milestone analysts described as crucial for U.S. expansion. That approval gives Bullish the credibility and compliance runway to compete directly with Coinbase in institutional trading, where its low-fee structure could attract sticky flows. The stock added another 4.5% in post-market trading following the announcement.
Like many crypto-adjacent companies, Bullish’s GAAP/IFRS results remain highly volatile due to fair-value swings in its substantial digital asset holdings. The company swung from a $4.25B net loss in 2022 to $1.3B net income in 2023 and $79.6M in 2024. For Q1 2025, it posted a net loss of $349M but still showed positive adjusted EBITDA of $13M. Preliminary Q2 results point to net income of $106–109M and adjusted EBITDA of $6.9–8.4M, highlighting the importance of focusing on operational performance metrics rather than headline swings tied to asset valuations.
Taken together, the debut quarter paints Bullish as more than just a crypto exchange—it’s a company with scale, improving profitability, and now the regulatory approval needed to tap the U.S. institutional market. While trading volumes may ebb and flow alongside crypto cycles, the underlying trajectory points toward a firm securing its place among the sector’s long-term leaders.
Keefe, Bruyette & Woods Initiates Coverage On Bullish with Market Perform Rating, Announces Price Target of $55
Citigroup Initiates Coverage On Bullish with Buy Rating, Announces Price Target of $66
Bernstein Initiates Coverage On Bullish with Market Perform Rating, Announces Price Target of $60
Deutsche Bank Initiates Coverage On Bullish with Hold Rating, Announces Price Target of $51
Rosenblatt Initiates Coverage On Bullish with Buy Rating, Announces Price Target of $60
Company: nCino, Inc.
Quote: $NCNO
BT: $27-$30
ST: $42
Sharks Opinion: nCino is a stock just like Jamf mentioned above, We’ve traded this name multiple times for strong swing returns, but the M&A thesis has always been the real story, and today the setup feels eerily similar to the last time we caught it
Here’s why:
Mission-Critical Banking SaaS – nCino sits at the core of the financial system with its Loan Origination Software (LOS). It automates the entire lending process applications, underwriting, documentation, compliance, and booking delivering both efficiency and compliance at scale. Banks using nCino’s platform consistently run ~5% better efficiency ratios, which translates directly into stronger operating margins.
In other words, this isn’t a “nice-to-have” tool it’s essential infrastructure.
Valuation Disconnect – At current levels, nCino trades around 11x CY27 free cash flow, despite having a double-digit organic growth runway.
For context, a business this sticky and mission-critical should be worth at least 25x FY1 FCF, if not closer to 30x, given the durability of its growth trajectory. That’s a massive gap between what the market is pricing and what a strategic acquirer would likely pay.
Fresh Leadership & Activist Influence
The story is also getting more interesting from a governance perspective. A new CEO stepped in as of February 2025, paired with a fresh activist board member. Activists don’t usually come in just to watch. Their presence suggests pressure to unlock value either through operational improvements or, more likely, through a sale process if the stock remains undervalued.
Durable Growth, Long-Term Dominance The lending market isn’t going away. If anything, regulation, digitization, and efficiency demands will only intensify. nCino is positioned to be the dominant operating system in commercial lending for decades, with retention rates and customer stickiness that give it a true moat.
Bottom Line: nCino checks every box of a prime M&A target—sticky software, a >10% growth runway, undervalued on FCF, activist pressure, and a new leadership team. For us, this is a buy-and-hold-for-the-headline type trade, where patience could pay off in a big way if consolidation in banking software heats up.
Description: nCino, Inc., a software-as-a-service company, provides software solutions to financial institutions in the United States, the United Kingdom, and internationally. It offers solutions on the nCino Platform, including Onboarding solution that streamlines and enhances the customer onboarding process through a digital platform for credit and non-credit onboarding, commercial account opening, and enterprise-level onboarding; and Account Opening solution, which includes Deposit Account Opening solution for consumers and small businesses.
nCino has quietly established itself as the operating system of choice for global financial institutions, serving more than 1,750 banks and lenders worldwide. Its customer roster includes some of the biggest names in finance Wells Fargo, BNP Paribas, OakNorth, Barclays, and Santander a lineup that underscores just how mission-critical its platform has become.
At its core, nCino is a verticalized CRM, purpose-built for financial services. The company took Salesforce’s developer platform and adapted it to banking workflows, embedding the nuances of lending, account opening, and portfolio management directly into the product. That foundation is what makes it so sticky it doesn’t just digitize processes, it re-engineers them around the realities of banking.
But nCino is more than just a loan origination tool. The platform has expanded into a full suite of modules, including:
Business intelligence & analytics for better decision-making.
Enterprise content management to streamline documentation-heavy processes.
Compliance & risk management tools designed for highly regulated markets.
nCino IQ, an AI/ML-driven layer that automates workflows, enhances forecasting, and improves data recognition.
This “built by bankers for bankers” DNA is what separates nCino from generic SaaS. Its roots inside a bank gave it credibility, insider knowledge, and a product-market fit that generic CRMs could never achieve. For financial institutions navigating complex regulation, that insider expertise is not just a nice-to-have it’s the difference between adoption and indifference.
The industry backdrop makes this even more compelling. Like healthcare for Veeva, banking is a highly profitable, regulated vertical where customers are both willing and able to spend on software that helps them stay compliant and efficient. The barriers to entry are high, and once entrenched, vendors like nCino can build relationships that span decades.
nCino’s latest results gave investors exactly what they wanted to see: strong growth, expanding margins, and confidence in the future.
The company reported quarterly revenue of $148.8 million, up 12.4% year-over-year and above analyst expectations. Even more impressive, adjusted EPS came in at $0.22, crushing the consensus estimate of $0.14.
The strength of the quarter prompted management to raise full-year guidance. nCino now expects:
Revenue between $585 million and $589 million
Adjusted EPS between $0.77 and $0.80
That outlook underscores management’s conviction in the company’s robust growth trajectory, and the market responded with a strong stock rally.
Breaking it down further:
Subscription software revenue grew 15% y/y, showing the company’s shift away from low-margin services is working.
Non-GAAP operating income surged 56%, with margins expanding to 20%, up from 15% a year ago—a clear sign of operating leverage kicking in.
Growth was fueled by new customer wins, deeper penetration with existing clients, and expansion into new geographies, including its first customer in Spain and further traction in the UK and U.S. homebuilding sector.
A key theme for the quarter was AI integration. Management highlighted its strategy of “incremental innovation” deploying AI tools that drive both customer productivity and internal efficiency. During the quarter, nCino rolled out 16 new AI-driven banking adviser features, positioning the platform as a tool for automation at a time when financial institutions are under pressure to streamline operations.
Barclays Maintains Overweight on Ncino, Raises Price Target to $37
Morgan Stanley Maintains Equal-Weight on Ncino, Raises Price Target to $35
B of A Securities Maintains Neutral on Ncino, Raises Price Target to $38
Baird Maintains Outperform on Ncino, Raises Price Target to $40
