Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.</li>
<li>I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.</li>
</ul>


Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.
The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.
I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.


Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

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.
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Equity Bottom-Up

<ul><li>Cloudflare reported its financial performance for Q1 2025, showcasing several encouraging outcomes along with some aspects that warrant attention.</li><li>The company achieved a revenue of $479.1 million, marking a 27% increase year-over-year.</li><li>This growth was primarily driven by the addition of large customers, with 3,527 clients contributing over $100,000 annually—a 23% year-over-year rise.</li></ul>

Cloudflare reported its financial performance for Q1 2025, showcasing several encouraging outcomes along with some aspects that warrant attention.The company achieved a revenue of $479.1 million, marking a 27% increase year-over-year.This growth was primarily driven by the addition of large customers, with 3,527 clients contributing over $100,000 annually—a 23% year-over-year rise.

Cloudflare Inc.: Expansion in Zero Trust and SASE Solutions & Major Growth Levers!

<ul><li>Cloudflare Inc. concluded 2024 with a robust performance, reporting notable financial and operational achievements for the fourth quarter.</li><li>Revenue reached $459.9 million, marking a 27% increase compared to the previous year.</li><li>The company reported significant growth in its large customer segment—those contributing over $100,000 annually—with a year-over-year uptick of 27% in this segment, representing 69% of total revenue, up from 66% the previous year.</li></ul>

Cloudflare Inc. concluded 2024 with a robust performance, reporting notable financial and operational achievements for the fourth quarter.Revenue reached $459.9 million, marking a 27% increase compared to the previous year.The company reported significant growth in its large customer segment—those contributing over $100,000 annually—with a year-over-year uptick of 27% in this segment, representing 69% of total revenue, up from 66% the previous year.

Cloudflare Inc.: Can Its Enhanced Utilization in AI and Agents Help Catalyze Top-Line Growth?

<ul><li>Cloudflare's Q3 2024 financial results reflect a mixed performance characterized by areas of significant growth as well as certain challenges that require attention.</li><li>During the quarter, Cloudflare achieved a revenue of $430.1 million, representing a 28% year-over-year increase.</li><li>This was driven by strategic customer acquisition, notably the record addition of 219 large customers, many paying over $100,000 annually.</li></ul>

Cloudflare's Q3 2024 financial results reflect a mixed performance characterized by areas of significant growth as well as certain challenges that require attention.During the quarter, Cloudflare achieved a revenue of $430.1 million, representing a 28% year-over-year increase.This was driven by strategic customer acquisition, notably the record addition of 219 large customers, many paying over $100,000 annually.

Cloudflare Inc.: An Insight Into Its Product Diversification & Innovation & Other Major Drivers

<ul><li>Cloudflare reported its financial results for the second quarter of 2024, demonstrating resilient performance amidst ongoing macroeconomic uncertainty.</li><li>The company continued its growth trajectory, recording $401 million in revenue, reflecting a 30% increase year-over-year.</li><li>The earnings reflected consistent engagement with high value customers, with a notable addition of 168 new large customers who contribute significantly, symbolizing a similar 30% growth year-over-year in this customer segment.</li></ul>

Cloudflare reported its financial results for the second quarter of 2024, demonstrating resilient performance amidst ongoing macroeconomic uncertainty.The company continued its growth trajectory, recording $401 million in revenue, reflecting a 30% increase year-over-year.The earnings reflected consistent engagement with high value customers, with a notable addition of 168 new large customers who contribute significantly, symbolizing a similar 30% growth year-over-year in this customer segment.

Cloudflare Inc.: These Are The 7 Pivotal Growth Levels Of The Technology Giant! - Financial Forecasts

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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Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

Cloudflare Inc.: Expansion in Zero Trust and SASE Solutions & Major Growth Levers!

Cloudflare reported its financial performance for Q1 2025, showcasing several encouraging outcomes along with some aspects that warrant...

Baptista Research

Cloudflare Inc.: Can Its Enhanced Utilization in AI and Agents Help Catalyze Top-Line Growth?

Cloudflare Inc. concluded 2024 with a robust performance, reporting notable financial and operational achievements for the fourth quarter. Revenue...

Baptista Research

Cloudflare Inc.: An Insight Into Its Product Diversification & Innovation & Other Major Drivers

Cloudflare's Q3 2024 financial results reflect a mixed performance characterized by areas of significant growth as well as certain challenges that...

Baptista Research

Cloudflare Inc.: These Are The 7 Pivotal Growth Levels Of The Technology Giant! - Financial Forecasts

Cloudflare reported its financial results for the second quarter of 2024, demonstrating resilient performance amidst ongoing macroeconomic...

Baptista Research

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Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

​Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

Cloudflare Inc.: Expansion in Zero Trust and SASE Solutions & Major Growth Levers!

Cloudflare reported its financial performance for Q1 2025, showcasing several encouraging outcomes along with some aspects that warrant...

Baptista Research

Cloudflare Inc.: Can Its Enhanced Utilization in AI and Agents Help Catalyze Top-Line Growth?

Cloudflare Inc. concluded 2024 with a robust performance, reporting notable financial and operational achievements for the fourth quarter. Revenue...

Baptista Research

Cloudflare Inc.: An Insight Into Its Product Diversification & Innovation & Other Major Drivers

Cloudflare's Q3 2024 financial results reflect a mixed performance characterized by areas of significant growth as well as certain challenges that...

Baptista Research

Cloudflare Inc.: These Are The 7 Pivotal Growth Levels Of The Technology Giant! - Financial Forecasts

Cloudflare reported its financial results for the second quarter of 2024, demonstrating resilient performance amidst ongoing macroeconomic...

Baptista Research

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...