CS Disco (LAW)
Market Price (11/6/2026): $5.62 | Market Cap: $369.2 MilSector: Information Technology | Industry: Application Software
CS Disco (LAW)
Market Price (11/6/2026): $5.62Market Cap: $369.2 MilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25% Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and Automation & Robotics. Themes include AI Software Platforms, Show more. | Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -83% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.16 | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -34 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% Key risksLAW key risks include [1] an ongoing class-action lawsuit alleging misleading statements and [2] potential stock volatility due to its highly concentrated ownership structure. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Cloud Computing, and Automation & Robotics. Themes include AI Software Platforms, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -83% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 11.16 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -34 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -20% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -8.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -12% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14% |
| Key risksLAW key risks include [1] an ongoing class-action lawsuit alleging misleading statements and [2] potential stock volatility due to its highly concentrated ownership structure. |
Qualitative Assessment
AI Analysis | Feedback
CS Disco (LAW) stock has gained about 45% since 7/31/2026 because of the following key factors:
1. Earlier-than-anticipated Adjusted EBITDA Profitability.
CS Disco achieved positive Adjusted EBITDA of $0.1 million (or $79,000) in fiscal Q3 2026, which concluded on September 30, 2026, one quarter ahead of its previous guidance.
2. Accelerated Revenue Growth and Increased Fiscal Year 2026 Outlook.
The company reported fiscal Q3 2026 revenue of $45.3 million, representing a 15% year-over-year increase when excluding a prior-year contingent matter, surpassing analyst estimates of $44.78 million (or $44.82 million). This performance marked the strongest growth in four years and led CS Disco to raise its full-year fiscal 2026 revenue outlook to a range of $176.1 million to $178.1 million.
Show more
CS Disco (LAW) stock has gained about 45% since 7/31/2026 because of the following key factors:
1. Earlier-than-anticipated Adjusted EBITDA Profitability.
CS Disco achieved positive Adjusted EBITDA of $0.1 million (or $79,000) in fiscal Q3 2026, which concluded on September 30, 2026, one quarter ahead of its previous guidance.
2. Accelerated Revenue Growth and Increased Fiscal Year 2026 Outlook.
The company reported fiscal Q3 2026 revenue of $45.3 million, representing a 15% year-over-year increase when excluding a prior-year contingent matter, surpassing analyst estimates of $44.78 million (or $44.82 million). This performance marked the strongest growth in four years and led CS Disco to raise its full-year fiscal 2026 revenue outlook to a range of $176.1 million to $178.1 million.
3. Strong Adoption and Innovation in AI-Powered Offerings.
Revenue from generative and agentic AI capabilities surged over 200% year-over-year in fiscal Q3 2026, while Auto Review revenue grew more than fourfold. The DISCO Platform, which integrates these AI features, experienced a tenfold increase in volume since fiscal Q1 2026 and became the default commercial model for all new and renewal contracts starting October 1, 2026.
4. Expansion of High-Value Customer Base.
CS Disco expanded its base of large customers (those generating over $100,000 in trailing 12-month revenue) by 15% year-over-year, reaching 374 customers as of September 30, 2026. These significant customers accounted for 78% of the company's total revenue over the last 12 months.
Show less
Stock Movement Drivers
Fundamental Drivers
The 44.1% change in LAW stock from 7/31/2026 to 11/5/2026 was primarily driven by a 39.5% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.90 | 5.62 | 44.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 162 | 172 | 5.8% |
| P/S Multiple | 1.5 | 2.1 | 39.5% |
| Shares Outstanding (Mil) | 64 | 65 | -2.4% |
| Cumulative Contribution | 44.1% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| LAW | 44.1% | |
| Market (SPY) | -1.9% | 38.6% |
| Sector (XLK) | -7.4% | 25.1% |
Fundamental Drivers
The 29.8% change in LAW stock from 4/30/2026 to 11/5/2026 was primarily driven by a 23.1% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.33 | 5.62 | 29.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 157 | 172 | 9.4% |
| P/S Multiple | 1.7 | 2.1 | 23.1% |
| Shares Outstanding (Mil) | 63 | 65 | -3.6% |
| Cumulative Contribution | 29.8% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| LAW | 29.8% | |
| Market (SPY) | 2.3% | 7.2% |
| Sector (XLK) | 1.9% | -3.2% |
Fundamental Drivers
The -11.1% change in LAW stock from 10/31/2025 to 11/5/2026 was primarily driven by a -18.2% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.32 | 5.62 | -11.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 148 | 172 | 15.9% |
| P/S Multiple | 2.6 | 2.1 | -18.2% |
| Shares Outstanding (Mil) | 61 | 65 | -6.2% |
| Cumulative Contribution | -11.1% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| LAW | -11.1% | |
| Market (SPY) | 8.4% | 7.9% |
| Sector (XLK) | 8.4% | 3.6% |
Fundamental Drivers
The 0.2% change in LAW stock from 10/31/2023 to 11/5/2026 was primarily driven by a 27.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.61 | 5.62 | 0.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 134 | 172 | 27.6% |
| P/S Multiple | 2.5 | 2.1 | -14.4% |
| Shares Outstanding (Mil) | 60 | 65 | -8.3% |
| Cumulative Contribution | 0.2% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| LAW | 0.2% | |
| Market (SPY) | 81.3% | 26.2% |
| Sector (XLK) | 101.5% | 20.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LAW Return | -13% | -82% | 20% | -34% | 56% | -28% | -86% |
| Peers Return | 5% | -27% | 32% | 25% | -13% | 1% | 10% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| LAW Win Rate | 50% | 25% | 42% | 50% | 58% | 55% | |
| Peers Win Rate | 50% | 45% | 62% | 67% | 47% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| LAW Max Drawdown | - | -86% | -51% | -42% | -38% | -64% | |
| Peers Max Drawdown | -26% | -48% | -27% | -24% | -33% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OTEX, FCN, INTA, TYL, DOCU.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | LAW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.9% | -18.8% |
| % Gain to Breakeven | 51.3% | 23.1% |
| Time to Breakeven | 129 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.4% | -6.7% |
| % Gain to Breakeven | 57.3% | 7.1% |
| Time to Breakeven | 40 days | 31 days |
In The Past
CS Disco's stock fell -33.9% during the 2025 US Tariff Shock. Such a loss loss requires a 51.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | LAW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.9% | -18.8% |
| % Gain to Breakeven | 51.3% | 23.1% |
| Time to Breakeven | 129 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.4% | -6.7% |
| % Gain to Breakeven | 57.3% | 7.1% |
| Time to Breakeven | 40 days | 31 days |
In The Past
CS Disco's stock fell -33.9% during the 2025 US Tariff Shock. Such a loss loss requires a 51.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CS Disco (LAW)
CS Disco, Inc. (symbol: LAW) is a legal technology company that develops cloud-native, artificial intelligence-powered solutions designed to streamline and automate complex legal processes. Its core offerings address critical areas within the legal field, specifically ediscovery, legal document review, and case management. The company's technology aims to reduce manual tasks and enhance efficiency for legal professionals dealing with large volumes of data in legal matters.
The company's product suite includes DISCO Ediscovery, which automates the entire ediscovery workflow from data collection and processing to searching, reviewing, and analyzing enterprise data relevant to legal cases. Additionally, DISCO Review leverages AI to deliver consistent and efficient legal document reviews. For team collaboration and case preparation, DISCO Case Builder provides a unified platform for legal professionals to search, organize, and review witness testimony and other essential legal data, facilitating the construction of compelling cases.
CS Disco serves a broad client base, including enterprises, law firms, legal services providers, and government entities. Its solutions are applicable across various legal contexts, such as litigation, internal investigations, regulatory compliance, and due diligence processes. Founded in 2012 and headquartered in Austin, Texas, CS Disco positions itself as a key innovator in modernizing legal operations through advanced technology.
AI Analysis | Feedback
Here are a few brief analogies for CS Disco:
- Salesforce for legal departments.
- Carvana for legal document review.
AI Analysis | Feedback
- DISCO Ediscovery: An automated solution for the ediscovery process, handling tasks like collecting, processing, searching, and reviewing enterprise data for legal matters.
- DISCO Review: An AI-powered solution specifically designed to consistently deliver efficient and accurate legal document reviews.
- DISCO Case Builder: A collaborative tool that provides a single platform for legal professionals to search, organize, and review witness testimony and other legal data to build a case.
AI Analysis | Feedback
Major Customers of CS Disco (LAW)
CS Disco, Inc. (symbol: LAW) sells its legal technology solutions primarily to other companies and organizations rather than individuals. The provided background information does not list specific names of customer companies or their symbols.
However, it does identify the following major categories of customers that CS Disco serves:
- Enterprises
- Law firms
- Legal services providers
- Governments
AI Analysis | Feedback
- Amazon.com, Inc. (AMZN)
AI Analysis | Feedback
Eric Friedrichsen President, Chief Executive Officer, and Director
Eric Friedrichsen was appointed President and Chief Executive Officer of CS Disco in April 2024. He is responsible for the company's strategic direction, focusing on new market growth, product vision, operational execution, and fostering a healthy culture. With over 30 years of experience in driving growth for software companies, Friedrichsen previously served as CEO and Board Director for Emburse, a leader in expense management software. His career also includes various executive and leadership positions in general management, sales, services, and technology at prominent companies such as Adobe, SAP, Concur, and Business Objects.
Aaron Barfoot Executive Vice President, Chief Financial Officer
Aaron Barfoot joined DISCO as Executive Vice President and Chief Financial Officer in January 2026, overseeing all finance, accounting, and public reporting functions. Prior to his role at DISCO, Barfoot held the position of CFO at Socure Inc. since July 2023, and at Forter, Inc. from January 2020 to June 2023. He also gained extensive financial leadership experience in senior finance roles at Anaconda, ClearDATA, and Rackspace. Barfoot brings over two decades of experience in enterprise SaaS, artificial intelligence, digital security, and business transformation to his role. He holds a Bachelor of Science in Economics from Baylor University.
Richard Crum Chief Product, Technology & Strategy Officer
Richard Crum was named Executive Vice President, Chief Product Officer, effective July 15, 2024. In this role, he oversees the development and strategic roadmap of DISCO's core AI-powered legal solutions.
Lauren Caruso Chief Sales Officer
Lauren Caruso has served as CS Disco's Chief Sales Officer since November 2024. She is responsible for leading all aspects of the company's global sales efforts to drive the adoption of DISCO's ediscovery and advanced generative AI solutions among law firms and corporations. Caruso previously held roles at DISCO as Vice President of North American Sales and other senior sales positions. Her background also includes senior sales leadership positions at Second Nature and Tractable, and she began her career at Am Law 50 firms Milbank, LLP and Skadden Arps.
Susan Garcia General Counsel and Chief Compliance Officer
Susan Garcia has served as DISCO's General Counsel and Chief Compliance Officer since October 2024. In this capacity, she leads all aspects of the company's legal and compliance initiatives, ensuring adherence to high standards for privacy, risk management, and corporate governance. Prior to joining DISCO, Garcia was the General Counsel at WebMD and held senior legal roles at Thomson Reuters and NBC Universal. She holds a B.A. in government and international relations from Cornell University and a J.D. from the University of Pennsylvania Carey Law School.
AI Analysis | Feedback
- Challenges with Profitability and Sustained Growth: CS Disco faces significant hurdles in achieving and maintaining profitability, as evidenced by persistent operating losses and negative operating cash flow. The company has experienced a decline in revenue growth over the past three years, and analysts indicate a poor growth outlook with sluggish overall growth and weak customer acquisition. High customer acquisition costs relative to the lifetime value of customers further exacerbate these profitability challenges.
- Risks Associated with Generative AI Integration and Evolving Regulation: The incorporation of artificial intelligence, particularly generative AI, into CS Disco's products and operations presents substantial risks. These include potential operational challenges, legal liabilities, and reputational concerns due to the nascent and unpredictable nature of the technology. There is also a risk of data leakage, inaccurate outputs, and potential bias in decision-making processes, which could lead to increased regulatory scrutiny and compliance costs. The evolving legal landscape surrounding AI usage could impose further constraints, potentially making the business less efficient or placing it at a competitive disadvantage.
- Intense Competition and Market Pressures: CS Disco operates in a highly competitive legal technology market, facing pressure from both established players like Relativity and newer, well-funded startups. This intense competition impacts market share, pricing strategies, and increases customer acquisition costs. Client focus on cost control also puts additional pressure on CS Disco's revenue model, making it challenging to differentiate and maintain market position.
AI Analysis | Feedback
The rapid advancement and adoption of general-purpose large language models (LLMs) and generative artificial intelligence from major technology companies. These foundational AI technologies could enable new entrants, existing broader software providers, or even large legal organizations to develop highly sophisticated legal text analysis, document review, and case building capabilities. This trend has the potential to commoditize or surpass the specialized AI solutions offered by CS Disco, or allow legal professionals to integrate and utilize these advanced capabilities directly through broader enterprise platforms, potentially diminishing the unique value proposition of dedicated legal AI providers.
AI Analysis | Feedback
CS Disco (symbol: LAW) operates in several addressable markets related to legal technology solutions:
- Ediscovery: The global eDiscovery market was valued at approximately USD 11.2 billion in 2022 and is projected to reach USD 17.1 billion by 2027, growing at a Compound Annual Growth Rate (CAGR) of 8.7%. Other estimates show the global market valued at USD 18.73 billion in 2025, projected to reach USD 46.06 billion by 2034 with a CAGR of 10.49%. In 2026, the market reached USD 18.14 billion and is forecast to grow to USD 28.42 billion by 2031 at a 9.40% CAGR. North America held a significant share, accounting for 39.41% of the global eDiscovery market in 2025.
-
Legal Document Review (under AI in Legal Document Automation/Legal Document Management Software): While a specific standalone "legal document review" market size was not directly available, related markets that encompass this functionality include:
- The global AI in legal document automation market, which was valued at US$ 206.4 million in 2024 and is estimated to grow at a CAGR of 17% from 2024 to 2030. North America was the largest revenue-generating market in this segment in 2024.
- The global legal document management software market was valued at approximately USD 2.49 billion in 2024 and is predicted to grow to around USD 9.67 billion by 2034, at a CAGR of roughly 14.52% between 2025 and 2034. Another source states this market will grow from $2.98 billion in 2025 to $3.43 billion in 2026. North America was the largest region in the legal document management software market in 2025.
- The global Legal Document Automation Software Market size was valued at USD 746.09 million in 2026 and is expected to reach USD 1913.16 million by 2035, exhibiting a CAGR of 11.03% during the forecast period.
- Legal Case Management: The global legal case management software market is projected to reach US$ 2.81 billion by 2031 from US$ 1.10 billion in 2023, with a CAGR of 12.4% during 2023–2031. Another report estimates the global market size for Legal Case Management Software at approximately $1.2 billion in 2023, anticipated to climb to an estimated $3.5 billion by 2032, driven by a CAGR of 12.5%. The market was valued at USD 7.4 billion in 2024 and is expected to reach around USD 18.3 billion by 2034, growing at a 9.6% CAGR. North America holds a prominent position in this market.
AI Analysis | Feedback
- Increased Adoption of AI Innovation: A significant driver of future revenue growth is the continued innovation and adoption of CS Disco's AI-powered platforms, particularly the Cecilia AI platform and Auto Review. Revenue from these AI tools saw over 600% year-over-year growth in the fourth quarter of 2025 compared to the prior year. The company also launched the industry's first scaled agentic AI tool for fact investigation and eDiscovery, indicating ongoing investment in cutting-edge solutions that are gaining traction within the legal sector.
- Expansion with Large Enterprise Clients and Multi-Terabyte Matters: CS Disco is strategically focused on expanding its relationships with large enterprise clients and handling complex, multi-terabyte legal matters. The company reported an increase in clients generating over $100,000 in annual revenue, with these larger accounts contributing a substantial portion of total revenue. Growth in revenue from multi-terabyte matters exceeded 30% year-over-year in Q4 2025. This focus aims to increase "wallet share" within existing customers by leveraging AI adoption and providing value through enterprise-caliber software solutions.
- Accelerated Software Revenue Growth: The company is experiencing accelerating growth in its software revenue, which is a key indicator of a maturing, subscription-driven business model. Software revenue increased by 14% year-over-year in the fourth quarter of 2025. This growth in core software offerings, including DISCO Ediscovery and DISCO Case Builder, is central to the company's financial performance and future outlook.
- New Commercial Model: CS Disco has introduced a new commercial model that bundles DISCO Ediscovery, DISCO Case Builder, and the Cecilia AI platform into a single per-gigabyte rate. This simplified and integrated offering is expected to drive revenue growth by streamlining pricing and encouraging broader adoption of the company's comprehensive suite of legal technology solutions.
AI Analysis | Feedback
Share Repurchases
- CS Disco's Board of Directors approved a share repurchase program on March 14, 2024, authorizing the company to buy back up to $20 million of its outstanding common stock.
- This repurchase program does not have a specified end date and does not obligate the company to acquire any particular amount of common stock.
- As of December 31, 2025, the company had repurchased common stock under this program, impacting its cash flows from financing activities.
Share Issuance
- CS Disco completed its Initial Public Offering (IPO) on July 20, 2021, with the pricing of 7,000,000 shares of its common stock at $32.00 per share.
- Shares began trading on the New York Stock Exchange under the symbol "LAW" on July 21, 2021.
Inbound Investments
- Topline Capital Management LLC increased its stake in CS Disco by 8.1% in the third quarter of 2025, owning over 5% of the company's shares.
- Norges Bank acquired a new position in CS Disco valued at approximately $2,863,000 in the second quarter of 2025.
- In February and March 2026, director Robert Goodman acquired 1,026,700 shares for approximately $3.28 million, significantly increasing his holdings.
Capital Expenditures
- CS Disco plans to invest in technology infrastructure, sales and marketing, and product development.
- The company has primarily financed its operations through customer payments and net proceeds from sales of equity securities, including its IPO.
Peer Outperformance in Application Software
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| LAW | CS Disco | 8.4% | -11.5x | -9.6% | -6.2% | -89.6% | — |
| ACIW | ACI Worldwide | 9.9% | 26.8x | 23.4% | 147.0% | 84.0% | +174pp |
| BOX | Box | 6.6% | 45.8x | 38.8% | 74.9% | 63.0% | +153pp |
| MANH | Manhattan Associates | 9.3% | 69.7x | 41.7% | 22.1% | 41.7% | +131pp |
| SSNC | SS&C Technologies | 6.8% | 21.6x | -7.4% | 55.1% | 7.8% | +97pp |
| TYL | Tyler Technologies | 8.9% | 52.0x | -6.6% | 4.3% | -19.3% | +70pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | -4.5% | 87.9% | 147.0% | FLEX 399% · TTMI 335% · JBL 268% |
| Technology Distributors | 9 | 41.5% | 40.5% | 44.9% | AVT 115% · SNX 101% · CNXN 68% |
| Semiconductor Materials & Equipment | 28 | 19.0% | 38.5% | 18.3% | AXTI 298% · KLAC 227% · LRCX 219% |
| Communications Equipment | 36 | -6.2% | 75.3% | 17.2% | AAOI 700% · LITE 446% · ANET 380% |
| Electronic Components | 24 | 3.9% | 54.9% | 16.5% | CLS 1768% · BELFA 923% · APH 268% |
| Electronic Equipment & Instruments | 27 | -7.8% | 26.6% | 4.8% | PI 107% · OSIS 100% · CXT 61% |
| Semiconductors | 55 | -6.9% | 28.4% | -15.7% | MU 822% · NVDA 513% · AVGO 470% |
| Technology Hardware, Storage & Peripherals | 21 | -9.8% | 50.3% | -27.4% | WDC 540% · DELL 520% · SMCI 481% |
| Internet Services & Infrastructure | 6 | -1.5% | 35.3% | -29.3% | GDDY 65% · VRSN 37% · AKAM -27% |
| IT Consulting & Other Services | 30 | -22.2% | -1.8% | -32.0% | APLD 222% · IBM 142% · GIB -9% |
| Application Software ← | 125 | -11.5% | -10.1% | -49.9% | PLTR 496% · AGYS 140% · FROG 91% |
| Systems Software | 70 | -11.3% | 19.3% | -56.2% | ZETA 220% · CRWD 218% · CVLT 132% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| CS Disco Earnings Notes | 12/16/2025 | |
| With CS Disco Stock Surging, Have You Considered The Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 60.70 |
| Mkt Cap | 5.9 |
| Rev LTM | 2,921 |
| Op Inc LTM | 393 |
| FCF LTM | 544 |
| FCF 3Y Avg | 443 |
| CFO LTM | 575 |
| CFO 3Y Avg | 484 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.3% |
| Rev Chg 3Y Avg | 8.3% |
| Rev Chg Q | 9.0% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 17.6% |
| Op Inc Chg 3Y Avg | 17.0% |
| Op Mgn LTM | 11.0% |
| Op Mgn 3Y Avg | 9.4% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 23.4% |
| CFO/Rev 3Y Avg | 20.3% |
| FCF/Rev LTM | 20.8% |
| FCF/Rev 3Y Avg | 17.8% |
Price Behavior
| Market Price | $5.62 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 07/21/2021 | |
| Distance from 52W High | -36.9% | |
| 50 Days | 200 Days | |
| DMA Price | $4.50 | $4.20 |
| DMA Trend | up | down |
| Distance from DMA | 24.8% | 34.0% |
| 3M | 1YR | |
| Volatility | 46.8% | 76.2% |
| Downside Capture | 125.07 | 97.24 |
| Upside Capture | 312.40 | 77.34 |
| Correlation (S&P 500) | 41.2% | 7.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.85 | 1.09 | 1.37 | 0.06 | 0.34 | 0.99 |
| Up Beta | -12.32 | -3.16 | 0.44 | -2.04 | -0.75 | 0.79 |
| Down Beta | 1.44 | 0.92 | 0.55 | 0.22 | 0.08 | 0.86 |
| Up Capture | 389% | 272% | 286% | 61% | 53% | 114% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 15 | 25 | 34 | 65 | 123 | 375 |
| Down Capture | -51% | 83% | 90% | 46% | 99% | 108% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 6 | 15 | 27 | 55 | 121 | 344 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LAW | |
|---|---|---|---|---|
| LAW | -6.2% | 76.2% | 0.25 | - |
| Sector ETF (XLK) | 11.0% | 28.3% | 0.35 | 3.3% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 7.7% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | -7.8% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -1.3% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | -3.0% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 10.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LAW | |
|---|---|---|---|---|
| LAW | -36.2% | 72.3% | -0.29 | - |
| Sector ETF (XLK) | 15.9% | 26.4% | 0.55 | 34.5% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 37.5% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | -0.6% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 6.6% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 29.5% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 22.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LAW | |
|---|---|---|---|---|
| LAW | -18.0% | 72.5% | -0.18 | - |
| Sector ETF (XLK) | 22.4% | 25.3% | 0.81 | 34.2% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 37.1% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | -0.4% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 6.6% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 28.7% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 21.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -2.9% | 1.0% | 3.1% |
| 5/6/2026 | -19.7% | -18.1% | -15.3% |
| 2/25/2026 | -15.3% | 20.6% | 19.0% |
| 11/5/2025 | 9.6% | 14.8% | 32.0% |
| 8/6/2025 | 6.3% | 19.1% | 34.9% |
| 5/7/2025 | 9.9% | 12.4% | 22.6% |
| 2/20/2025 | 5.0% | -1.6% | -10.6% |
| 11/6/2024 | -5.3% | -8.5% | -5.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 10 |
| # Negative | 11 | 12 | 11 |
| Median Positive | 7.8% | 12.4% | 18.5% |
| Median Negative | -6.6% | -8.7% | -23.5% |
| Max Positive | 24.6% | 20.6% | 34.9% |
| Max Negative | -53.6% | -51.2% | -52.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -2.9% | 1.0% | 3.1% |
| 5/6/2026 | -19.7% | -18.1% | -15.3% |
| 2/25/2026 | -15.3% | 20.6% | 19.0% |
| 11/5/2025 | 9.6% | 14.8% | 32.0% |
| 8/6/2025 | 6.3% | 19.1% | 34.9% |
| 5/7/2025 | 9.9% | 12.4% | 22.6% |
| 2/20/2025 | 5.0% | -1.6% | -10.6% |
| 11/6/2024 | -5.3% | -8.5% | -5.7% |
| 8/8/2024 | -2.4% | -1.3% | -1.5% |
| 5/9/2024 | -15.7% | -13.6% | -26.5% |
| 2/22/2024 | -4.2% | -9.0% | 7.7% |
| 11/9/2023 | 1.5% | -2.4% | 18.0% |
| 8/9/2023 | 24.6% | 11.8% | 11.0% |
| 5/10/2023 | -4.2% | 2.3% | 33.4% |
| 2/23/2023 | -29.7% | -30.5% | -34.0% |
| 11/10/2022 | 9.2% | -9.1% | -23.5% |
| 8/11/2022 | -53.6% | -51.2% | -52.2% |
| 5/12/2022 | 17.3% | -0.4% | -21.4% |
| 2/24/2022 | 6.5% | 3.0% | 1.2% |
| 11/9/2021 | -6.6% | -3.6% | -28.4% |
| 9/2/2021 | 1.9% | 12.4% | -23.8% |
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 10 |
| # Negative | 11 | 12 | 11 |
| Median Positive | 7.8% | 12.4% | 18.5% |
| Median Negative | -6.6% | -8.7% | -23.5% |
| Max Positive | 24.6% | 20.6% | 34.9% |
| Max Negative | -53.6% | -51.2% | -52.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/13/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 09/03/2021 | 10-Q |
| 03/31/2021 | 07/22/2021 | 424B4 |
Recent Forward Guidance
Updated 11/5/2026Latest: Q3 2026 Earnings Reported 11/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Software Revenue | Reported | 39.40 Mil | 39.90 Mil | 40.40 Mil | 3.4% | Higher New | Guidance: 38.60 Mil for Q3 2026 | |
| Q4 2026 Total Revenue | Reported | 45.80 Mil | 46.80 Mil | 47.80 Mil | 4.6% | Higher New | Guidance: 44.75 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA | Reported | 0 | 0.75 Mil | 1.50 Mil | -175.0% | Higher New | Guidance: -1.00 Mil for Q3 2026 | |
| 2026 Software Revenue | Reported | 149.50 Mil | 150.00 Mil | 150.50 Mil | 0.0% | Affirmed | Guidance: 150.00 Mil for 2026 | |
| 2026 Total Revenue | Reported | 176.10 Mil | 177.10 Mil | 178.10 Mil | 0.9% | Raised | Guidance: 175.50 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | -6.80 Mil | -6.05 Mil | -5.30 Mil | -6.9% | Raised | Guidance: -6.50 Mil for 2026 | |
Prior: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Software Revenue | Reported | 38.10 Mil | 38.60 Mil | 39.10 Mil | ||||
| Q3 2026 Total Revenue | Reported | 43.75 Mil | 44.75 Mil | 45.75 Mil | ||||
| Q3 2026 Adjusted EBITDA | Reported | -1.75 Mil | -1.00 Mil | -0.25 Mil | ||||
| 2026 Software Revenue | Reported | 147.50 Mil | 150.00 Mil | 152.50 Mil | 0.5% | Raised | Guidance: 149.25 Mil for 2026 | |
| 2026 Total Revenue | Reported | 172.00 Mil | 175.50 Mil | 179.00 Mil | 0.9% | Raised | Guidance: 174.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | -8.00 Mil | -6.50 Mil | -5.00 Mil | 8.3% | Lowered | Guidance: -6.00 Mil for 2026 | |
Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Software Revenue | Reported | 36.10 Mil | 36.60 Mil | 37.10 Mil | 6.1% | Higher New | Guidance: 34.50 Mil for Q1 2026 | |
| Q2 2026 Total Revenue | Reported | 41.50 Mil | 42.50 Mil | 43.50 Mil | 5.6% | Higher New | Guidance: 40.25 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA | Reported | -4.50 Mil | -3.50 Mil | -2.50 Mil | -30.0% | Higher New | Guidance: -5.00 Mil for Q1 2026 | |
| 2026 Software Revenue | Reported | 146.00 Mil | 149.25 Mil | 152.50 Mil | 0.2% | Raised | Guidance: 149.00 Mil for 2026 | |
| 2026 Total Revenue | Reported | 169.25 Mil | 174.00 Mil | 178.75 Mil | 1.2% | Raised | Guidance: 172.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | -8.00 Mil | -6.00 Mil | -4.00 Mil | -7.7% | Raised | Guidance: -6.50 Mil for 2026 | |
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Software Revenue | Reported | 33.75 Mil | 34.50 Mil | 35.25 Mil | 0.7% | Higher New | Actual: 34.25 Mil for Q4 2025 | |
| Q1 2026 Total Revenue | Reported | 39.00 Mil | 40.25 Mil | 41.50 Mil | 1.3% | Higher New | Actual: 39.75 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | Reported | -6.00 Mil | -5.00 Mil | -4.00 Mil | 100.0% | Lower New | Actual: -2.50 Mil for Q4 2025 | |
| 2026 Software Revenue | Reported | 145.50 Mil | 149.00 Mil | 152.50 Mil | 11.9% | Higher New | Actual: 133.10 Mil for 2025 | |
| 2026 Total Revenue | Reported | 167.00 Mil | 172.00 Mil | 177.00 Mil | 10.7% | Higher New | Actual: 155.40 Mil for 2025 | |
| 2026 Adjusted EBITDA | Reported | -8.50 Mil | -6.50 Mil | -4.50 Mil | -38.1% | Higher New | Actual: -10.50 Mil for 2025 | |
Insider Activity
Updated 8/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Friedrichsen, Eric | Chief Executive Officer | Direct | Buy | 8112026 | 4.26 | 7,500 | 31,950 | 6,309,827 | Form |
| 2 | Antoon, Melanie | EVP, Chief Customer Officer | Direct | Sell | 5192026 | 3.61 | 8,590 | 31,010 | 996,436 | Form |
| 3 | Crum, Richard Francis | EVP, Chief Prod & Tech Officer | Direct | Sell | 5192026 | 3.61 | 7,492 | 27,046 | 1,233,208 | Form |
| 4 | Garcia, Susan | GC & Chief Compliance Officer | Direct | Sell | 5192026 | 3.61 | 6,972 | 25,169 | 526,876 | Form |
| 5 | Herckis, Karen | EVP, Chief HR Officer | Direct | Sell | 5192026 | 3.61 | 8,562 | 30,909 | 683,413 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Friedrichsen, Eric | Chief Executive Officer | Direct | Buy | 8112026 | 4.26 | 7,500 | 31,950 | 6,309,827 | Form |
| 2 | Antoon, Melanie | EVP, Chief Customer Officer | Direct | Sell | 5192026 | 3.61 | 8,590 | 31,010 | 996,436 | Form |
| 3 | Crum, Richard Francis | EVP, Chief Prod & Tech Officer | Direct | Sell | 5192026 | 3.61 | 7,492 | 27,046 | 1,233,208 | Form |
| 4 | Garcia, Susan | GC & Chief Compliance Officer | Direct | Sell | 5192026 | 3.61 | 6,972 | 25,169 | 526,876 | Form |
| 5 | Herckis, Karen | EVP, Chief HR Officer | Direct | Sell | 5192026 | 3.61 | 8,562 | 30,909 | 683,413 | Form |
| 6 | Friedrichsen, Eric | Chief Executive Officer | Direct | Buy | 5112026 | 3.97 | 9,000 | 35,730 | 6,023,173 | Form |
| 7 | Hill, Scott A | trust | Buy | 3042026 | 3.73 | 8,918 | 33,264 | 186,500 | Form | |
| 8 | Antoon, Melanie | EVP, Chief Customer Officer | Direct | Sell | 3042026 | 3.24 | 4,882 | 15,818 | 922,140 | Form |
| 9 | Crum, Richard Francis | EVP, Chief Prod & Tech Officer | Direct | Sell | 3042026 | 3.24 | 6,262 | 20,289 | 1,131,087 | Form |
| 10 | Garcia, Susan | GC & Chief Compliance Officer | Direct | Sell | 3042026 | 3.24 | 5,956 | 19,297 | 495,464 | Form |
| 11 | Herckis, Karen | EVP, Chief HR Officer | Direct | Sell | 3042026 | 3.24 | 3,978 | 12,889 | 641,109 | Form |
| 12 | Hill, Scott A | trust | Buy | 3042026 | 3.31 | 41,082 | 135,981 | 135,981 | Form | |
| 13 | Srinivasan, Krishna | Direct | Buy | 3022026 | 3.25 | 40,000 | 130,000 | 146,250 | Form | |
| 14 | Friedrichsen, Eric | Chief Executive Officer | Direct | Buy | 3022026 | 2.90 | 15,500 | 44,950 | 4,373,699 | Form |
| 15 | Srinivasan, Krishna | Direct | Buy | 3022026 | 2.77 | 5,000 | 13,850 | 13,850 | Form | |
| 16 | Antoon, Melanie | EVP, Chief Customer Officer | Direct | Sell | 2192026 | 3.07 | 9,289 | 28,517 | 624,502 | Form |
| 17 | Crum, Richard Francis | EVP, Chief Prod & Tech Officer | Direct | Sell | 2192026 | 3.07 | 6,508 | 19,980 | 688,945 | Form |
| 18 | Garcia, Susan | GC & Chief Compliance Officer | Direct | Sell | 2192026 | 3.07 | 3,743 | 11,491 | 227,908 | Form |
| 19 | Herckis, Karen | EVP, Chief HR Officer | Direct | Sell | 2192026 | 3.07 | 8,171 | 25,085 | 406,035 | Form |
| 20 | Offerdahl, James | Direct | Buy | 2112026 | 3.99 | 3,000 | 11,970 | 892,371 | Form | |
| 21 | Antoon, Melanie | EVP, Chief Customer Officer | Direct | Sell | 12122025 | 8.71 | 20,000 | 174,200 | 1,852,704 | Form |
| 22 | Antoon, Melanie | EVP, Chief Customer Officer | Direct | Sell | 11192025 | 6.59 | 7,071 | 46,598 | 1,533,559 | Form |
| 23 | Crum, Richard Francis | EVP, Chief Prod & Tech Officer | Direct | Sell | 11192025 | 6.59 | 4,779 | 31,494 | 1,510,230 | Form |
| 24 | Garcia, Susan | GC & Chief Compliance Officer | Direct | Sell | 11192025 | 6.59 | 11,162 | 73,558 | 513,888 | Form |
| 25 | Herckis, Karen | EVP, Chief HR Officer | Direct | Sell | 11192025 | 6.59 | 5,826 | 38,393 | 925,434 | Form |
| 26 | Lafair, Michael | EVP, Chief Financial Officer | Direct | Sell | 11192025 | 6.59 | 15,214 | 100,260 | 5,289,081 | Form |
| 27 | Friedrichsen, Eric | Chief Executive Officer | Direct | Buy | 11122025 | 6.68 | 6,660 | 44,489 | 7,706,896 | Form |
| 28 | Bogan, Thomas F | Direct | Buy | 11052025 | 5.98 | 7,001 | 41,866 | 1,023,118 | Form | |
| 29 | Bogan, Thomas F | Direct | Buy | 10212025 | 5.98 | 6,929 | 41,435 | 981,252 | Form | |
| 30 | Bogan, Thomas F | Direct | Buy | 10212025 | 5.94 | 17,902 | 106,338 | 933,530 | Form | |
| 31 | Bogan, Thomas F | Direct | Buy | 10092025 | 5.95 | 13,680 | 81,396 | 828,585 | Form | |
| 32 | Bogan, Thomas F | Direct | Buy | 9172025 | 5.99 | 6,500 | 38,935 | 752,212 | Form | |
| 33 | Bogan, Thomas F | Direct | Buy | 9162025 | 5.98 | 17,988 | 107,568 | 712,086 | Form | |
| 34 | Bogan, Thomas F | Direct | Buy | 9162025 | 5.80 | 30,000 | 174,000 | 586,322 | Form | |
| 35 | Crum, Richard Francis | EVP, Chief Prod & Tech Officer | Direct | Sell | 8202025 | 4.82 | 10,552 | 50,861 | 1,127,634 | Form |
| 36 | Antoon, Melanie | EVP, Chief Customer Officer | Direct | Sell | 8202025 | 4.82 | 6,898 | 33,248 | 1,155,744 | Form |
| 37 | Herckis, Karen | EVP, Chief HR Officer | Direct | Sell | 8202025 | 4.82 | 5,677 | 27,363 | 704,954 | Form |
| 38 | Lafair, Michael | EVP, Chief Financial Officer | Direct | Sell | 8202025 | 4.82 | 14,844 | 71,548 | 3,965,525 | Form |
| 39 | Offerdahl, James | Direct | Buy | 8152025 | 4.92 | 6,500 | 31,980 | 1,085,608 | Form | |
| 40 | Friedrichsen, Eric | Chief Executive Officer | Direct | Buy | 8122025 | 4.51 | 10,000 | 45,100 | 5,173,272 | Form |
Investor Activity (13F)
Updated Nov 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
CS Disco — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.