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, a company providing search, observability, and security solutions, reported its first quarter fiscal 2027 financial results with a 15% year-over-year revenue growth, totaling $478 million.</li><li>Sales-led subscription revenue grew 18% to $399 million, accompanied by a non-GAAP operating margin of 16.2%.</li><li>The company highlighted strong customer demand, particularly in search, AI, and security sectors, with more than 1,800 customers spending over $100,000 annually—a record increase for Elastic.</li></ul>

Elastic, a company providing search, observability, and security solutions, reported its first quarter fiscal 2027 financial results with a 15% year-over-year revenue growth, totaling $478 million.Sales-led subscription revenue grew 18% to $399 million, accompanied by a non-GAAP operating margin of 16.2%.The company highlighted strong customer demand, particularly in search, AI, and security sectors, with more than 1,800 customers spending over $100,000 annually—a record increase for Elastic.

Elastic's 1,800 $100K Customers — Can Enterprise Expansion Drive The Next Leg?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Elastic is a key player in the data analysis, observability, and security markets, built on its open-source Elasticsearch technology, driving strong revenue growth through a unified platform approach.</li>
  <li>The company is strategically positioned to capitalize on secular tailwinds, including the explosion of data, cloud migration, and the integration of generative AI, which is expanding its total addressable market.</li>
  <li>While demonstrating improving profitability and strong cash flow, Elastic faces intense competition from specialized players and large cloud hyperscalers, creating a high-risk, high-reward investment profile.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Elastic is a key player in the data analysis, observability, and security markets, built on its open-source Elasticsearch technology, driving strong revenue growth through a unified platform approach.
  The company is strategically positioned to capitalize on secular tailwinds, including the explosion of data, cloud migration, and the integration of generative AI, which is expanding its total addressable market.
  While demonstrating improving profitability and strong cash flow, Elastic faces intense competition from specialized players and large cloud hyperscalers, creating a high-risk, high-reward investment profile.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantinuum-inc" target="_blank" data-smartkarma-citation="entities:49399:1" rel="noopener">Quantinuum (QNT US)</a> will be added to the BlueStar Machine Learning and Quantum Computing Index after the close on 18 September.</li>
<li>Estimated one-way turnover is 9.1% resulting in a round-trip trade of US$1bn. There are a few stocks with decent ADV to trade.</li>
<li>There are inflows for <a href="https://www.smartkarma.com/entities/honeywell-aerospace-inc" target="_blank" data-smartkarma-citation="entities:50307:1" rel="noopener">Honeywell Aerospace</a>, <a href="https://www.smartkarma.com/entities/honeywell-international-inc" target="_blank" data-smartkarma-citation="entities:16765:1" rel="noopener">Honeywell International</a> and <a href="https://www.smartkarma.com/entities/on-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:2729:1" rel="noopener">On Semiconductor</a> and outflows for <a href="https://www.smartkarma.com/entities/arqit-quantum-inc" target="_blank" data-smartkarma-citation="entities:35381:1" rel="noopener">Arqit Quantum</a>, <a href="https://www.smartkarma.com/entities/horizon-quantum-holdings-ltd" target="_blank" data-smartkarma-citation="entities:36891:1" rel="noopener">Horizon Quantum Holdings</a> and <a href="https://www.smartkarma.com/entities/global-unichip-corp" target="_blank" data-smartkarma-citation="entities:10305:1" rel="noopener">Global Unichip</a>.</li>
</ul>



Quantinuum (QNT US) will be added to the BlueStar Machine Learning and Quantum Computing Index after the close on 18 September.
Estimated one-way turnover is 9.1% resulting in a round-trip trade of US$1bn. There are a few stocks with decent ADV to trade.
There are inflows for Honeywell Aerospace, Honeywell International and On Semiconductor and outflows for Arqit Quantum, Horizon Quantum Holdings and Global Unichip.


BlueStar Machine Learning and Quantum Computing Index: 1 Add & US$1bn Trade

<ul><li>Elastic N.V. reported its fourth quarter and full fiscal year 2026 results with a continuation of strong sales execution and growth across key financial metrics.</li><li>For the fiscal year, Elastic delivered 17% total revenue growth and expanded non-GAAP operating margin to 16.4%, reflecting a 120 basis point improvement.</li><li>Fourth quarter results showed 16% total revenue growth and a non-GAAP operating margin of 14.8%, both surpassing internal guidance.</li></ul>

Elastic N.V. reported its fourth quarter and full fiscal year 2026 results with a continuation of strong sales execution and growth across key financial metrics.For the fiscal year, Elastic delivered 17% total revenue growth and expanded non-GAAP operating margin to 16.4%, reflecting a 120 basis point improvement.Fourth quarter results showed 16% total revenue growth and a non-GAAP operating margin of 14.8%, both surpassing internal guidance.

Elastic’s $1.2 Billion CRPO Surge: Is Enterprise Demand Accelerating?

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Software rebounded in August, outperforming Semiconductors. </li><li>The WTR AI Index rose 7.3% M/M, ahead of the S&amp;P 500 (up 2.6%), the Russell 2000 (up 0.9%), and the Nasdaq (up 4.2%).</li><li> Software (24% of the index) gained 11.0% while Semiconductors (18% of the index) slipped 1.2%, reversing the Semis-led pattern that has dominated most of 2026. </li></ul>

Software rebounded in August, outperforming Semiconductors. The WTR AI Index rose 7.3% M/M, ahead of the S&amp;P 500 (up 2.6%), the Russell 2000 (up 0.9%), and the Nasdaq (up 4.2%). Software (24% of the index) gained 11.0% while Semiconductors (18% of the index) slipped 1.2%, reversing the Semis-led pattern that has dominated most of 2026. 

AI Flow Index : Sailing a Sea of Companies in AI - 8 September 2026

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 1,800 $100K Customers — Can Enterprise Expansion Drive The Next Leg?

Elastic, a company providing search, observability, and security solutions, reported its first quarter fiscal 2027 financial results with a 15%...

Baptista Research

Primer: Elastic NV (ESTC US) - Aug 2026

Elastic is a key player in the data analysis, observability, and security markets, built on its open-source Elasticsearch technology, driving...

αSK Primers

BlueStar Machine Learning and Quantum Computing Index: 1 Add & US$1bn Trade

There is 1 add for BQTUM in Sep. Estimated one-way turnover is 9.1% resulting in a round-trip trade of US$1bn. There are a few stocks with multiple...

Brian Freitas

Elastic’s $1.2 Billion CRPO Surge: Is Enterprise Demand Accelerating?

Elastic N.V. reported its fourth quarter and full fiscal year 2026 results with a continuation of strong sales execution and growth across key...

Baptista Research

AI Flow Index : Sailing a Sea of Companies in AI - 8 September 2026

The move mirrors better-than-expected 2Q results across the software group and some easing of near-term fears about AI disruption to application...

Water Tower Research

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