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>In the fourth quarter of 2025, Cloudflare, Inc. reported strong financial performance with revenue of $614.5 million, representing a 34% year-over-year increase.</li><li>Large customers, contributing 73% of total revenue, grew their spending by 42% year-over-year.</li><li>The company saw an increase in large customers, those bringing in more than $100,000 annually, to 4,298, marking a 23% year-over-year growth.</li></ul>

In the fourth quarter of 2025, Cloudflare, Inc. reported strong financial performance with revenue of $614.5 million, representing a 34% year-over-year increase.Large customers, contributing 73% of total revenue, grew their spending by 42% year-over-year.The company saw an increase in large customers, those bringing in more than $100,000 annually, to 4,298, marking a 23% year-over-year growth.

Cloudflare Workers Is Gaining Momentum—What Fortune 500 Adoption Signals About the Platform’s Future!

<ul><li>In a dramatic turn of events, Cloudflare faced a significant but short-lived service outage this week due to an unprecedented surge in traffic.</li><li>This unexpected spike overwhelmed parts of its global network, temporarily disrupting key customer workloads.</li><li>Yet, what stands out is Cloudflare’s rapid containment and resolution of the incident.</li></ul>

In a dramatic turn of events, Cloudflare faced a significant but short-lived service outage this week due to an unprecedented surge in traffic.This unexpected spike overwhelmed parts of its global network, temporarily disrupting key customer workloads.Yet, what stands out is Cloudflare’s rapid containment and resolution of the incident.

Cloudflare’s Traffic Overload Sparks Outage & $3B Stock Selloff!

<ul><li>Cloudflare's Q3 2025 results show a strong financial and operational performance, marked by a year-over-year revenue increase of 30.7% to $562 million.</li><li>The company attributes this growth to effective innovation and execution, particularly in transitioning from a product-led growth model to a full-fledged enterprise sales strategy.</li><li>Large customers, defined as those contributing more than $100,000 annually, increased by 23%, making up 73% of the total revenue.</li></ul>

Cloudflare's Q3 2025 results show a strong financial and operational performance, marked by a year-over-year revenue increase of 30.7% to $562 million.The company attributes this growth to effective innovation and execution, particularly in transitioning from a product-led growth model to a full-fledged enterprise sales strategy.Large customers, defined as those contributing more than $100,000 annually, increased by 23%, making up 73% of the total revenue.

Cloudflare Q3 Earnings: How Its AI Edge Network & SASE Focus Could Be the Game Changer Wall Street Missed!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>50-Day MAs have held on SPX and QQQ, but we're concerned of a prolonged consolidation--primarily for QQQ and likely through mid-to-late-August--following the latest stumble for semiconductors, memory, and optical equipment.</li>
<li>The IWM and equal-weighted S&amp;P 500 (RSP) remain leadership while Technology has continued to consolidate, and support remains at the 20-day MAs on IWM and RSP.</li>
<li>IWM and RSP leadership tells us this remains a healthy and broad-based bull market, and we believe the current "rotation trade" is likely to continue for at least another month.</li>
</ul>


50-Day MAs have held on SPX and QQQ, but we're concerned of a prolonged consolidation--primarily for QQQ and likely through mid-to-late-August--following the latest stumble for semiconductors, memory, and optical equipment.
The IWM and equal-weighted S&amp;P 500 (RSP) remain leadership while Technology has continued to consolidate, and support remains at the 20-day MAs on IWM and RSP.
IWM and RSP leadership tells us this remains a healthy and broad-based bull market, and we believe the current "rotation trade" is likely to continue for at least another month.


Prolonged Consolidation to Continue for QQQ; Semiconductors/Memory Violating 20-Day MA

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We recommend taking profits on WUXIAT80 with a 19.7% return, along with exiting positions in DDOG19 and NETO3, and cutting losses on BIREN23.</li><li>We also suggest initiating a new position in SHOPO6, driven by upside from Muse Al integration and strong fund inflows into US software equities.</li><li>Our KTX Tactical DR Port posted a return of -0.85% amid heightened US stock market volatility and rising US Treasury yields.</li></ul>

We recommend taking profits on WUXIAT80 with a 19.7% return, along with exiting positions in DDOG19 and NETO3, and cutting losses on BIREN23.We also suggest initiating a new position in SHOPO6, driven by upside from Muse Al integration and strong fund inflows into US software equities.Our KTX Tactical DR Port posted a return of -0.85% amid heightened US stock market volatility and rising US Treasury yields.

United States

Cloudflare, Inc. designs and develops software solutions. The Company offers platform for load balancing, video streaming, security, analysis, and domain registration. Cloudflare serves customers worldwide.

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Cloudflare (NET US)

Cloudflare Workers Is Gaining Momentum—What Fortune 500 Adoption Signals About the Platform’s Future!

In the fourth quarter of 2025, Cloudflare, Inc. reported strong financial performance with revenue of $614.5 million, representing a 34%...

Baptista Research

Cloudflare’s Traffic Overload Sparks Outage & $3B Stock Selloff!

In a dramatic turn of events, Cloudflare faced a significant but short-lived service outage this week due to an unprecedented surge in...

Baptista Research

Cloudflare Q3 Earnings: How Its AI Edge Network & SASE Focus Could Be the Game Changer Wall Street Missed!

Cloudflare's Q3 2025 results show a strong financial and operational performance, marked by a year-over-year revenue increase of 30.7% to $562...

Baptista Research

Prolonged Consolidation to Continue for QQQ; Semiconductors/Memory Violating 20-Day MA

Prolonged Consolidation to Continue for $QQQ; Semiconductors/Memory Violating 20-day MA $SMH $SOXX $DRAM $MU $SNDK $WDC $STX. Current "rotation...

Vermilion Research

KTX Tactical DR Picks

We recommend taking profits on WUXIAT80 with a 19.7% return, along with exiting positions in DDOG19 and NETO3, and cutting losses on BIREN23. We...

Krungthai XSpring

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