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>Datadog reported its financial results for the second quarter of 2025, delivering a robust performance marked by significant growth metrics.</li><li>The company's revenue increased to $827 million, a year-over-year rise of 28%, surpassing the high end of its guidance range.</li><li>This growth was driven by higher-than-expected usage from existing customers and strong contributions from AI native cohorts.</li></ul>

Datadog reported its financial results for the second quarter of 2025, delivering a robust performance marked by significant growth metrics.The company's revenue increased to $827 million, a year-over-year rise of 28%, surpassing the high end of its guidance range.This growth was driven by higher-than-expected usage from existing customers and strong contributions from AI native cohorts.

Datadog Crosses $100 Million in Security Revenues: Why We Think This Just The Beginning!

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Datadog (DDOG US) released (7 Aug HKT) 2Q25 results: total revenue was US$826.8mn, up 28% YoY (2Q24: 27%; 1Q25: 25%), 5% better than both our forecast and Bloomberg consensus forecast.</li><li>During the period, non-GAAP net income after tax adjustment was US$163.8mn, up 7% YoY, and was 11/10% better than our forecast/consensus, driven by the beat in revenue, and betterthan-expected operating efficiency gains.</li><li>We lift our 2025-2027E revenue forecasts by 3-4% to account for better-than-expected usage growth and stronger-than-expected ramp-up in revenue generation of AI native customers, and raise non-GAAP net profit forecasts by 6-7% to factor in better-thanexpected operating efficiency gains. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Datadog (DDOG US) released (7 Aug HKT) 2Q25 results: total revenue was US$826.8mn, up 28% YoY (2Q24: 27%; 1Q25: 25%), 5% better than both our forecast and Bloomberg consensus forecast.During the period, non-GAAP net income after tax adjustment was US$163.8mn, up 7% YoY, and was 11/10% better than our forecast/consensus, driven by the beat in revenue, and betterthan-expected operating efficiency gains.We lift our 2025-2027E revenue forecasts by 3-4% to account for better-than-expected usage growth and stronger-than-expected ramp-up in revenue generation of AI native customers, and raise non-GAAP net profit forecasts by 6-7% to factor in better-thanexpected operating efficiency gains. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Datadog (DDOG US) - Solid 2Q Results with Better-Than-Expected Operating Efficiency Gains

<ul><li>Datadog, a leader in observability and security, is reportedly in advanced talks to acquire Israeli cybersecurity firm Upwind for approximately $1 billion, according to a report by Calcalist.</li><li>The move comes just months after Upwind raised $100 million in a Series A funding round, valuing the startup at roughly $900 million.</li><li>As Datadog continues expanding its product portfolio, especially in cloud-native security and AI observability, the potential acquisition of Upwind signals a strategic push deeper into cloud workload protection and runtime security.</li></ul>

Datadog, a leader in observability and security, is reportedly in advanced talks to acquire Israeli cybersecurity firm Upwind for approximately $1 billion, according to a report by Calcalist.The move comes just months after Upwind raised $100 million in a Series A funding round, valuing the startup at roughly $900 million.As Datadog continues expanding its product portfolio, especially in cloud-native security and AI observability, the potential acquisition of Upwind signals a strategic push deeper into cloud workload protection and runtime security.

Datadog Eyes $1 Billion Upwind Deal: Could This Be A Game-Changer For Cloud Security?

<ul><li>Regarding Datadog's Q1 2025 financial results, the company reported a solid performance with a revenue of $762 million, representing a 25% year-over-year increase.</li><li>This figure surpassed the high end of their guidance.</li><li>Datadog revealed a customer base of approximately 30,500, with about 3,770 customers having an Annual Recurring Revenue (ARR) of $100,000 or more, accounting for 88% of ARR.</li></ul>

Regarding Datadog's Q1 2025 financial results, the company reported a solid performance with a revenue of $762 million, representing a 25% year-over-year increase.This figure surpassed the high end of their guidance.Datadog revealed a customer base of approximately 30,500, with about 3,770 customers having an Annual Recurring Revenue (ARR) of $100,000 or more, accounting for 88% of ARR.

Datadog’s AI Playbook: Will Data Observability Be the Key to Dominating the Future?

<ul><li>Datadog (DDOG US) released (6 May HKT) its 1Q25 results: total revenue was US$761.6mn, up 24.6% YoY (1Q24: 26.9%; 4Q24: 25.1%), 3% better than both our forecast and Bloomberg consensus forecast; non-GAAP net income after tax adjustment was US$167.9mn, up 6.5% YoY, and was 10/8% better than our forecast/consensus, driven by the beat in revenue, and better-than-expected operating efficiency improvement.</li><li>Although the incremental investment may weigh on near-term margin expansion, we remain positive on DDOG’s long-term business development potential, driven by the secular trend of digital transformation and cloud migration.</li><li>We lift 2025-2027E revenue forecast by 1% to account for better-than-expected usage growth, while cut non-GAAP net profit forecast by 1-2% to factor in rising cloud hosting costs which may weigh on GPM.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Datadog (DDOG US) released (6 May HKT) its 1Q25 results: total revenue was US$761.6mn, up 24.6% YoY (1Q24: 26.9%; 4Q24: 25.1%), 3% better than both our forecast and Bloomberg consensus forecast; non-GAAP net income after tax adjustment was US$167.9mn, up 6.5% YoY, and was 10/8% better than our forecast/consensus, driven by the beat in revenue, and better-than-expected operating efficiency improvement.Although the incremental investment may weigh on near-term margin expansion, we remain positive on DDOG’s long-term business development potential, driven by the secular trend of digital transformation and cloud migration.We lift 2025-2027E revenue forecast by 1% to account for better-than-expected usage growth, while cut non-GAAP net profit forecast by 1-2% to factor in rising cloud hosting costs which may weigh on GPM.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Datadog (DDOG US) - 1Q Results Beat; Sustained Investment to Drive Business Growth

United States

Datadog, Inc. provides software solutions. The Company offers cloud-based monitoring and analytics platform which integrates and automates infrastructure monitoring, application performance monitoring, and log management for real-time observability of customers. Datadog operates worldwide.

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Datadog (DDOG US)

Datadog Crosses $100 Million in Security Revenues: Why We Think This Just The Beginning!

Datadog reported its financial results for the second quarter of 2025, delivering a robust performance marked by significant growth metrics. The...

Baptista Research

Datadog (DDOG US) - Solid 2Q Results with Better-Than-Expected Operating Efficiency Gains

Datadog (DDOG US) released (7 Aug HKT) 2Q25 results: total revenue was US$826.8mn, up 28% YoY (2Q24: 27%; 1Q25: 25%), 5% better than both our...

CMB International

Datadog Eyes $1 Billion Upwind Deal: Could This Be A Game-Changer For Cloud Security?

Datadog, a leader in observability and security, is reportedly in advanced talks to acquire Israeli cybersecurity firm Upwind for approximately $1...

Baptista Research

Datadog’s AI Playbook: Will Data Observability Be the Key to Dominating the Future?

Regarding Datadog's Q1 2025 financial results, the company reported a solid performance with a revenue of $762 million, representing a 25%...

Baptista Research

Datadog (DDOG US) - 1Q Results Beat; Sustained Investment to Drive Business Growth

Our new TP of US$158.7 (was US$156.4) is based on unchanged 16.6x 2025E EV/sales, inline with its two-year average plus one s.d. Maintain BUY.

CMB International

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