。Barclays | U.S. Software17 January 2019 2Summary of our Ratings, Price Targets and Earnings Changes in this Report (all changes are shown in bold)Company Rating Price Price Target EPS FY1 (E) EPS FY2 (E) Old New 15-Jan-19 Old New %Chg Old New %Chg Old New %ChgU.S. Software Pos PosAppian Corporation (APPN) EW EW 31.05 29.00 31.00 7 -0.55 -0.55 - -0.33 -0.33 -Avaya Holdings Corp (AVYA) EW EW 15.67 20.00 20.00 - 3.41 3.29 -4 3.42 3.42 -Cornerstone OnDemand Inc. (CSOD) UW UW 53.13 48.00 48.00 - 0.81 0.75 -7 1.20 1.20 -Microsoft Corp. (MSFT) OW OW 105.01 121.00 121.00 - 4.33 4.39 1 4.98 5.01 1ServiceNow, Inc. (NOW) OW OW 188.35 235.00 235.00 - 2.33 2.33 - 3.09 3.05 -1SolarWinds Corporation (SWI) EW EW 15.97 16.00 17.00 6 0.58 0.58 - 0.76 0.76 -Varonis Systems, Inc. (VRNS) EW EW 52.22 74.00 61.00 -18 0.12 0.12 - 0.43 0.43 -Source: Barclays Research. Share prices and target prices are shown in the primary listing currency and EPS estimates are shown in the reporting currency.FY1(E): Current fiscal year estimates by Barclays Research. FY2(E): Next fiscal year estimates by Barclays Research.Stock Rating: OW: Overweight; EW: Equal Weight; UW: Underweight; RS: Rating SuspendedIndustry View: Pos: Positive; Neu: Neutral; Neg: NegativeBarclays | U.S. Software17 January 2019 3CONTENTSEARNINGS CALENDAR . 5VALUATION AND PRICE PERFORMANCE ... 6ANSYS, INC. (UW/POS, PT $171)...... 8APPIAN (EW/POS, PT $31) ..... 9AVAYA (EW/POS, PT $20).... 10CARBONITE (EW/POS, PT $38) ....... 11CERIDIAN (EW/POS, PT $36) ........... 12CHECK POINT SOFTWARE TECHNOLOGIES (EW/POS, PT $120) ...... 13CITRIX (EW/POS, PT $116) .. 14CORNERSTONE (UW/POS, PT $48) ........... 15CYBERARK (EW/POS, PT $89) ......... 16ELLIE MAE (EW/POS, PT $66) ......... 17FIREEYE (EW/POS, PT $20) .. 18FIVE9 (EW/POS, PT $46) ....... 19FORTINET (EW/POS, PT $90) .......... 20LOGMEIN (OW/POS, PT $113) ........ 21MICROSOFT (OW/POS, PT $121) .. 22MIMECAST LTD. (OW/POS, PT $44) ......... 24MOBILEIRON (UW/POS, PT $5) ...... 25NUANCE (OW/POS, PT $20)26PAYCOM (EW/POS, PT $151) ......... 27PLURALSIGHT (OW/POS, PT $34) . 28PTC (OW/POS, PT $114) ...... 29RAPID7 (OW/POS, PT $41) .. 30SERVICENOW (OW/POS, PT $235)31SOLARWINDS (OW/POS, PT $17) .. 32Barclays | U.S. Software17 January 2019 4SYMANTEC (EW/POS, PT $23) ....... 33TABLEAU (OW/POS, PT $137) ........ 34TALEND (OW/POS, PT $70) . 36TERADATA (UW/POS, PT $34) ....... 37VARONIS SYTEMS, INC. (EW/POS, PT $61) ......... 39。。。。。。