D.A. Davidson left its 2nd Annual Davidson Technology and Consumer Conference in Nashville with four software companies on its short list following meetings with management from 14 presenting firms. After a series of one-on-one sessions and presentations, the investment bank identified Amplitude, Box, Braze and JFrog as its top software picks, citing a combination of operational progress, artificial intelligence-related product positioning and expanding enterprise adoption.
Analysts at the firm said their conversations with company executives reinforced the view that improvements in margins, new AI-enabled use cases and upgraded enterprise offerings are central to each selection. Below are the firm’s detailed takeaways for each company.
1. Amplitude
D.A. Davidson expressed growing confidence in Amplitude’s outlook following the company’s acquisition of Statsig - a deal the analysts believe has materially positive long-term implications. The firm suggested that investors may be placing too much emphasis on near-term expense pressure and not enough weight on the potential growth benefits from the combined product sets.
The analysts described Amplitude as a market leader in product analytics, arguing the company benefits from consolidating point solutions that provide limited insight. They pointed to operational changes instituted under CEO Andrew Casey, who after nearly two years at the helm has focused on expanding non-GAAP operating margins and building an enterprise playbook. D.A. Davidson expects these changes to support durable margin expansion beyond current market expectations.
Amplitude reported first-quarter revenue of $93.5 million, which topped Street expectations, though its earnings per share fell short of forecasts. Following the results, Amplitude raised its fiscal 2026 revenue guidance.
2. Box
Box’s management told investors they see the price elasticity of the company’s Enterprise Advanced tier as a key contributor to higher revenue per customer. Management said Box typically achieves a 30% to 40% pricing uplift when customers migrate to Enterprise Advanced. That premium tier is enabling high-value use cases that historically required outsourcing to business process outsourcing firms, according to the company.
Approximately one-third of Enterprise Advanced customers are also increasing their seat counts, a sign of deeper adoption. D.A. Davidson also highlighted Box’s position to benefit from the growing presence of AI agents that require access to stored documents; the firm noted Box’s potential role in helping customers control token usage by routing tasks to appropriate models.
Box reported first-quarter results that surpassed expectations for both revenue and earnings per share, an outcome the firm said was driven in part by growth in AI-enabled solutions. After the report, UBS raised its price target on Box’s stock.
3. Braze
At the conference, D.A. Davidson spoke with Braze Chief Revenue Officer Ed McDonnell in his first investor event, receiving additional detail on the company’s shifting growth strategy and recent momentum in new business. The analysts indicated they see a pathway for Braze to deliver mid-20% revenue growth in fiscal 2027 and greater than 20% growth in fiscal 2028, rates that would exceed the consensus estimate of 16.8%.
Braze plans to roll out enhanced data capabilities and introduce a lower-priced variant of BrazeAI Decisioning Studio to address friction associated with the platform’s current average selling price of roughly $200,000. The firm believes these product changes will broaden adoption.
Braze’s first-quarter results were mixed: the company matched earnings per share expectations while beating on total revenue, with Professional Services cited as a growth driver. Braze also raised its full-year top-line guidance.
4. JFrog
D.A. Davidson pointed to JFrog’s relevance as coding agents increasingly employ a wider set of programming languages. The firm highlighted JFrog’s scalability and its support for 36 languages as a differentiator. Analysts noted the company’s curation pipeline remains strong amid a backdrop of rising software supply chain attacks.
JFrog has been working to extend governance to AI-driven workflows. The company announced a new plugin for Anthropic’s Claude Code platform designed to bring software supply chain governance to AI agents. JFrog also disclosed it will be added to the Russell 3000 Index.
Across the four names, D.A. Davidson emphasized common themes: operational discipline and margin improvement initiatives, the integration of AI into product road maps, and stronger traction inside enterprise accounts. These factors, according to the firm, inform its constructive stance on the quartet of software companies it highlighted after the Nashville conference.