Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Atlassian Corporation Plc reported its fourth quarter and full fiscal year 2026 financial results marked by continued revenue growth and strategic execution, with total revenue increasing 28% year-over-year to $1.8 billion and cloud revenue rising 31% to $1.2 billion.</li><li>The company also reported a robust remaining performance obligation (RPO) growth of 44% to $4.8 billion and maintained a GAAP operating margin of 12%.</li><li>These metrics indicate sustained demand for Atlassian’s cloud-first software offerings and the success of its transition away from legacy data center products.</li></ul>

Atlassian Corporation Plc reported its fourth quarter and full fiscal year 2026 financial results marked by continued revenue growth and strategic execution, with total revenue increasing 28% year-over-year to $1.8 billion and cloud revenue rising 31% to $1.2 billion.The company also reported a robust remaining performance obligation (RPO) growth of 44% to $4.8 billion and maintained a GAAP operating margin of 12%.These metrics indicate sustained demand for Atlassian’s cloud-first software offerings and the success of its transition away from legacy data center products.

Atlassian’s AI Breakthrough: Can Teamwork Graph Become Its Hidden Moat?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Atlassian reported Q4 2026 revenue of $1,766 million, up 28% YoY, flat sequentially but up roughly 6% above the high end of the guided range from back in April.</li>
<li>Quarterly cloud revenue accelerated to $1,213 million, up 31% YoY, and a full 5.5 points above the ~25.5% cloud growth management had guided for the quarter.</li>
<li>Despite posting a 2027 forecast that has revenue growth decelerating from 26% to 13%, the company's share price soared 35% post earnings. Is the SaaSpocalypse over already?</li>
</ul>


Atlassian reported Q4 2026 revenue of $1,766 million, up 28% YoY, flat sequentially but up roughly 6% above the high end of the guided range from back in April.
Quarterly cloud revenue accelerated to $1,213 million, up 31% YoY, and a full 5.5 points above the ~25.5% cloud growth management had guided for the quarter.
Despite posting a 2027 forecast that has revenue growth decelerating from 26% to 13%, the company's share price soared 35% post earnings. Is the SaaSpocalypse over already?


Atlassian Q426. A Phoenix Rising From The SaaSpocalypse Ashes?

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.</li>
<li>The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.</li>
<li>Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.</li>
</ul>



Walmart (WMT US) is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.
The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.
Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.


Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

<ul>
<li>Atlassian Corporation Plc reported its third quarter fiscal year 2026 results showing a 32% year-over-year increase in total revenue to $1.8 billion.</li>
<li>Cloud revenue continued to be a key growth driver, surpassing $1.1 billion and accelerating to 29% growth year-over-year.</li>
<li>Remaining performance obligation (RPO) also grew 37% year-over-year to $4 billion.</li>
</ul>


Atlassian Corporation Plc reported its third quarter fiscal year 2026 results showing a 32% year-over-year increase in total revenue to $1.8 billion.
Cloud revenue continued to be a key growth driver, surpassing $1.1 billion and accelerating to 29% growth year-over-year.
Remaining performance obligation (RPO) also grew 37% year-over-year to $4 billion.


Atlassian: Expanding From Teamwork Software Into an AI-Driven Enterprise Operating System...

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Nasdaq conducted a market consultation from 2-27 February regarding potential changes to Fast Entry, Calculation of Market Cap for Eligibility Purposes, the Low Float Adjustment, and other small changes.</li>
<li>The result: all measures are approved, some with minor modifications described in the new methodology (going into effect May 1), and the Low Float multiplier is 3x not 5x.</li>
<li>This will likely get SpaceX in when it IPOs, but <a href="https://www.smartkarma.com/entities/atlassian-corp" target="_blank" data-smartkarma-citation="entities:21026:1" rel="noopener">Atlassian (TEAM US)</a> is almost certainly out on 17 April, with the add likely to be <a href="https://www.smartkarma.com/entities/sandisk-corp" target="_blank" data-smartkarma-citation="entities:1093:1" rel="noopener">Sandisk Corp (SNDK US)</a>. </li>
</ul>


Nasdaq conducted a market consultation from 2-27 February regarding potential changes to Fast Entry, Calculation of Market Cap for Eligibility Purposes, the Low Float Adjustment, and other small changes.
The result: all measures are approved, some with minor modifications described in the new methodology (going into effect May 1), and the Low Float multiplier is 3x not 5x.
This will likely get SpaceX in when it IPOs, but Atlassian (TEAM US) is almost certainly out on 17 April, with the add likely to be Sandisk Corp (SNDK US). 


[Quiddity Index] Nasdaq 100 Consultation Concluded - Low Float Names In, But Lower Weight, TEAM Out?

United States

Atlassian Corporation provides technology solutions. The Company designs and develops enterprise software platform for project management, collaboration, issue tracking, integration, deployment, and support services. Atlassian serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Atlassian (TEAM US)

Atlassian’s AI Breakthrough: Can Teamwork Graph Become Its Hidden Moat?

Atlassian Corporation Plc reported its fourth quarter and full fiscal year 2026 financial results marked by continued revenue growth and strategic...

Baptista Research

Atlassian Q426. A Phoenix Rising From The SaaSpocalypse Ashes?

Despite posting a 2027 forecast that has revenue growth decelerating from 26% to 13%, the company's share price soared 35% post earnings. Is the...

William Keating

Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

AstraZeneca (AZN) will delist its ADRs from Nasdaq and transition to a direct listing of its ordinary shares on the NYSE on 2 February. As a...

Dimitris Ioannidis

Atlassian: Expanding From Teamwork Software Into an AI-Driven Enterprise Operating System...

Atlassian Corporation Plc reported its third quarter fiscal year 2026 results showing a 32% year-over-year increase in total revenue to $1.8 billion.

Baptista Research

[Quiddity Index] Nasdaq 100 Consultation Concluded - Low Float Names In, But Lower Weight, TEAM Out?

The Nasdaq 100 consultation result is published. Most proposed changes are adopted without modification. Fast entry timing is adjusted based on...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)