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>F5 delivered a strong fiscal second quarter with revenue growth accelerating across systems, software, and security-related offerings as enterprises increased investments tied to hybrid multicloud architectures, digital sovereignty requirements, application security, and AI infrastructure.</li><li>Total revenue grew 11% year-over-year while product revenue increased 22%, supported by double-digit growth in both systems and software.</li><li>The company also generated record free cash flow and expanded earnings, benefiting from disciplined expense management, a favorable mix of high-margin software and recurring revenue, and continued demand for application delivery and security solutions.</li></ul>

F5 delivered a strong fiscal second quarter with revenue growth accelerating across systems, software, and security-related offerings as enterprises increased investments tied to hybrid multicloud architectures, digital sovereignty requirements, application security, and AI infrastructure.Total revenue grew 11% year-over-year while product revenue increased 22%, supported by double-digit growth in both systems and software.The company also generated record free cash flow and expanded earnings, benefiting from disciplined expense management, a favorable mix of high-margin software and recurring revenue, and continued demand for application delivery and security solutions.

F5 Is Emerging As A Critical AI Factory And Multicloud Infrastructure Enabler!

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

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>SPX and QQQ are testing their 8-day EMAs which has been short-term support since early-April</li>
<li>If 8-day EMAs break, we'd expect SPX to test gap support (7259-7294) or the 20-day MA (same with QQQ), and we would be buyers on a test of this area.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM).
SPX and QQQ are testing their 8-day EMAs which has been short-term support since early-April
If 8-day EMAs break, we'd expect SPX to test gap support (7259-7294) or the 20-day MA (same with QQQ), and we would be buyers on a test of this area.


SPX and QQQ Testing 8-Day EMAs; Buy the Pullback; Downgrading Materials to Market Weight

<ul><li>The first quarter results for F5 Inc reflected solid top-line growth, strong profitability, and improving visibility into several structural demand drivers, while also highlighting areas of mix pressure and emerging cost headwinds.</li><li>Revenue increased year over year, driven primarily by product growth, with systems revenue expanding sharply due to technology refresh activity, capacity expansion, and demand tied to hybrid multicloud architectures and AI-related infrastructure upgrades.</li><li>Services revenue continued to grow at a slower pace, while software revenue declined year over year, largely due to difficult comparisons against an unusually strong prior-period renewal and deal activity.</li></ul>

The first quarter results for F5 Inc reflected solid top-line growth, strong profitability, and improving visibility into several structural demand drivers, while also highlighting areas of mix pressure and emerging cost headwinds.Revenue increased year over year, driven primarily by product growth, with systems revenue expanding sharply due to technology refresh activity, capacity expansion, and demand tied to hybrid multicloud architectures and AI-related infrastructure upgrades.Services revenue continued to grow at a slower pace, while software revenue declined year over year, largely due to difficult comparisons against an unusually strong prior-period renewal and deal activity.

F5 Inc.: Regulation Is Forcing Hybrid Multicloud Adoption—and It’s Reshaping Demand for Its Platform!

<ul><li>F5, Inc.'s financial results for the fourth quarter and fiscal year 2025 reflect both successes and challenges.</li><li>The company surpassed $3 billion in revenue and $1 billion in operating profit for the first time, with a year-on-year revenue growth of 10% and an earnings per share growth of 18%.</li><li>This growth was driven by several factors, including data center reinvestment, hybrid cloud adoption, and growing demand for enterprise AI infrastructure, alongside a product refresh cycle and the maturation of F5’s software model.</li></ul>

F5, Inc.'s financial results for the fourth quarter and fiscal year 2025 reflect both successes and challenges.The company surpassed $3 billion in revenue and $1 billion in operating profit for the first time, with a year-on-year revenue growth of 10% and an earnings per share growth of 18%.This growth was driven by several factors, including data center reinvestment, hybrid cloud adoption, and growing demand for enterprise AI infrastructure, alongside a product refresh cycle and the maturation of F5’s software model.

F5 Inc.: Hybrid Multicloud Adoption & Customer Engagement For A Competitive Edge!

<ul><li>F5 Networks (NASDAQ:FFIV) is moving aggressively to deepen its footprint in AI security, announcing plans to acquire CalypsoAI for $180 million in cash.</li><li>The deal, expected to close in the fourth quarter of fiscal 2025, comes on the heels of F5’s strongest product revenue growth in over a decade, buoyed by data center modernization, hybrid multi-cloud adoption, and increasing AIrelated workloads.</li><li>CalypsoAI, headquartered in Dublin, Ireland, specializes in adaptive real-time AI security solutions, including red-teaming at scale and advanced data protection for enterprises deploying generative and agentic AI.</li></ul>

F5 Networks (NASDAQ:FFIV) is moving aggressively to deepen its footprint in AI security, announcing plans to acquire CalypsoAI for $180 million in cash.The deal, expected to close in the fourth quarter of fiscal 2025, comes on the heels of F5’s strongest product revenue growth in over a decade, buoyed by data center modernization, hybrid multi-cloud adoption, and increasing AIrelated workloads.CalypsoAI, headquartered in Dublin, Ireland, specializes in adaptive real-time AI security solutions, including red-teaming at scale and advanced data protection for enterprises deploying generative and agentic AI.

F5’s $180 Million CalypsoAI Bet: Can Security Synergies Justify The Price?

United States

F5 Networks, Inc. provides integrated Internet traffic management solutions designed to improve the availability and performance of mission-critical Internet-based servers and applications.  The Company's software-based solutions manage, control and optimize Internet traffic and content.  F5's solutions automatically deliver Internet content for service providers and e-businesses.

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F5 Networks Inc (FFIV US)

F5 Is Emerging As A Critical AI Factory And Multicloud Infrastructure Enabler!

F5 delivered a strong fiscal second quarter with revenue growth accelerating across systems, software, and security-related offerings as...

Baptista Research

SPX and QQQ Testing 8-Day EMAs; Buy the Pullback; Downgrading Materials to Market Weight

$SPX and $QQQ Testing 8-Day EMAs; Buy the Pullback; Downgrading Materials to Market Weight. Ff 8-day EMAs break, we would expect SPX to test gap...

Vermilion Research

F5 Inc.: Regulation Is Forcing Hybrid Multicloud Adoption—and It’s Reshaping Demand for Its Platform!

The first quarter results for F5 Inc reflected solid top-line growth, strong profitability, and improving visibility into several structural...

Baptista Research

F5 Inc.: Hybrid Multicloud Adoption & Customer Engagement For A Competitive Edge!

F5, Inc.'s financial results for the fourth quarter and fiscal year 2025 reflect both successes and challenges. The company surpassed $3 billion...

Baptista Research

F5’s $180 Million CalypsoAI Bet: Can Security Synergies Justify The Price?

F5 Networks (NASDAQ:FFIV) is moving aggressively to deepen its footprint in AI security, announcing plans to acquire CalypsoAI for $180 million in...

Baptista Research

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