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 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!

<ul><li>CyberArk Software demonstrated strong financial performance in the second quarter of 2024, exceeding expectations with significant growth in revenue, operating income, and earnings per share.</li><li>This performance solidifies CyberArk Software's leadership in the identity security space.</li><li>The company's planned acquisition of Venafi, a leading provider of machine identity management solutions, is expected to further strengthen its capabilities and competitive position.</li></ul>

CyberArk Software demonstrated strong financial performance in the second quarter of 2024, exceeding expectations with significant growth in revenue, operating income, and earnings per share.This performance solidifies CyberArk Software's leadership in the identity security space.The company's planned acquisition of Venafi, a leading provider of machine identity management solutions, is expected to further strengthen its capabilities and competitive position.

CyberArk Software Ltd.: Expanding Identity Security Market Presence & Other Major Drivers

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>We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.</li>
<li>Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.</li>
<li>As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
</ul>


We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.
Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.
As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).


Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

<ul>
<li>Continuing the trend from last week's report (4/29/25), we are seeing more and more signs that lead us to believe SPX made a major bottom at 4800-4820, initially discussed 4/8/25.</li>
<li>As a result, we have been short-term bullish since our 4/22/25 report, when we noted SPX was testing 5100-5120 support, potential bounce spot and a level to trade long against.</li>
<li>While SPX is approaching short-term resistance levels and reducing risk is prudent, we remain short-term bullish if SPX is above its 20-day MA and 21-day EMA.</li>
</ul>


Continuing the trend from last week's report (4/29/25), we are seeing more and more signs that lead us to believe SPX made a major bottom at 4800-4820, initially discussed 4/8/25.
As a result, we have been short-term bullish since our 4/22/25 report, when we noted SPX was testing 5100-5120 support, potential bounce spot and a level to trade long against.
While SPX is approaching short-term resistance levels and reducing risk is prudent, we remain short-term bullish if SPX is above its 20-day MA and 21-day EMA.


Lockout Rally in Full Swing; Watching Resistance Levels But Stay Short-Term Bullish Above 20-DMA

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 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

CyberArk Software Ltd.: Expanding Identity Security Market Presence & Other Major Drivers

CyberArk Software demonstrated strong financial performance in the second quarter of 2024, exceeding expectations with significant growth in...

Baptista Research

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding on $ACWI ($123-123.50), $EEM ($46)

Vermilion Research

Lockout Rally in Full Swing; Watching Resistance Levels But Stay Short-Term Bullish Above 20-DMA

Lockout Rally in Full Swing; Watching Resistance Levels from here to 5910, But Stay Short-Term Bullish if Above 20-DMA and 21-EMAs. Still bullish...

Vermilion Research

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