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>CyberArk Software Ltd.'s first quarter results of 2025 indicate a robust start to the year, showing strong financial performance that exceeds expectations across all primary metrics.</li><li>On the positive side, the company reported total revenues of $318 million, supported by an annual recurring revenue (ARR) of $1.215 billion.</li><li>This figure underscores a significant supplemental ARR of $46 million from the previous year and a solid growth trajectory, driven largely by subscription ARR, which reached $1.028 billion.</li></ul>

CyberArk Software Ltd.'s first quarter results of 2025 indicate a robust start to the year, showing strong financial performance that exceeds expectations across all primary metrics.On the positive side, the company reported total revenues of $318 million, supported by an annual recurring revenue (ARR) of $1.215 billion.This figure underscores a significant supplemental ARR of $46 million from the previous year and a solid growth trajectory, driven largely by subscription ARR, which reached $1.028 billion.

CyberArk Seizes AI Opportunity With Bold Expansion Into Machine Identity Management; What Lies Ahead?

<ul><li>Palo Alto Networks is reportedly in advanced discussions to acquire CyberArk Software in what could be one of the largest cybersecurity deals of 2025, valued well above CyberArk’s current $20 billion market capitalization.</li><li>The deal could be finalized as early as this week, according to sources familiar with the matter.</li><li>This move would represent a strategic escalation in Palo Alto's ongoing push toward cybersecurity platform consolidation—particularly in identity security, a domain increasingly recognized as the central battleground against cyber threats.</li></ul>

Palo Alto Networks is reportedly in advanced discussions to acquire CyberArk Software in what could be one of the largest cybersecurity deals of 2025, valued well above CyberArk’s current $20 billion market capitalization.The deal could be finalized as early as this week, according to sources familiar with the matter.This move would represent a strategic escalation in Palo Alto's ongoing push toward cybersecurity platform consolidation—particularly in identity security, a domain increasingly recognized as the central battleground against cyber threats.

CyberArk In The Crosshairs: Why Palo Alto’s $20B Acquisition Bid Might Make Strategic Sense

<ul><li>CyberArk Software Ltd has reported its first quarter 2025 earnings, demonstrating a strong financial performance that exceeded the company’s guided metrics.</li><li>The company achieved an Annual Recurring Revenue (ARR) of $1.215 billion, with total revenue amounting to $318 million.</li><li>An operating margin of 18% was recorded, alongside a free cash flow generation of $96 million.</li></ul>

CyberArk Software Ltd has reported its first quarter 2025 earnings, demonstrating a strong financial performance that exceeded the company’s guided metrics.The company achieved an Annual Recurring Revenue (ARR) of $1.215 billion, with total revenue amounting to $318 million.An operating margin of 18% was recorded, alongside a free cash flow generation of $96 million.

CyberArk Software Doubles Down on Machine Identity—Is This the Next Big Cybersecurity Goldmine?

<ul><li>CyberArk's 2024 financial performance and strategic initiatives demonstrate a mix of robust growth and cautious optimism for the future.</li><li>The company achieved significant milestones, notably surpassing $1 billion in annual recurring revenue (ARR) and total revenue for the first time.</li><li>This growth was fueled in part by successful integration and performance of recent acquisitions, Venafi and Zilla Security, which expanded CyberArk's footprint in the identity security market.</li></ul>

CyberArk's 2024 financial performance and strategic initiatives demonstrate a mix of robust growth and cautious optimism for the future.The company achieved significant milestones, notably surpassing $1 billion in annual recurring revenue (ARR) and total revenue for the first time.This growth was fueled in part by successful integration and performance of recent acquisitions, Venafi and Zilla Security, which expanded CyberArk's footprint in the identity security market.

CyberArk Software Inc.: How Privileged Access Management Is Becoming a Cybersecurity Goldmine!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.</li>
<li>The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.</li>
<li>IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.</li>
</ul>


Netskope Inc., a cloud-native cybersecurity company that redefines security and network for the era of cloud and AI, has announced the initial price range for its US IPO.
The offering is expected to be between $15.00 and $17.00 per share, implying a market cap of ~$6.2B at midpoint, ~22% discount to last round valuation of $7.5B.
IPO valuation at midpoint is very attractive valuation for a company that grows 30%+ per year. I have a positive view of upcoming Netskope IPO and see substantial “IPO pop”.


Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

Israel

CyberArk Software Ltd. provides information technology security solutions. The Company offers services which protect organizational privileged accounts from cyber attacks.

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CyberArk Software Ltd (CYBR US)

CyberArk Seizes AI Opportunity With Bold Expansion Into Machine Identity Management; What Lies Ahead?

CyberArk Software Ltd.'s first quarter results of 2025 indicate a robust start to the year, showing strong financial performance that exceeds...

Baptista Research

CyberArk In The Crosshairs: Why Palo Alto’s $20B Acquisition Bid Might Make Strategic Sense

Palo Alto Networks is reportedly in advanced discussions to acquire CyberArk Software in what could be one of the largest cybersecurity deals of...

Baptista Research

CyberArk Software Doubles Down on Machine Identity—Is This the Next Big Cybersecurity Goldmine?

CyberArk Software Ltd has reported its first quarter 2025 earnings, demonstrating a strong financial performance that exceeded the company’s...

Baptista Research

CyberArk Software Inc.: How Privileged Access Management Is Becoming a Cybersecurity Goldmine!

CyberArk's 2024 financial performance and strategic initiatives demonstrate a mix of robust growth and cautious optimism for the future. The...

Baptista Research

Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Andrei Zakharov

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52-week Range

Market Cap (USDm)

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CyberArk Seizes AI Opportunity With Bold Expansion Into Machine Identity Management; What Lies Ahead?

CyberArk Software Ltd.'s first quarter results of 2025 indicate a robust start to the year, showing strong financial performance that exceeds...

Baptista Research

CyberArk In The Crosshairs: Why Palo Alto’s $20B Acquisition Bid Might Make Strategic Sense

Palo Alto Networks is reportedly in advanced discussions to acquire CyberArk Software in what could be one of the largest cybersecurity deals of...

Baptista Research

CyberArk Software Doubles Down on Machine Identity—Is This the Next Big Cybersecurity Goldmine?

CyberArk Software Ltd has reported its first quarter 2025 earnings, demonstrating a strong financial performance that exceeded the company’s...

Baptista Research

CyberArk Software Inc.: How Privileged Access Management Is Becoming a Cybersecurity Goldmine!

CyberArk's 2024 financial performance and strategic initiatives demonstrate a mix of robust growth and cautious optimism for the future. The...

Baptista Research

Netskope IPO (NTSK.US): Very Attractive Valuation For a Company That Grows 30%+ Per Year

​Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...

Andrei Zakharov

Cloud-native cybersecurity unicorn Netskope announces IPO price range of $15.00-$17.00 per share, with a market cap of ~$6.2B at midpoint,...