My Stock Portfolio Review, March 2025
Portfolio Performance Overview and Key Stock Highlights
Hello, Investor,
Each month, I provide a transparent update on my portfolio performance, covering the latest news on core stock positions and analyzing recent developments across each holding.
For more frequent updates, follow me on X/Twitter and Threads, for visual infographics on Instagram and on SavvyTrader for portfolio changes.
Portfolio Review
Holdings:
Monthly Allocations:
* green (added), orange (trimmed)
Performance (TWR):
Historical performance (TWR):
2020: +110.2%(since 15.04.2020)
2021: +23.7%
2022: -59.6%
2023: +57.3%
2024: +24.9%
Cumulative: +82.8%
A recap of my Portfolio in 2025
January:
⬇️ Trim TSLA
⬆️Add DDOG TTD SHOP MNDY GTLB
February:
❌ TSLA
⬇️ Trim NOW NET
⬆️Add AXON
✅New DUOL
Commentary on my holdings:
Cloudflare NET
Cloudflare Expands Cybersecurity Capabilities with Security Posture Management – A unified platform that helps businesses identify and fix security risks across email, SaaS, cloud infrastructure, and web applications. Key features include real-time risk detection, centralized security for SaaS applications, and multi-layered protection for web assets.
Cloudforce One Threat Events Platform – A real-time cybersecurity intelligence tool leveraging Cloudflare’s massive global network. It provides organizations with detailed insights into cyberattacks, attacker profiles, and threat indicators to help security teams respond faster and more efficiently.
Cloudflare is expanding end-to-end post-quantum cryptography support for its Zero Trust Network Access (ZTNA) solution, enabling organizations to secure communications from web browsers to corporate applications against future quantum threats.
Key Highlights:
Immediate protection: Organizations can now route web traffic through Cloudflare’s global network using quantum-safe encryption.
Future-proof security: By mid-2025, Cloudflare will extend quantum-safe protection to all IP protocols, covering most corporate applications and devices.
Protection against “harvest-now, decrypt-later” attacks: Cybercriminals collecting encrypted data today won’t be able to decrypt it once quantum computers advance.
Seamless migration: Businesses can transition to post-quantum security without upgrading each corporate application individually.
Cloudflare Launches Cloudflare for AI to Secure and Optimize AI Applications, new suite of security and visibility tools designed to protect AI applications from misuse, data leaks, and cyber threats while enabling secure and scalable AI deployment.
Key Features:
Firewall for AI automatically discovers and labels AI applications, providing security teams with complete visibility.
AI Gateway monitors employee AI usage, preventing data leaks and tracking prompt behavior.
Llama Guard integration detects and blocks toxic or inappropriate prompts to maintain model integrity.
Workers AI provides scalable AI application deployment with GPUs in 190+ cities for global performance and security.
Application Security & Performance tools protect AI apps from automated attacks and abuse while optimizing traffic routing and reliability.
Cloudflare has been recognized as a Leader in The Forrester Wave: Web Application Firewall Solutions, Q1 2025. The company received the highest possible score in 15 of 22 criteria, including Innovation, Detection Models, and Product Security.
Forrester praised Cloudflare’s WAF as easy to use, efficient, and built on a unified platform that continues to innovate. The recognition highlights Cloudflare’s continued investment in protecting web applications and APIs from evolving cyber threats, leveraging insights from one of the world’s largest global networks.
Cloudflare announced the appointment of three new members to its board of directors: Stacey Cunningham, former President of the New York Stock Exchange; John Graham-Cumming, former Chief Technology Officer at Cloudflare; and Dr. Karim Lakhani, Professor at Harvard Business School. Each brings distinct expertise in financial operations, technical leadership, and AI-driven business transformation.
Cunningham’s tenure as the first female President of NYSE, alongside her current roles at Advent International and Georgetown University, underscores her experience in financial governance and strategic oversight. Graham-Cumming, who spent over 13 years at Cloudflare, provides domain expertise in machine learning, open-source systems, and secure computing, supported by a D.Phil. from Oxford University. Lakhani brings academic and practical leadership in AI and digital transformation, co-authoring the book Competing in the Age of AI and leading initiatives like the Digital Data Design Institute at Harvard.
Simultaneously, Maria Eitel stepped down from the board after seven years, having played key roles in Cloudflare’s governance during its transition from private to public company.
Crowdstrike CRWD
The company reported its fourth quarter of 2024 results.
Thoughts on CrowdStrike Earnings Report $CRWD:
🟢 Positive
Revenue: $1.06B (+25.2% YoY, +28.5% QoQ), beat estimates by 2.5%
Subscription Revenue: $1.01B (+26.7% YoY)
RPO: $6.50B (+41.3% YoY)
EPS: $1.03, beat estimates by 21.2%
Customer Growth: +30% YoY, 74,000+ organizations
Falcon Flex: $1B in new deal value, +80% QoQ, $2.5B cumulative contracts, +10x YoY
Falcon Cloud Security: $600M ARR, +45% YoY
Falcon Identity Protection: $370M ARR, +79% of breaches identity-based
Next-Gen SIEM: $330M ARR, +115% YoY (fastest-growing segment)
AWS Marketplace Sales: $1B in one year, Google Cloud Marketplace: $150M in first year
Global System Integrators (GSIs): Near $1B in annual sales, +40% YoY
Net New ARR Expected to Reaccelerate in H2 FY 2026 as CCP renewals return to full pricing
Targeting $10B ARR by FY 2031, with 23% non-GAAP operating margin and 30%+ free cash flow margins in FY 2027
🟡 Neutral
Gross Margin: 77.9% (slightly down -0.3 PPs YoY)
Operating Margin: 20.5% (-4.7 PPs YoY)
Free Cash Flow Margin: 22.7% (-10.8 PPs YoY)
Net New ARR: $224M, -20.5% YoY
Dollar-Based Net Retention Rate (DBNRR): 112% (down from 115% QoQ)
Billings: $1.59B (+17.3% YoY)
Customer Commitment Program (CCP): Contributed $80M ARR, impact minimal but led to higher Falcon Flex adoption
FY 2026 Guidance: $4.74B - $4.8B revenue (+20%-22% YoY), in line with estimates
🔴 Negative
Net Margin: -8.7%, -15.1 PPs YoY
S&M Expenses: 31.7% of revenue, +2.9 PPs YoY
R&D Expenses: 18.9% of revenue, +0.9 PPs YoY
Stock-Based Compensation (SBC): 26% of revenue, +5.1 PPs QoQ
CAC Payback Period: 23.1 months, +9.8 months YoY
Professional Services GM: 31.6%, -14.1 PPs YoY
Dilution: Basic shares up 2.5% YoY, Diluted shares up 2.2% YoY
Market Reaction to Earnings Release: The stock price declined by -9% following the earnings release.
CrowdStrike integrates NVIDIA AI to enhance cybersecurity automation and threat detection efficiency.
2x Faster Threat Detection: Charlotte AI reduces alert fatigue with 50% fewer compute resources.
AI-Driven SOC Automation: Autonomous AI agents assist in triage, response, and analysis.
Enhanced Accuracy: NVIDIA Llama Nemotron models improve threat detection and reduce false positives.
With 51-second breakout speeds, Falcon AI and NVIDIA’s accelerated computing deliver real-time cyber defense at scale.
CrowdStrike Falcon achieves FedRAMP High Authorization, the highest federal security compliance standard, now accessible to U.S. federal agencies, public sector organizations, the Defense Industrial Base (DIB), and critical infrastructure.
With nation-state and eCrime threats escalating, agencies need real-time, AI-driven cybersecurity. Falcon’s cloud-native platform strengthens cyber resilience, eliminates security gaps, and simplifies compliance.
Covers 26 authorized offerings, including endpoint, cloud, identity, next-gen SIEM, and data protection. Meets NIST SP 800-53 Revision 5 FedRAMP High Impact Baseline following rigorous third-party security assessments. Unifies security operations, reducing complexity, redundant tools, and operational costs.
CrowdStrike announced the general availability of Network Vulnerability Assessment, expanding its Falcon Exposure Management to include real-time, agentless scanning of network devices like routers and firewalls—without additional hardware or scanners.
Key highlights:
Replaces legacy vulnerability management tools with a single-agent architecture, enabling platform consolidation.
Uses AI-powered risk prioritization based on real-world attacker behavior, not static CVSS scores.
Reduces critical vulnerabilities by up to 98% by identifying attack paths used in real-world scenarios.
Falcon Fusion SOAR enables automated remediation, minimizing manual work.
Customers receive free scanning for up to 10% of assets to experience the platform’s benefits.
Crowdstrike launched its new Services Partner Program to accelerate adoption of Falcon Next-Gen SIEM. The program targets GSIs, MSPs, and MSSPs, offering incentives, training, and certifications to help partners deploy and optimize Falcon SIEM.
With cyberattacks becoming more advanced and legacy SIEM systems falling behind, CrowdStrike aims to disrupt the market by offering AI-driven, real-time threat detection and response.
Partners like Deloitte, Wipro, and others are already onboard, helping clients modernize security operations. The initiative is expected to boost platform adoption, streamline operations, and drive measurable security outcomes.
Snowflake SNOW
Snowflake announced Mike Gannon as its new Chief Revenue Officer (CRO), effective March 14, 2025. Gannon, previously President of Americas Sales at VMware by Broadcom, will lead Snowflake’s revenue and go-to-market teams to drive the next phase of growth. He brings over a decade of experience in high-growth, competitive markets, with leadership roles at EMC Corporation and Isilon Systems.
Zscaler ZS
The company reported its fourth quarter of 2024 results.
Thoughts on Zscaler Earnings Report $ZS:
🟢 Positive
Revenue reached $648M, up +23% YoY, exceeding estimates by 2.2%.
ARR surpassed $2.7B, up +23% YoY, with a $3B+ target by year-end.
Operating margin improved +2.0 PPs YoY to 21.7%.
Free cash flow margin hit a record 22.1%, up +2.9 PPs YoY.
EPS of $0.78, beating estimates by 13%.
DBNR improved to 115% (from 114% last quarter).
RPO increased +27.7% YoY to $4.62B.
$1M+ ARR customers grew +24.7% YoY to 620.
ZDX CoPilot bookings rose +45% YoY, reaching $50M.
AI-powered data protection ACV grew +40% YoY.
Large enterprise deals expanded, including seven-figure contracts with Fortune 50 energy and financial firms.
Federal growth: Eight-figure contract secured with an APJ national government.
Raised full-year guidance by 0.4%, now forecasting $2.64B - $2.65B revenue (+22.1% YoY).
🟡 Neutral
Billings growth accelerated to +18.3% YoY from +13.2% last quarter but is still growing slower than revenue.
Zero Trust Branch adoption rising, but hardware refresh cycle timing remains uncertain.
Guidance for Q1’25 revenue of $665M - $667M (+20.4% YoY) meets expectations, but growth is moderating.
S&M/revenue fell -3.4 PPs YoY but remains high at 36.7%.
R&D/revenue up +1.4 PPs YoY to 16.2%, supporting innovation but impacting margins.
G&A/revenue slightly down -0.3 PPs YoY to 5.9%, reflecting stable cost management.
🔴 Negative
Net new ARR fell -29.7% YoY to $80M, signaling slowing customer expansion.
Customer acquisition cost (CAC) payback period increased +17.8 months YoY to 45.1 months.
R&D Index (RDI) declined -0.82 YoY, suggesting slower efficiency improvements.
Stock-based compensation (SBC) climbed to 27% of revenue, up +1.7 PPs QoQ.
Basic shares up +3.2% YoY, leading to potential dilution concerns.
Federal contracts remain lumpy, impacting short-term revenue predictability.
Large deal scrutiny increasing, causing longer sales cycles and delays in decision-making.
Market Reaction to Earnings Release: The stock price increased by +5.4% following the earnings release.
Gitlab GTLB
The company reported its fourth quarter of 2024 results.
Thoughts on GitLab Earnings Report $GTLB:
🟢 Positive
Revenue reached $211.4M (+29.1% YoY), beating estimates by 2.7%.
Operating Margin improved to 17.7% (+9.6 PPs YoY).
Free Cash Flow Margin expanded to 29.4% (+14.4 PPs YoY).
EPS of $0.33 beat estimates by 94.1%.
RPO grew to $0.95B (+40.2% YoY), faster than revenue growth.
Billings reached $283M (+31.5% YoY).
$100K+ customers increased to 1,229 (+28.7% YoY, +85 new customers).
GitLab Ultimate now 50% of total ARR, driven by security and compliance demand.
GitLab Dedicated revenue grew 90% YoY, landing the largest first-order deal in company history.
AI investments driving adoption, with GitLab Duo outperforming expectations and contributing one-third of ARR in included deals.
CAC payback period at 16.7 months.
🟡 Neutral
DBNR is at 123% (down from 124% QoQ), but still at a high level.
R&D Index (RDI) at 1.14, down 0.04 YoY.
Q1'25 guidance of $212M-$213M (+25.6% YoY) in line with expectations.
SBC/revenue at 22%, declining 2.5 PPs QoQ but still dilutive.
🔴 Negative
Gross Margin declined slightly to 91.2% (-0.4 PPs YoY).
Basic shares increased by 4.1% YoY, while diluted shares increased 8.6% YoY, creating dilution concerns.
Self-managed customers hesitant to transition to SaaS, limiting GitLab Dedicated growth in some areas.
Increasing competition from GitHub Copilot, Cursor, and Claude Code could pressure AI-driven revenue expansion.
Market Reaction to Earnings Release: The stock price increased by +1.9% following the earnings release.
Samsara IOT
The company reported its fourth quarter of 2024 results.
Thoughts on Samsara Earnings Report $IOT:
🟢 Positive
Revenue reached $346.3M (+25.3% YoY, adj +36% YoY), beating estimates by 3.4%.
ARR grew to $1.46B (+32.3% YoY adj +33% YoY, +$109M net new ARR).
Operating margin expanded to 16.1% (+11.3 PPs YoY).
Gross margin reached 77.9% (+1.6 PPs YoY).
Free cash flow margin improved to 14.0% (+29.9 PPs YoY).
EPS of $0.11 beat estimates by 57.1%.
$100K+ customers grew to 2,506 (+35.6% YoY, +203 net new). Record-level additions.
114 $1M+ customers (+39.0% YoY, +14 net new). Additions at a record level.
AI-powered safety and telematics led to a 70% collision risk reduction for Bimbo Bakeries.
Miami-Dade County signed a $1M+ contract, strengthening Samsara’s public sector presence.
NRR for $10K+ ARR customers at 115%, and $100K+ ARR customers at 120%, unchanged QoQ.
🟡 Neutral
Billings increased to $392M (+16.1% YoY), trailing ARR growth.
Q1 2026 revenue guidance of $350M–$352M (+25% YoY) in line with estimates.
FY 2026 revenue guide at $1.523B–$1.533B (+22.3% YoY), also in line with expectations.
International net new ACV contribution at 17%, tied for second-highest quarterly mix.
RDI Index dropped to 1.45 (-0.53 YoY).
🔴 Negative
CAC payback period extended to 20.1 months (+10.2 YoY).
Stock-based compensation (SBC) at 21% of revenue, though improving (-3.0 PPs QoQ).
Macroeconomic uncertainty and long enterprise sales cycles pose challenges.
50% of North American vehicles still lack telematics, and 90% lack AI-based safety solutions, requiring more market penetration.
Market Reaction to Earnings Release: The stock price declined by -5.5% following the earnings release.
Duolingo DUOL
The company reported its fourth quarter of 2024 results.
Thoughts on Duolingo Earnings Report $DUOL:
🟢 Positive
Revenue reached $209.6M (+38.8% YoY, +40.0% QoQ), beating estimates by 2.2%.
Subscription revenue rose to $174.3M (+48.3% YoY), driving strong top-line growth.
Total bookings grew 42.2% YoY to $271.6M, with subscription bookings up 49.9%.
Paid subscribers increased 43.9% YoY to 9.5M, reflecting strong demand for Duolingo Max and Family Plan.
DAUs grew 50.6% YoY to 40.5M, showcasing continued engagement.
Operating margin expanded 3.0 PPs YoY to 25.0%, with free cash flow margin up 9.9 PPs to 41.9%.
Lower CAC payback period of 5.8 months (-0.5 YoY), improving cost efficiency.
R&D index increased to 1.41 (+0.03 YoY), showing continued product investment.
🟡 Neutral
MAUs increased 32.0% YoY to 116.7M, but growth slowed.
Guidance for Q1 2025 revenue ($220.5M - $223.5M, +32.5% YoY) and FY revenue ($962.5M - $978.5M, +29.7% YoY) was in line with estimates.
Ad revenue saw limited growth (+5.4% YoY) due to lower external ad volume and RPMs.
S&M expense declined to 11.1% of revenue (-0.7 PPs YoY), improving efficiency.
G&A expenses decreased as a percentage of revenue, improving profitability metrics.
Diluted shares outstanding dropped -5.6% YoY (-7.9 PPs QoQ), but basic shares increased 5.3% YoY.
Gross margin declined 1.2 PPs YoY to 71.9% due to high AI costs, particularly from Duolingo Max.
EPS of $0.32 missed estimates by -34.7%, impacted by AI investment and hiring.
🔴 Negative
Net margin fell 1.4 PPs YoY to 6.6%, reflecting near-term cost pressures.
India’s $70/year Max pricing is limiting adoption, with possible adjustments needed.
International expansion in China faces regulatory barriers, delaying Duolingo Max rollout.
Gross margin expected to decline further in H1 2025 (-300 bps) before recovering in H2.
Market Reaction to Earnings Release: The stock price decrease by -7.4% following the earnings release.
Mongodb MDB
The company reported its fourth quarter of 2024 results.
Thoughts on MongoDB Earnings Report $MDB:
🟢 Positive
Revenue: $548M (+19.7% YoY), beating estimates by 5.9%.
Atlas Growth: $389M revenue (+24.0% YoY), 71% of total revenue.
Operating Margin: 20.5% (+5.4 PPs YoY).
EPS: $1.28, beating estimates by 100%.
Net New ARR: $261M (+194.9% YoY).
Enterprise Expansion: 320 customers with $1M+ ARR, up 24% YoY.
New Pricing Model: Atlas Flex launched to optimize cloud spending.
New AI Capabilities: Voyage AI acquisition enhances vector search and retrieval accuracy.
MongoDB 8.0: Performance and automation upgrades for scalability in AI applications.
🟡 Neutral
Net AR Expansion: 118%, down from 120% QoQ.
Billings: $602M (+17.0% YoY), in line with growth but slightly lagging revenue.
Guidance for Q1 FY26: $524M - $529M (+16.8% YoY), meeting expectations.
CAC Payback Period: 36.2 months, up 13.1 months YoY.
Stock-Based Compensation (SBC)/Revenue: 24%.
Operating margin expected to decline to 10% in FY26 due to AI, R&D, and marketing.
🔴 Negative
Gross Margin: 75.1%, down 2.1 PPs YoY, impacted by higher Atlas infrastructure costs.
Free Cash Flow Margin: 4.2%, down 6.9 PPs YoY, affected by $24M IPv4 purchase.
FY26 Revenue Guidance: $2.24B - $2.28B (+12.6% YoY), missing estimates by -2.6%.
Multi-Year Deal Impact: $50M headwind expected in FY26 from fewer renewals in non-Atlas contracts.
Share Dilution: Basic shares up 7.3% YoY, diluted shares up 16.9% YoY.
Market Reaction to Earnings Release: The stock price declined by -16.1% following the earnings release.
Thank you for reading!
Follow me for frequent updates on key news on X/Twitter and Threads @SergeyCYW and for visual infographics on Instagram.
For portfolio changes, follow me on SavvyTrader, where you'll find: current portfolio holdings, portfolio performance, trade alerts, and trade history.
Past recaps:
February 2025
January 2025
December 2024
November 2024
October 2024
September 2024
August 2024
July 2024
June 2024
May 2024
April 2024
March 2024
Disclaimer: This portfolio summary is for informational purposes only and not investment advice. Opinions are my own; please conduct your own due diligence.