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>Elastic N.V. presented a mixed set of financial results for the third quarter of fiscal year 2026.</li><li>The company continues to showcase strong strategic execution, particularly in the realm of AI, which has significantly bolstered its business model.</li><li>Positives from Elastic's performance this quarter include an 18% increase in total revenue year-over-year, as well as a 21% growth in sales-led subscription revenue.</li></ul>

Elastic N.V. presented a mixed set of financial results for the third quarter of fiscal year 2026.The company continues to showcase strong strategic execution, particularly in the realm of AI, which has significantly bolstered its business model.Positives from Elastic's performance this quarter include an 18% increase in total revenue year-over-year, as well as a 21% growth in sales-led subscription revenue.

Elastic’s AI Strategy Is Getting Bold—Is This Context Engine The Secret Weapon Enterprises Are Betting On?

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>Elastic N.V. delivered robust results in its second quarter of fiscal 2026, driven by strong growth across the board, particularly in the context of the increasing importance of AI in data management.</li><li>The company reported a 16% increase in total revenue, reaching $423 million.</li><li>Its sales-led subscription revenue grew by 18%, reflecting sustained demand for Elastic's offerings, especially in cloud and self-managed products.</li></ul>

Elastic N.V. delivered robust results in its second quarter of fiscal 2026, driven by strong growth across the board, particularly in the context of the increasing importance of AI in data management.The company reported a 16% increase in total revenue, reaching $423 million.Its sales-led subscription revenue grew by 18%, reflecting sustained demand for Elastic's offerings, especially in cloud and self-managed products.

Elastic: Can Agent Builder Unlock a New Monetization Engine Beyond RAG?

<ul><li>Elastic N.V. reported a strong fourth quarter, capping off fiscal 2025 with solid growth metrics and notable strategic advancements.</li><li>The company's revenue grew by 16% year-over-year, with Elastic Cloud revenue increasing by 23%, reflecting sustained demand for their solutions.</li><li>Elastic's efforts to penetrate both the enterprise and mid-market segments have borne fruit, as evidenced by the net increase in large customers—those spending over $1 million annually—by approximately 45 this year.</li></ul>

Elastic N.V. reported a strong fourth quarter, capping off fiscal 2025 with solid growth metrics and notable strategic advancements.The company's revenue grew by 16% year-over-year, with Elastic Cloud revenue increasing by 23%, reflecting sustained demand for their solutions.Elastic's efforts to penetrate both the enterprise and mid-market segments have borne fruit, as evidenced by the net increase in large customers—those spending over $1 million annually—by approximately 45 this year.

Elastic Ramps Up Cybersecurity Assault with Bold Security Platform Expansion!

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

<p>Market dynamics remain positive and there continues to be an absence of breakdowns across the broad indexes and Sectors. As a result we remain bullish and we view any weakness as a buying opportunity. In today’s report we highlight attractive Groups and stocks within Materials and Technology.</p>

Market dynamics remain positive and there continues to be an absence of breakdowns across the broad indexes and Sectors. As a result we remain bullish and we view any weakness as a buying opportunity. In today’s report we highlight attractive Groups and stocks within Materials and Technology.

U.S. Equity Strategy: Bullish Outlook Intact; Growth Vs. Value Stalemate Continues

United States

Elastic N.V. provides information technology and data analysis services. The Company offers monitoring, security analysis, enterprise search, cloud computing, and open source application performance monitoring solutions. Elastic serves customers in the United States.

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Elastic NV (ESTC US)

Elastic’s AI Strategy Is Getting Bold—Is This Context Engine The Secret Weapon Enterprises Are Betting On?

Elastic N.V. presented a mixed set of financial results for the third quarter of fiscal year 2026. The company continues to showcase strong...

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

Elastic: Can Agent Builder Unlock a New Monetization Engine Beyond RAG?

Elastic N.V. delivered robust results in its second quarter of fiscal 2026, driven by strong growth across the board, particularly in the context...

Baptista Research

Elastic Ramps Up Cybersecurity Assault with Bold Security Platform Expansion!

Elastic N.V. reported a strong fourth quarter, capping off fiscal 2025 with solid growth metrics and notable strategic advancements. The company's...

Baptista Research

U.S. Equity Strategy: Bullish Outlook Intact; Growth Vs. Value Stalemate Continues

Market dynamics remain positive and there continues to be an absence of breakdowns across the broad indexes and Sectors. As a result we remain...

Vermilion Research

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