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>Fortinet's first-quarter 2025 financial results showcased a mixture of strong operational metrics and cautious forward-looking guidance amid broader economic uncertainties.</li><li>On the positive side, Fortinet reported significant financial achievements, with total revenue rising by 14% year-over-year to $1.54 billion.</li><li>This growth was largely driven by product revenue, which increased 12%, and was complemented by service revenue, which similarly grew by 14%.</li></ul>

Fortinet's first-quarter 2025 financial results showcased a mixture of strong operational metrics and cautious forward-looking guidance amid broader economic uncertainties.On the positive side, Fortinet reported significant financial achievements, with total revenue rising by 14% year-over-year to $1.54 billion.This growth was largely driven by product revenue, which increased 12%, and was complemented by service revenue, which similarly grew by 14%.

Fortinet’s Global Playbook: Can It Withstand Geopolitical Chaos & Still Dominate Cybersecurity?

<ul><li>Fortinet Inc.'s fiscal results for the fourth quarter and the entire year of 2024 demonstrate both strengths and challenges within the company.</li><li>Positively, Fortinet achieved a total revenue growth of 17% for the quarter, marking a significant upturn, especially in product revenue, which attained an 18% increase—the best in six quarters.</li><li>The company's strategic focus on secure networking, particularly in Unified SASE, resulted in a growth of 13% for this segment, making up 23% of the company's business.</li></ul>

Fortinet Inc.'s fiscal results for the fourth quarter and the entire year of 2024 demonstrate both strengths and challenges within the company.Positively, Fortinet achieved a total revenue growth of 17% for the quarter, marking a significant upturn, especially in product revenue, which attained an 18% increase—the best in six quarters.The company's strategic focus on secure networking, particularly in Unified SASE, resulted in a growth of 13% for this segment, making up 23% of the company's business.

Fortinet: Can Its Unified SASE Approach Help Capture A Larger Chunk Of The Market!

<ul><li>Fortinet's third-quarter financial results for 2024 showcase robust performance and a strategic focus on growth markets in the cybersecurity landscape.</li><li>The company's total revenue grew by 13%, a return to product revenue growth bolstered by strong service revenue expansion.</li><li>Fortinet's strong execution led to record gross and operating margins, with the latter increasing by 830 basis points to over 36%.</li></ul>

Fortinet's third-quarter financial results for 2024 showcase robust performance and a strategic focus on growth markets in the cybersecurity landscape.The company's total revenue grew by 13%, a return to product revenue growth bolstered by strong service revenue expansion.Fortinet's strong execution led to record gross and operating margins, with the latter increasing by 830 basis points to over 36%.

Fortinet Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

<ul><li>Fortinet's second quarter 2024 financial performance presents a mixed but fundamentally robust picture.</li><li>Starting with the positive facets, the company achieved record operating margins at 35%, a significant improvement by 820 basis points year-over-year.</li><li>This financial efficiency was underpinned by a strategic blend of operational prowess and thoughtfully channeled investments toward high-growth markets such as Unified Security Access Service Edge (SASE) and Secure Operations (SecOps).</li></ul>

Fortinet's second quarter 2024 financial performance presents a mixed but fundamentally robust picture.Starting with the positive facets, the company achieved record operating margins at 35%, a significant improvement by 820 basis points year-over-year.This financial efficiency was underpinned by a strategic blend of operational prowess and thoughtfully channeled investments toward high-growth markets such as Unified Security Access Service Edge (SASE) and Secure Operations (SecOps).

Fortinet Inc.: Will Their Revitalized Focus On Next-Generation Firewalls & New Technologies Pay Off? - Major Drivers

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>Continuing the trend from last week's report (4/29/25), we are seeing more and more signs that lead us to believe SPX made a major bottom at 4800-4820, initially discussed 4/8/25.</li>
<li>As a result, we have been short-term bullish since our 4/22/25 report, when we noted SPX was testing 5100-5120 support, potential bounce spot and a level to trade long against.</li>
<li>While SPX is approaching short-term resistance levels and reducing risk is prudent, we remain short-term bullish if SPX is above its 20-day MA and 21-day EMA.</li>
</ul>


Continuing the trend from last week's report (4/29/25), we are seeing more and more signs that lead us to believe SPX made a major bottom at 4800-4820, initially discussed 4/8/25.
As a result, we have been short-term bullish since our 4/22/25 report, when we noted SPX was testing 5100-5120 support, potential bounce spot and a level to trade long against.
While SPX is approaching short-term resistance levels and reducing risk is prudent, we remain short-term bullish if SPX is above its 20-day MA and 21-day EMA.


Lockout Rally in Full Swing; Watching Resistance Levels But Stay Short-Term Bullish Above 20-DMA

United States

Fortinet Inc. provides network security solutions. The Company offers network security appliances and related software, and subscription services. Fortinet systems integrate the industry's broadest suite of security technologies, including firewall, VPN, antivirus, intrusion prevention (IPS), Web filtering, antispam, and traffic shaping.

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Fortinet Inc (FTNT US)

Fortinet’s Global Playbook: Can It Withstand Geopolitical Chaos & Still Dominate Cybersecurity?

Fortinet's first-quarter 2025 financial results showcased a mixture of strong operational metrics and cautious forward-looking guidance amid...

Baptista Research

Fortinet: Can Its Unified SASE Approach Help Capture A Larger Chunk Of The Market!

Fortinet Inc.'s fiscal results for the fourth quarter and the entire year of 2024 demonstrate both strengths and challenges within the...

Baptista Research

Fortinet Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

Fortinet's third-quarter financial results for 2024 showcase robust performance and a strategic focus on growth markets in the cybersecurity...

Baptista Research

Fortinet Inc.: Will Their Revitalized Focus On Next-Generation Firewalls & New Technologies Pay Off? - Major Drivers

Fortinet's second quarter 2024 financial performance presents a mixed but fundamentally robust picture. Starting with the positive facets, the...

Baptista Research

Lockout Rally in Full Swing; Watching Resistance Levels But Stay Short-Term Bullish Above 20-DMA

Lockout Rally in Full Swing; Watching Resistance Levels from here to 5910, But Stay Short-Term Bullish if Above 20-DMA and 21-EMAs. Still bullish...

Vermilion Research

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