---
title: "33 of 56 listed vendors fell 30% or more; what changes at renewal and what does not"
summary: "How far the listed companies behind TechBag's vendor hubs fell from 31 December 2025 to 19 October 2026, what their filings say, and the clauses that protect a renewal."
url: https://www.thetechbag.com/blog/vendor-shares-fell-30-percent-renewal
format: Analysis
desk: "Markets & the AI economy"
published: 2026-10-20
facts_checked: 2026-10-20
author: TechBag (The TechBag Journal)
tags: ["software renewals","vendor risk","share price","contract clauses","change of control","data export","escrow","HubSpot","monday.com","N-able","Quick Heal","RBI IT outsourcing"]
cover: https://www.thetechbag.com/blog/covers/vendor-shares-fell-30-percent-renewal.png
---

# 33 of 56 listed vendors fell 30% or more; what changes at renewal and what does not

*How far the listed companies behind TechBag's vendor hubs fell from 31 December 2025 to 19 October 2026, what their filings say, and the clauses that protect a renewal.*

Analysis · Markets & the AI economy · By TechBag · Published 2026-10-20 · Facts checked 2026-10-20 · Canonical: https://www.thetechbag.com/blog/vendor-shares-fell-30-percent-renewal

The short version

- Of the 56 listed companies behind TechBag’s vendor hubs, 33 closed at least 30% below their 31 December price at some point this year. By 19 October, 16 of those 33 were back above it, and four were still 30% or more down: Quick Heal, HubSpot, N-able and monday.com.[1]
- A share price measures what investors expect, not whether the vendor can pay its bills. HubSpot and monday.com carry no debt and grew revenue about 20% in their latest quarter; the questions at renewal are sharper for a vendor whose revenue is shrinking or whose debt is large against its cash.[3][5][6][9]
- What a fall does change is pricing, headcount, roadmaps and ownership, so write the protections into the order form: a cap on the uplift, a change-of-control exit, data export with no deletion during transition, escrow where you run the code, and termination for convenience at a stated cost.

A vendor you are about to renew has lost a third of its market value. The finance team asks whether the company will still be there in three years; the account manager offers a discount for a longer term. The decision is whether the share price should change what you sign, and if so, which clauses carry the risk.

## Thirty-three of 56 fell 30%; four were still that far down on 19 October

We took the daily closing price of every listed company behind a TechBag vendor hub, from 31 December 2025 to 19 October 2026: 56 companies on Nasdaq, the NYSE, the NSE, Frankfurt, Paris and Tokyo. Thirty-three of them closed at least 30% below their year-end price on some day this year. Most of those lows came in two windows: the software sell-off after 28 January, when the S&P 500 software and services index shed about US$1 trillion in seven sessions by Reuters’ count, and the week to 10 April.[1][2]

**Figure: A 30% fall was common this year, and most vendors came back; four did not**

*Share price at its 2026 low and on 19 October 2026, indexed to the closing price on 31 December 2025 = 100, twelve of the 33 companies that fell 30% or more*

|  | 2026 low | 19 Oct 2026 | Change |
| --- | --- | --- | --- |
| Quick Heal | 47.2 | 57 | 21% |
| HubSpot | 42.4 | 58.5 | 38% |
| N-able | 40.1 | 60.8 | 52% |
| monday.com | 39.9 | 63.3 | 59% |
| Adobe | 55.3 | 70.6 | 28% |
| Rapid7 | 33.2 | 87 | 162% |
| Salesforce | 56.7 | 91.5 | 61% |
| Zscaler | 52.5 | 94.5 | 80% |
| ServiceNow | 54.2 | 94.9 | 75% |
| Freshworks | 56.2 | 115.3 | 105% |
| Atlassian | 35.2 | 132.4 | 276% |
| Snowflake | 55.2 | 143.8 | 161% |

Source: Yahoo Finance daily closing prices (split-adjusted); TechBag calculation · as of 19 October 2026 · lows are the lowest close between 1 January and 19 October 2026; dates of the lows differ by company

Atlassian closed 64.8% below its year-end price on 10 April and was 32.4% above it on 19 October. Rapid7 fell 66.8% by 9 April and had recovered to 13% down. The four still 30% or more down were Quick Heal (43.0%), HubSpot (41.5%), N-able (39.2%) and monday.com (36.7%); Adobe was just short at 29.4%. Over the same period the S&P 500 rose 12.4% and the iShares software ETF was flat.[1]

TechBag countTechBag count: 56 companies, 33 falls of 30% or more, 16 full recoveries

We listed the owner of every vendor hub on TechBag as of 16 October 2026, counted a brand under its listed parent (GitHub under Microsoft, Slack under Salesforce, VMware under Broadcom, Seqrite under Quick Heal, CyberArk under Palo Alto Networks) and dropped private companies. A “fall” is a daily close at least 30% below the close on 31 December 2025; a “recovery” is a close on 19 October above that level. We did not attribute causes: the moves span AI-launch days, results days and broad market days.[1]

## The share price is not the balance sheet

The four that stayed down are not in the same position. HubSpot’s revenue for April to June grew 19.8% to US$911.7 million; it ended June with US$1.38 billion in cash and investments, no borrowings under a US$500 million credit line it signed in February, and US$312 million of operating cash flow left after capital spending in the half. It spent US$743 million buying back its own shares in the same six months.[3] monday.com’s revenue rose 22% to US$364.6 million, with US$1.07 billion in cash and marketable securities and no debt after it used the whole of a US$870 million buyback.[5]

N-able grew revenue 5.9% to US$138.2 million and holds US$115.8 million in cash against a US$398 million term loan that matures in November 2032; in June it added a US$75 million delayed-draw facility for acquisitions and buybacks.[6][8] Quick Heal, the Pune company behind Seqrite, reports no debt, but its revenue for April to June fell 21.4% to ₹45.0 crore, with consumer revenue down 39.3% and enterprise revenue down 5.5%, and an operating loss (EBITDA) of ₹17.6 crore.[9][10]

**Figure: Three US-listed vendors that stayed 30% down: two hold net cash, one holds net debt**

*Cash and investments against debt outstanding, US$ million, at 30 June 2026*

|  | Cash and investments | Debt outstanding |
| --- | --- | --- |
| HubSpot | 1,383 | 0 |
| monday.com | 1,073 | 0 |
| N-able | 116 | 398 |

Source: HubSpot and N-able Form 10-Q for the quarter to 30 June 2026; monday.com second-quarter 2026 results (Form 6-K) · as of 30 June 2026 · HubSpot: cash, cash equivalents and investments; monday.com: cash and current marketable securities; N-able: term loan principal. Quick Heal reports in rupees and is in the text

Read the filing in this order: revenue growth in the latest quarter against a year earlier; cash and investments; debt and its maturity date; operating cash flow after capital spending; and any going-concern language from the auditor. A company buying back its own shares is telling investors it has more cash than it needs. A company drawing on credit lines while revenue shrinks is the opposite case.

Our view

Our view: a fall in a vendor with net cash and growing revenue says little about whether it will serve you for the next three years. It says more about what it will try to change in your contract. Spend the diligence on vendors whose revenue is falling or whose debt is large against their cash, and on any vendor small enough to be bought.

## What a fall feeds into: pricing, people, roadmaps and owners

A falling share price raises the pressure to show investors margin and growth, and the filings this year show four ways it reaches customers. The first is pricing. ServiceNow moved every product to three tiers on 9 April, combining seats with other meters and a pool of AI tokens, and did not publish the prices.[12] We covered the move from seats to credits, and what to ask for when a vendor proposes it, in [our 1 July analysis of the software sell-off](https://www.thetechbag.com/blog/software-selloff-seat-pricing-renewals).

The second and third are people and roadmaps. On 6 October HubSpot told staff it would cut about 7% of its workforce, nearly 660 people, at a cost of US$65 million to US$75 million. Its chief executive, Yamini Rangan, wrote that the company had “shifted our strategy from building software that helps customers grow to delivering outcomes for them with AI”, that the shift “is transforming product, pricing and how we serve our customers”, and that product teams would be organised “around these outcomes instead of hubs”. She also wrote: “This is not driven by AI-related efficiencies.”[4] N-able approved a 6% reduction on 20 July to “align investments with highest priority opportunities”.[7] Freshworks announced about 500 roles, 11% of staff, on 5 May.[11] The filings do not tie these decisions to the share price, and neither do we; they are what a buyer of these products lived through in the same year.

**Figure: In ten months, the vendors behind TechBag's hubs repriced, cut staff and changed owners**

*Selected pricing, workforce and ownership events at vendors with TechBag hubs, January to October 2026*

| Date | Event | Detail |
| --- | --- | --- |
| 2 Feb 2026 | Jamf is private | Francisco Partners' US$13.05-a-share take-private reported closed; the stock leaves Nasdaq |
| 5 Feb 2026 | Software sell-off | About US$1 trillion off US software and services stocks since 28 January (Reuters) |
| 12 Feb 2026 | CyberArk sold | Palo Alto Networks reported to have completed its US$25 billion acquisition |
| 9 Apr 2026 | ServiceNow tiers | Seats plus meters plus a pool of AI tokens; no prices published |
| 5 May 2026 | Freshworks cuts 11% | About 500 roles in a restructuring |
| 12 May 2026 | CyberArk becomes Idira | Quotes and contracts carry the Palo Alto brand |
| 20 Jul 2026 | N-able cuts 6% | Reorganisation approved; disclosed on 10 August |
| 6 Oct 2026 | HubSpot cuts 7% | Nearly 660 people; product teams reorganised around outcomes |

Source: Company filings and releases; Reuters; TechTarget; MacTech; ITPro; TechBag CyberArk (Idira) hub · as of 19 October 2026

The fourth is ownership. Jamf, the Apple device-management vendor, left Nasdaq when Francisco Partners’ take-private at US$13.05 a share, about US$2.2 billion including debt, was reported closed on 2 February.[13] Palo Alto Networks completed its US$25 billion purchase of CyberArk in February[14], and on 12 May relaunched the portfolio as Idira, so CyberArk customers now see a new name on quotes and contracts.[15] A lower share price makes a vendor cheaper to buy; what a buyer needs to know is what the contract says when that happens.

## Six clauses that hold when the share price does not

Large buyers write these protections in as a matter of course. When Anthropic committed about US$11.6 billion to Akamai for dedicated computing capacity, the master agreement let Anthropic terminate “upon a change of control of the Company in favor of a direct competitor of Anthropic”. In the same filing, Akamai disclosed that its own hardware agreement with Lenovo lets Akamai terminate for convenience, “subject to certain notice requirements and payment of specified termination costs”.[16] A smaller buyer will not get every clause, but each is worth asking for in order of what it protects.

**Figure: Cap the price, plan the exit, and keep your data out of the vendor's hands at the end**

*Six contract protections for renewing with a vendor whose shares have fallen, TechBag's sequence, October 2026*

Step 1 of 6

1. A cap on the uplift

A fixed maximum increase per renewal year in the order form, and, if the vendor moves you from seats to credits, a fixed conversion rate for the term. A vendor under pressure to show growth reaches for the price first.

Source: Akamai Form 8-K (24 September 2026); RBI Master Direction on Outsourcing of IT Services (10 April 2023); TechBag analysis · as of 19 October 2026

A share-price fall makes the multi-year offer more tempting and more risky at once. A vendor that needs bookings will trade price for term, and a three-year lock at today’s price is worth having from a vendor with net cash and growing revenue. From a vendor whose revenue is shrinking, take the shorter term, or take the longer one only with clauses 2, 3 and 5 in place.

Our view

Our view: the clause most buyers skip is the transition period. An export right is worth little if the vendor can switch off the service the day the contract ends; ask for 90 days of read access after termination.

If you are buying this in India

For banks and other entities regulated by the Reserve Bank of India, most of this is already required. RBI’s Master Direction on Outsourcing of IT Services, issued on 10 April 2023, lists what an agreement must cover, including “termination rights of the RE, including the ability to orderly transfer the proposed IT-outsourcing arrangement to another service provider”. It requires the regulated entity to “periodically review the financial and operational condition of the service provider”, and it bars the provider from “erasing, purging, revoking, altering or changing any data during the transition period”.[17] A company outside RBI’s remit can borrow the same language.

The rupee adds a cost the share price does not show. The rupee went from ₹89.77 to the dollar on 31 December 2025 to ₹94.99 on 19 October, so a US$100,000 renewal that cost ₹89,77,000 at the start of the year costs ₹94,99,000 now, before any uplift.[1] On a dollar invoice from an overseas vendor, a registered Indian business pays 18% GST under reverse charge, ₹17,09,820 on that amount, for ₹1,12,08,820 in all.[18] Ask for a rupee price from the vendor’s Indian entity or a reseller, with GST shown, and for the cap on the uplift to apply to the rupee figure.

One of the four vendors still 30% down is Indian. Quick Heal, whose Seqrite brand sells endpoint and data-privacy software to Indian enterprises, had a market value of about ₹935 crore at the end of June and reports a debt-free balance sheet; its enterprise revenue fell 5.5% in the quarter to June while consumer revenue fell 39.3%. It reported an order book of more than ₹56 crore and deferred revenue of ₹52.3 crore.[9][10] A Seqrite customer renewing now is dealing with a vendor that has no lender to answer to and a shrinking consumer business; the clauses above, especially data export, matter more than the share price.

How we did this

Figures as of 19 October 2026

Share prices are daily closes from Yahoo Finance’s chart data, adjusted for splits and not for dividends, in each listing’s own currency; changes run from 31 December 2025 to 19 October 2026. The 56 companies are the listed owners of TechBag’s vendor hubs as committed on 16 October 2026; private companies, and companies taken private or acquired before 2026 data begins, are excluded. Jamf and CyberArk had no 2026 price series. SAP is its New York listing. Cash, debt and revenue come from each company’s latest filing published by 20 October: HubSpot and N-able quarterly reports to 30 June, monday.com’s results for the same quarter, Quick Heal’s results for the quarter to 30 June and its annual report for the year to 31 March 2026. Operating cash flow after capital spending is our arithmetic from HubSpot’s cash-flow statement (cash from operations less property, equipment and capitalised software). The rupee rate is Yahoo Finance’s USD/INR close. The clauses are our recommendations; the quoted clauses are from the filings named.

Spotted an error? Write to us; corrections are published at the foot of the piece.

Sources

1. [Yahoo Finance chart data: daily closes for the 56 listed companies behind TechBag's vendor hubs, the iShares Expanded Tech-Software ETF (IGV), the SPDR S&P 500 ETF (SPY) and USD/INR, 31 December 2025 to 19 October 2026](https://finance.yahoo.com/quote/IGV/history/) — closes to 19 October 2026
2. [Reuters (Medha Singh, Saqib Iqbal Ahmed), via Yahoo Finance: US software stocks slammed on mounting fears over AI disruption, lose $1 trillion in week](https://finance.yahoo.com/news/us-software-stocks-stabilize-bruising-121536263.html) — 5 February 2026
3. [HubSpot, Inc., Form 10-Q for the quarter ended 30 June 2026 (revenue, cash and investments, revolving credit facility, cash flows, share repurchases)](https://www.sec.gov/Archives/edgar/data/1404655/000119312526335232/hubs-20260630.htm) — 5 August 2026
4. [HubSpot, Inc., Form 8-K (Item 2.05) and Exhibit 99.1, update to employees from Yamini Rangan](https://www.sec.gov/Archives/edgar/data/1404655/000119312526414965/d183135d8k.htm) — 6 October 2026
5. [monday.com Ltd., Form 6-K, Exhibit 99.1: monday.com Announces Second Quarter 2026 Results](https://www.sec.gov/Archives/edgar/data/1845338/000117891326003971/exhibit_99-1.htm) — 10 August 2026
6. [N-able, Inc., Form 10-Q for the quarter ended 30 June 2026 (revenue, cash, term loan and maturity)](https://www.sec.gov/Archives/edgar/data/1834488/000183448826000047/nabl-20260630.htm) — 10 August 2026
7. [N-able, Inc., Form 8-K (Item 2.05): reorganisation reducing employees by about 6%](https://www.sec.gov/Archives/edgar/data/1834488/000183448826000044/nabl-20260810.htm) — 10 August 2026
8. [N-able, Inc., Form 8-K (Item 1.01): third amendment to credit agreement, US$75 million delayed-draw term loan](https://www.sec.gov/Archives/edgar/data/1834488/000183448826000036/nabl-20260616.htm) — 17 June 2026
9. [Quick Heal Technologies Limited, outcome of board meeting, Q1 FY27 results press release and earnings presentation (filed with BSE and NSE)](https://www.quickheal.co.in/media/investorrelations/announcement/outcome-of-board-meeting-held-on-july-30-2026.pdf) — 30 July 2026
10. [Quick Heal Technologies Limited, Integrated Annual Report 2025-26 (debt-free balance sheet)](https://www.quickheal.co.in/documents/investors/quick-heal-annual-report-fy-2025-26.pdf) — 26 August 2026
11. [Freshworks Inc., Form 8-K (Item 2.05 restructuring) and first-quarter 2026 results](https://www.sec.gov/Archives/edgar/data/1544522/000154452226000088/q126quarterlyearningsrelea.htm) — 5 May 2026
12. [TechTarget (Beth Pariseau): ServiceNow AI pricing change takes on enterprise ROI struggles](https://www.techtarget.com/searchitoperations/news/366641692/ServiceNow-AI-pricing-change-takes-on-enterprise-ROI-struggles) — 10 April 2026
13. [MacTech: Francisco Partners completes acquisition of Jamf](https://www.mactech.com/2026/02/02/francisco-partners-completes-acquisition-of-jamf/) — 2 February 2026
14. [ITPro: Palo Alto Networks CEO hails 'the end of identity silos' as firm closes CyberArk acquisition](https://www.itpro.com/business/acquisition/palo-alto-networks-ceo-hails-the-end-of-identity-silos-as-firm-closes-cyberark-acquisition) — 12 February 2026
15. [TechBag: CyberArk (Idira) vendor hub (Palo Alto ownership; Idira relaunch on 12 May 2026)](https://www.thetechbag.com/cyberark) — version of 16 October 2026
16. [Akamai Technologies, Inc., Form 8-K (Item 1.01): Anthropic master services agreement and project plans; Lenovo and Jabil agreements](https://www.sec.gov/Archives/edgar/data/1086222/000119312526401048/d288154d8k.htm) — 24 September 2026
17. [Reserve Bank of India: Master Direction on Outsourcing of Information Technology Services (paragraphs 16, 19 and 22)](https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12486) — 10 April 2023
18. [India Briefing: Digital services in India: OIDAR, GST applicability and reverse charge](https://www.india-briefing.com/news/tax-digital-services-oidar-in-india-gst-applicability-and-compliance-22465.html) — updated 29 September 2023

Related on TechBag: [the HubSpot hub](https://www.thetechbag.com/hubspot), [the Seqrite hub](https://www.thetechbag.com/seqrite), and [the catalogue](https://www.thetechbag.com/browse-products) for alternatives to compare before you renew.

**Disclosure.** TechBag is a software reseller: it earns a margin when a reader buys through it, including from vendors named here. The analysis is TechBag’s own; no vendor paid for or saw this piece before publication. Facts are labelled reported, TechBag count or our view.

Go deeper on TechBag

- [The HubSpot hub](https://www.thetechbag.com/hubspot) — HubSpot's products, with dated claims
- [The Seqrite hub](https://www.thetechbag.com/seqrite) — Quick Heal's enterprise security brand
- [The catalogue](https://www.thetechbag.com/browse-products) — alternatives to compare before you renew