科技与信息服务：卖空兴趣监测——2025年5月

USA | Technology & Information Services Tech and Info Services: Short Interest Monitor —May 2025 At the end of May, short interest increased m/m on average in two of ourthree verticals. IT Consulting was up +25 bps, Information Services +6 bps,while Software/Tech declined -5 bps. At a company level, GLOB and SEMRexperienced the biggest increases, while CLVT and SPT experienced the biggestdeclines. IT Services—short interest increased by a median of +25 bps m/m.Of the 10 names we track,7 saw a m/m increase in short interest, while the remainder were either flat or saw a decrease.GLOB and CTSH experienced the most significant m/m increases, with short interest up +259 bpsand +68 bps, respectively, while EXLS and ASGN saw the biggest m/m declines, with short interestdown -40 bps and -18 bps, respectively. On a days-to-cover basis, CGI stands at the top of the groupat 19.0 days and GLOB at the bottom with 1.6 days. Information Services—short interest increased by a median of +6 bps m/m.Of the 14 names wetrack, 8 saw a m/m increase in short interest, while the remainder were either flat or saw a decrease.DNB and FICO experienced the most significant m/m increases, with short interest up +128 bpsand +52 bps, respectively, while CLVT and CSGP saw the biggest m/m declines, with short interestdown -301 bps and -41 bps, respectively. On a days-to-cover basis, CLVT stands at the top of thegroup at 8.0 days and FICO at the bottom with 1.4 days. Software/Tech—short interest decreased by a median of -5 bps m/m.Of the 6 names we track, 3saw a m/m increase in short interest, while the remainder was either flat or saw a decrease. SEMRregistered the most significant m/m increase, with short interest up +255 bps, while SPT saw thebiggest m/m decline, with short interest down -103 bps. On a days-to-cover basis, SEMR stands atthe top of the group at 4.3 days and SMWB at the bottom with 0.3 day. What constitutes significant short interest?A common rule of thumb is that short interest <10%reflects positive/neutral sentiment, >10% indicates pessimism, and >20% indicates significantnegative sentiment. Within our coverage, this month zero companies is at or above the >10%threshold. A more detailed analysis and company-specific trends can be found in Exhibits 2-34. Surinder Thind, CFA * | Equity Analyst(415) 229-1515 | sthind@jefferies.com Logan Schuh * | Equity Associate+1 (201) 685-6981 | lschuh@jefferies.com Software / Tech Company Valuation/Risks For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Analyst Certification: I, Surinder Thind, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. I, Logan Schuh, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report. I, Colton Feldmann, CPA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement. Investment Recommendation Record Recommendation PublishedJune 12, 2025 12:39 P.M.Recommendation DistributedJune 12, 2025 12:39 P.M. Company Specific Disclosures Jefferies is acting as financial advisor to Nine Entertainment Co. Holdings Limited in relation to the unsolicited, non-binding indicative proposal from CoStarGroup Inc made to Domain Holdings Australia Limited to acquire 100% of the issued capital of Domain Holdings Australia Limited.Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Clarivate PLC.Jefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of Grid Dynamics Holdings Inc. Jeff