Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Rubrik, cybersecurity company and leader in the segment of enterprise backup and recovery software solutions, delivered a high quality beat and raise in 3QFY25.</li>
<li>Stock indicated up 20%+ during regular trading session on heavy volume. Rubrik raised guidance for FY25 total revenue to $861M at the midpoint, implying ~37% growth.</li>
<li>Moreover, the company generated positive FCF, achieved strong growth at scale and surpassed $1B+ in subscription ARR, a big milestone.</li>
</ul>


Rubrik, cybersecurity company and leader in the segment of enterprise backup and recovery software solutions, delivered a high quality beat and raise in 3QFY25.
Stock indicated up 20%+ during regular trading session on heavy volume. Rubrik raised guidance for FY25 total revenue to $861M at the midpoint, implying ~37% growth.
Moreover, the company generated positive FCF, achieved strong growth at scale and surpassed $1B+ in subscription ARR, a big milestone.


Rubrik 3QFY25 Wrap: Solid Outlook, Improving FCF and $1B+ In Subscription ARR

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.

<ul><li>CrowdStrike reported its fiscal third-quarter results for 2025, showcasing several strengths but also facing some challenges.</li><li>The company achieved key milestones in the quarter, with annual recurring revenue (ARR) surpassing $4 billion and total revenue exceeding $1 billion for the first time.</li><li>Subscription revenue alone grew by 31% year-over-year, reflecting the strong demand for its cybersecurity offerings.</li></ul>

CrowdStrike reported its fiscal third-quarter results for 2025, showcasing several strengths but also facing some challenges.The company achieved key milestones in the quarter, with annual recurring revenue (ARR) surpassing $4 billion and total revenue exceeding $1 billion for the first time.Subscription revenue alone grew by 31% year-over-year, reflecting the strong demand for its cybersecurity offerings.

CrowdStrike Holdings: How Are They Executing Expansion Beyond Endpoint Security? - Major Drivers

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Thematic (Sector/Industry)

<ul>
<li>Apple iPhone 16 pre-orders weak and Questions on Apple Intelligence remain</li>
<li>Big software investor days. Expect AI to feature big on hype, but what to expect from TAM to ARR to products?</li>
<li>Semis: Samsung challenges, Intel relief but pressures remain, TSM momentum, this time with ByteDance </li>
</ul>


Apple iPhone 16 pre-orders weak and Questions on Apple Intelligence remain
Big software investor days. Expect AI to feature big on hype, but what to expect from TAM to ARR to products?
Semis: Samsung challenges, Intel relief but pressures remain, TSM momentum, this time with ByteDance 


TMT Daily:Apple, TikTok, PINS, Semis (TSM, Samsung, Intel), Software (EA, CRM, CRWD, WDAY, HUBS),EVs

<ul><li>CrowdStrike, a leader in cybersecurity known for its AI-driven Falcon platform, now finds itself grappling with significant challenges in the wake of a global IT outage that has shaken its foundations.</li><li>While the company has long been recognized for its robust growth, technological innovation, and a solid client base, the recent incident has exposed vulnerabilities that could impact its future trajectory.</li><li>The outage, which disrupted services across critical sectors, has raised questions about the resilience of CrowdStrike's operations and the reliability of its platform.</li></ul>

CrowdStrike, a leader in cybersecurity known for its AI-driven Falcon platform, now finds itself grappling with significant challenges in the wake of a global IT outage that has shaken its foundations.While the company has long been recognized for its robust growth, technological innovation, and a solid client base, the recent incident has exposed vulnerabilities that could impact its future trajectory.The outage, which disrupted services across critical sectors, has raised questions about the resilience of CrowdStrike's operations and the reliability of its platform.

CrowdStrike's Post-Outage Reality: Navigating the Challenges Ahead!

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.

Event-Driven

<ul>
<li>The 'Financial Viability' (GAAP earnings) criterion is the main obstacle that keeps companies out of the S&amp;P 500 and overall S&amp;P 1500.</li>
<li>
<a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a> and <a href="https://www.smartkarma.com/entities/crowdstrike-holdings-inc" target="_blank" data-smartkarma-citation="entities:28117:1" rel="noopener">Crowdstrike Holdings (CRWD US)</a> are past examples of companies that got added to S&amp;P 500 after passing the GAAP Earnings criterion.</li>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> and <a href="https://www.smartkarma.com/entities/snowflake-inc" target="_blank" data-smartkarma-citation="entities:29254:1" rel="noopener">Snowflake (SNOW US)</a> are currently ineligible for S&amp;P 500 inclusion due to failing the GAAP Earnings eligibility requirement. </li>
</ul>


The 'Financial Viability' (GAAP earnings) criterion is the main obstacle that keeps companies out of the S&amp;P 500 and overall S&amp;P 1500.

Uber Technologies (UBER US) and Crowdstrike Holdings (CRWD US) are past examples of companies that got added to S&amp;P 500 after passing the GAAP Earnings criterion.

Marvell Technology (MRVL US) and Snowflake (SNOW US) are currently ineligible for S&amp;P 500 inclusion due to failing the GAAP Earnings eligibility requirement. 


S&P 500 / S&P 1500: Exclusion by Earnings

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)

Rubrik 3QFY25 Wrap: Solid Outlook, Improving FCF and $1B+ In Subscription ARR

Rubrik shares outperformed in 2024 with shares up ~102% vs. IPO offer price of $32/share. In my insight, I set a new PT for Rubrik and discuss...

Andrei Zakharov

CrowdStrike Holdings: How Are They Executing Expansion Beyond Endpoint Security? - Major Drivers

CrowdStrike reported its fiscal third-quarter results for 2025, showcasing several strengths but also facing some challenges. The company achieved...

Baptista Research

TMT Daily:Apple, TikTok, PINS, Semis (TSM, Samsung, Intel), Software (EA, CRM, CRWD, WDAY, HUBS),EVs

Apple iPhone 16 pre-orders disappointing. Big software investor days AI hype and product expectations. Challenges for Samsung, Intel relief short...

Neil Campling

CrowdStrike's Post-Outage Reality: Navigating the Challenges Ahead!

CrowdStrike, a leader in cybersecurity known for its AI-driven Falcon platform, now finds itself grappling with significant challenges in the wake...

Baptista Research

S&P 500 / S&P 1500: Exclusion by Earnings

GAAP earnings is the key factor determining final eligibility of large companies for the S&P 500 with Uber and CrowdStrike getting added after...

Dimitris Ioannidis

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Rubrik 3QFY25 Wrap: Solid Outlook, Improving FCF and $1B+ In Subscription ARR

Rubrik shares outperformed in 2024 with shares up ~102% vs. IPO offer price of $32/share. In my insight, I set a new PT for Rubrik and discuss...

Andrei Zakharov

CrowdStrike Holdings: How Are They Executing Expansion Beyond Endpoint Security? - Major Drivers

CrowdStrike reported its fiscal third-quarter results for 2025, showcasing several strengths but also facing some challenges. The company achieved...

Baptista Research

TMT Daily:Apple, TikTok, PINS, Semis (TSM, Samsung, Intel), Software (EA, CRM, CRWD, WDAY, HUBS),EVs

​Apple iPhone 16 pre-orders disappointing. Big software investor days AI hype and product expectations. Challenges for Samsung, Intel relief short...

Neil Campling

CrowdStrike's Post-Outage Reality: Navigating the Challenges Ahead!

CrowdStrike, a leader in cybersecurity known for its AI-driven Falcon platform, now finds itself grappling with significant challenges in the wake...

Baptista Research

S&P 500 / S&P 1500: Exclusion by Earnings

GAAP earnings is the key factor determining final eligibility of large companies for the S&P 500 with Uber and CrowdStrike getting added after...

Dimitris Ioannidis

Apple iPhone 16 pre-orders disappointing. Big software investor days AI hype and product expectations. Challenges for Samsung, Intel relief short...