Jonathan Ho Maintains Hold on Qualys as Solid Results Offset by Uncertain Long-Term Growth Outlook

William Blair analyst Jonathan Ho has maintained their neutral stance on QLYS stock, giving a Hold rating today.

Jonathan Ho has given his Hold rating due to a combination of factors, balancing solid recent results with uncertainty about the longer-term growth trajectory. Qualys delivered better-than-expected revenue and EPS and showed improving billings momentum, yet management largely maintained its outlook as stronger demand was tempered by an unpredictable macro environment and some deal timing effects tied to new offerings.

Ho also notes that while customer interest in initiatives like Mythos and the Flex program is rising and could support future cross-sell and upsell, this enthusiasm has not yet produced a clear acceleration in revenue growth. Given the difficulty of forecasting how security spending will evolve amid rapid AI and frontier model developments—and the lack of obvious red flags in the business—he views the risk/reward as balanced, supporting a Hold rather than a more decisive rating change.

In another report released today, TD Cowen also maintained a Hold rating on the stock with a $90.00 price target.