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 a strong start to fiscal 2026, with first-quarter revenue reaching $1.01 billion, up 32% year-over-year and surpassing the high end of guidance.</li><li>This growth marked an acceleration from the 29% and 25% increases recorded in the previous two quarters.</li><li>The company attributed this performance to broad-based strength across both AI-native and non-AI customers, with AI-native customers exhibiting rapid expansion and diversification, including two substantial new contracts with leading AI research organizations for optimizing training workflows.</li></ul>

Datadog reported a strong start to fiscal 2026, with first-quarter revenue reaching $1.01 billion, up 32% year-over-year and surpassing the high end of guidance.This growth marked an acceleration from the 29% and 25% increases recorded in the previous two quarters.The company attributed this performance to broad-based strength across both AI-native and non-AI customers, with AI-native customers exhibiting rapid expansion and diversification, including two substantial new contracts with leading AI research organizations for optimizing training workflows.

Datadog Crosses $4 Billion In ARR, But Can Platform Adoption Keep Accelerating?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>
<a href="https://www.smartkarma.com/entities/elastic-nv" target="_blank" data-smartkarma-citation="entities:27526:1" rel="noopener">Elastic NV (ESTC US)</a> reported a solid 4QFY23, reflecting a stronger-than-expected non-GAAP operating margin of ~9% and GAAP subscription gross margin of ~79%. </li>
<li>Elastic cloud revenue grew 28% y/y, representing 40% of total revenue. Elastic cloud is scaling well, and margins improved faster-than-anticipated. </li>
<li>We are concerned about slowing H1 FY24 y/y growth in total revenue and failure to achieve the $2B revenue mark in FY25. Price target to $112.</li>
</ul>



Elastic NV (ESTC US) reported a solid 4QFY23, reflecting a stronger-than-expected non-GAAP operating margin of ~9% and GAAP subscription gross margin of ~79%. 
Elastic cloud revenue grew 28% y/y, representing 40% of total revenue. Elastic cloud is scaling well, and margins improved faster-than-anticipated. 
We are concerned about slowing H1 FY24 y/y growth in total revenue and failure to achieve the $2B revenue mark in FY25. Price target to $112.


Focus On Profitability Expansion And Durable Growth: PT Reduced To $112 From $133

<ul><li>Datadog's fourth quarter and full fiscal year 2025 results highlight a period of strong financial performance and continued product expansion.</li><li>The company's revenue for the fourth quarter stood at $953 million, marking a 29% increase year-over-year, which exceeded the high end of its guidance range.</li><li>Datadog's strategic focus remains on capitalizing on cloud migration and digital transformation trends, as well as enhancing its AI capabilities both for their platform’s benefit and in supporting AI initiatives for customers.</li></ul>

Datadog's fourth quarter and full fiscal year 2025 results highlight a period of strong financial performance and continued product expansion.The company's revenue for the fourth quarter stood at $953 million, marking a 29% increase year-over-year, which exceeded the high end of its guidance range.Datadog's strategic focus remains on capitalizing on cloud migration and digital transformation trends, as well as enhancing its AI capabilities both for their platform’s benefit and in supporting AI initiatives for customers.

Datadog Earnings: How Hyperscaler Spending Is Quietly Boosting Its Long-Term Opportunity!

<ul><li>Datadog reported a strong financial performance in Q3 2025, marked by significant revenue growth and a substantial increase in customer adoption.</li><li>The company's revenue reached $886 million, reflecting a 28% increase year-over-year, driven by robust customer acquisition and expansion among existing clients.</li><li>Notably, new logo annualized bookings more than doubled year-over-year, indicating growing interest and adoption of Datadog's platform.</li></ul>

Datadog reported a strong financial performance in Q3 2025, marked by significant revenue growth and a substantial increase in customer adoption.The company's revenue reached $886 million, reflecting a 28% increase year-over-year, driven by robust customer acquisition and expansion among existing clients.Notably, new logo annualized bookings more than doubled year-over-year, indicating growing interest and adoption of Datadog's platform.

Datadog Inside the Security Surge: Can Unified Observability + Security Redefine the Entire Market?

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 $4 Billion In ARR, But Can Platform Adoption Keep Accelerating?

Datadog reported a strong start to fiscal 2026, with first-quarter revenue reaching $1.01 billion, up 32% year-over-year and surpassing the high...

Baptista Research

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

Focus On Profitability Expansion And Durable Growth: PT Reduced To $112 From $133

Elastic remains my top pick in the observability and search space, and I see the potential for revenue growth re-acceleration in 2024.

Andrei Zakharov

Datadog Earnings: How Hyperscaler Spending Is Quietly Boosting Its Long-Term Opportunity!

Datadog's fourth quarter and full fiscal year 2025 results highlight a period of strong financial performance and continued product expansion. The...

Baptista Research

Datadog Inside the Security Surge: Can Unified Observability + Security Redefine the Entire Market?

Datadog reported a strong financial performance in Q3 2025, marked by significant revenue growth and a substantial increase in customer...

Baptista Research

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