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>CrowdStrike Holdings, Inc. presented its fiscal second-quarter 2026 results, highlighting several positive outcomes and some challenges.</li><li>Key highlights included a robust quarter marked by record Q2 net new Annual Recurring Revenue (ARR) of $221 million, ending ARR of $4.66 billion, and record operating income of $255 million.</li><li>The company's total revenue grew by 21% year-over-year, reaching $1.17 billion, exceeding expectations.</li></ul>

CrowdStrike Holdings, Inc. presented its fiscal second-quarter 2026 results, highlighting several positive outcomes and some challenges.Key highlights included a robust quarter marked by record Q2 net new Annual Recurring Revenue (ARR) of $221 million, ending ARR of $4.66 billion, and record operating income of $255 million.The company's total revenue grew by 21% year-over-year, reaching $1.17 billion, exceeding expectations.

CrowdStrike: Expansion in Identity Protection Market

<ul><li>CrowdStrike Holdings, Inc., a leader in cybersecurity, delivered a robust performance in its fiscal first quarter of 2026, demonstrating both strengths and challenges.</li><li>The company's headline achievement was its double-digit million-dollar addition to net new ARR, significantly surpassing expectations and reaching an ending ARR of $4.4 billion.</li><li>This milestone reinforces its stature as a dominant player in pure-play cybersecurity software at scale.</li></ul>

CrowdStrike Holdings, Inc., a leader in cybersecurity, delivered a robust performance in its fiscal first quarter of 2026, demonstrating both strengths and challenges.The company's headline achievement was its double-digit million-dollar addition to net new ARR, significantly surpassing expectations and reaching an ending ARR of $4.4 billion.This milestone reinforces its stature as a dominant player in pure-play cybersecurity software at scale.

CrowdStrike Is Replacing Legacy Cybersecurity With Adaptive Models & Lightning-Fast Threat Detection; What’s The Revenue Impact?

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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>Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.</li>
<li>Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.</li>
</ul>


Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.
Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.

Dell Technologies (DELL US) is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.


S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.</li>
<li>In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The index is reviewed quarterly. The next review will be in June 2024 and the evaluation date for the rankings for the constituent selection process is 6th June 2024.
In this insight, we take a look at the Potential ADDs and Potential DELs for the June 2024 index rebal event and the intra-review ADDs/DELETEs.


Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

<ul><li>CrowdStrike Holdings, Inc. has demonstrated resilience and strategic growth in its Q4 and Fiscal Year 2025 financial results.</li><li>The company's performance indicates effective management and the potential to leverage its offerings in the evolving cybersecurity market driven by the advancement of AI technologies.</li><li>On the positive side, CrowdStrike reported a notable Q4 net new Annual Recurring Revenue (ARR) of $224 million, surpassing expectations and ending FY 2025 with $4.24 billion in ARR.</li></ul>

CrowdStrike Holdings, Inc. has demonstrated resilience and strategic growth in its Q4 and Fiscal Year 2025 financial results.The company's performance indicates effective management and the potential to leverage its offerings in the evolving cybersecurity market driven by the advancement of AI technologies.On the positive side, CrowdStrike reported a notable Q4 net new Annual Recurring Revenue (ARR) of $224 million, surpassing expectations and ending FY 2025 with $4.24 billion in ARR.

Crowdstrike Holdings: The Falcon Flex Program & Key Developments That Are Strengthening Its Market Position!

United States

CrowdStrike Holdings, Inc. provides cybersecurity products and services to stop breaches. The Company offers cloud-delivered protection across endpoints, cloud workloads, identity and data, and leading threat intelligence, managed security services, IT operations management, threat hunting, Zero Trust identity protection, and log management. CrowdStrike serves customers worldwide.

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Crowdstrike Holdings (CRWD US)

CrowdStrike: Expansion in Identity Protection Market

CrowdStrike Holdings, Inc. presented its fiscal second-quarter 2026 results, highlighting several positive outcomes and some challenges. Key...

Baptista Research

CrowdStrike Is Replacing Legacy Cybersecurity With Adaptive Models & Lightning-Fast Threat Detection; What’s The Revenue Impact?

CrowdStrike Holdings, Inc., a leader in cybersecurity, delivered a robust performance in its fiscal first quarter of 2026, demonstrating both...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

The SP500 will to see up to 4 intra-review changes before the June 2024 rebal. 3 near certain. The interesting ones? Two SP600 deletions due to...

Travis Lundy

Crowdstrike Holdings: The Falcon Flex Program & Key Developments That Are Strengthening Its Market Position!

CrowdStrike Holdings, Inc. has demonstrated resilience and strategic growth in its Q4 and Fiscal Year 2025 financial results. The company's...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CrowdStrike: Expansion in Identity Protection Market

CrowdStrike Holdings, Inc. presented its fiscal second-quarter 2026 results, highlighting several positive outcomes and some challenges. Key...

Baptista Research

CrowdStrike Is Replacing Legacy Cybersecurity With Adaptive Models & Lightning-Fast Threat Detection; What’s The Revenue Impact?

CrowdStrike Holdings, Inc., a leader in cybersecurity, delivered a robust performance in its fiscal first quarter of 2026, demonstrating both...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P ​Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

Quiddity Leaderboard S&P 500 Jun 24 Rebal: Many Intra-Review Changes Possible Due to M&A, Spin-Offs

The SP500 will to see up to 4 intra-review changes before the June 2024 rebal. 3 near certain. The interesting ones? Two SP600 deletions due to...

Travis Lundy

Crowdstrike Holdings: The Falcon Flex Program & Key Developments That Are Strengthening Its Market Position!

CrowdStrike Holdings, Inc. has demonstrated resilience and strategic growth in its Q4 and Fiscal Year 2025 financial results. The company's...

Baptista Research

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...