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!

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Palantir Technologies  / Equity Bottom-Up

<ul>
<li>Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.</li>
<li>Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.</li>
<li>Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.</li>
</ul>


Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.
Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.
Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.


Palantir Technologies Inc:  Rotation Signals Momentum Shift

<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?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.</li>
<li>I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.</li>
</ul>


Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.
The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.
I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.


Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

<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?

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

Palantir Technologies Inc: Rotation Signals Momentum Shift

Palantir has surged into global fund portfolios, doubling ownership to record highs. Growth-led buying and a 500% rally push it toward Tesla-like...

Steven Holden

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

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

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

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52-week Range

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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

Palantir Technologies Inc: Rotation Signals Momentum Shift

Palantir has surged into global fund portfolios, doubling ownership to record highs. Growth-led buying and a 500% rally push it toward Tesla-like...

Steven Holden

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

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

​Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

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

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...