Security/Design/Vertical SaaS 3Q Preview: Favorable Setups on PCOR, NET, GEN, HNGE; Watching CHKP, VRNS

Barclays previews 14 on-cycle reporting names in security, design, and vertical SaaS. The firm sees favorable setups on PCOR, NET, GEN, and HNGE, and would watch CHKP and VRNS. PCOR sets up well on solid construction datapoints intra-quarter, supporting a possible upside scenario of 20%+ cRPO growth plus beat/raise on revenue with inorganic contribution from DroneDeploy. NET benefits from continued strong traffic growth and PoF ramp dynamics, now sitting in front of roughly 26% of the internet, supporting potential acceleration to guided 31% revenue growth. GEN is tracking toward the high end of guidance for Q2 and FY27, and Barclays expects the company to deny the GDDY takeover headlines, which would be squarely positive. HNGE has strong app download data and encouraging early indicators of Migraine Care and HingeSelect traction. On the flip side, CHKP 3Q billings could come in below the Street and the FY26 revenue guide may need to come down again, while VRNS faces M&A headline risk