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>Dynatrace has become one of the more unusual stories in enterprise software.</li><li>The company sits in the middle of several powerful technology themes—AI workloads, cloud complexity, observability, automation, and software reliability—yet its stock has underperformed sharply as investors question whether growth can accelerate again.</li><li>That disconnect is now drawing activist attention.</li></ul>

Dynatrace has become one of the more unusual stories in enterprise software.The company sits in the middle of several powerful technology themes—AI workloads, cloud complexity, observability, automation, and software reliability—yet its stock has underperformed sharply as investors question whether growth can accelerate again.That disconnect is now drawing activist attention.

Dynatrace Is Being Ignored—So Why Is Activist Starboard Betting Big Now?

<ul><li>Dynatrace has entered another important phase in its platform buildout after reporting a strong fiscal third quarter for 2026 and then announcing an agreement to acquire Bindplane, a telemetry pipeline company focused on open standards and edge data control.</li><li>The timing matters.</li><li>Dynatrace recently highlighted stabilized 16% ARR growth, more than $100 million in annualized log consumption, improving large-deal momentum, and growing demand for what management describes as end-to-end observability in an increasingly AI-driven software environment.</li></ul>

Dynatrace has entered another important phase in its platform buildout after reporting a strong fiscal third quarter for 2026 and then announcing an agreement to acquire Bindplane, a telemetry pipeline company focused on open standards and edge data control.The timing matters.Dynatrace recently highlighted stabilized 16% ARR growth, more than $100 million in annualized log consumption, improving large-deal momentum, and growing demand for what management describes as end-to-end observability in an increasingly AI-driven software environment.

Dynatrace Takeover Move Signals A Massive Shift In Observability Power!

<ul><li>Dynatrace, a provider of AI-powered observability software, reported its fiscal third quarter 2026 results with sustained momentum and strengthened guidance.</li><li>The company achieved a 16% year-over-year growth in annual recurring revenue (ARR), stabilizing this rate for the third consecutive quarter.</li><li>Net new ARR reached $75 million, marking the third straight quarter of double-digit growth, driven by robust new logo wins and expansion within existing customers, including several seven-figure end-to-end observability deals.</li></ul>

Dynatrace, a provider of AI-powered observability software, reported its fiscal third quarter 2026 results with sustained momentum and strengthened guidance.The company achieved a 16% year-over-year growth in annual recurring revenue (ARR), stabilizing this rate for the third consecutive quarter.Net new ARR reached $75 million, marking the third straight quarter of double-digit growth, driven by robust new logo wins and expansion within existing customers, including several seven-figure end-to-end observability deals.

Dynatrace Is Winning Big With High-Value Enterprise Deals and Strong New Logo Growth!

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>Dynatrace recently reported its fiscal second quarter of 2026 results, showcasing a robust performance that exceeded its guidance across various metrics.</li><li>The company reported a 16% growth in Annual Recurring Revenue (ARR), a 17% growth in subscription revenue, and a pretax free cash flow representing 32% of revenue on a trailing 12-month basis.</li><li>Such strong results underline the company's successful strategy execution, driven by growing demand in end-to-end observability and multi-cloud tool consolidation.</li></ul>

Dynatrace recently reported its fiscal second quarter of 2026 results, showcasing a robust performance that exceeded its guidance across various metrics.The company reported a 16% growth in Annual Recurring Revenue (ARR), a 17% growth in subscription revenue, and a pretax free cash flow representing 32% of revenue on a trailing 12-month basis.Such strong results underline the company's successful strategy execution, driven by growing demand in end-to-end observability and multi-cloud tool consolidation.

Dynatrace: ServiceNow & Atlassian Partnerships Could Transform Its Growth Trajectory!

United States

Dynatrace, Inc. operates as a holding company. The Company, through its subsidiaries, develops software intelligence platform for the enterprise cloud. Dynatrace offers software intelligence platform to allow customers to modernize and automate IT operations, develop and release high quality software faster, and improve user experiences for better business outcomes.

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Dynatrace (DT US)

Dynatrace Is Being Ignored—So Why Is Activist Starboard Betting Big Now?

Dynatrace has become one of the more unusual stories in enterprise software. The company sits in the middle of several powerful technology...

Baptista Research

Dynatrace Takeover Move Signals A Massive Shift In Observability Power!

Dynatrace has entered another important phase in its platform buildout after reporting a strong fiscal third quarter for 2026 and then announcing...

Baptista Research

Dynatrace Is Winning Big With High-Value Enterprise Deals and Strong New Logo Growth!

Dynatrace, a provider of AI-powered observability software, reported its fiscal third quarter 2026 results with sustained momentum and...

Baptista Research

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

Dynatrace: ServiceNow & Atlassian Partnerships Could Transform Its Growth Trajectory!

Dynatrace recently reported its fiscal second quarter of 2026 results, showcasing a robust performance that exceeded its guidance across various...

Baptista Research

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