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>HubSpot Inc. reported its second quarter of fiscal 2026 results with revenue growth of 17.5% year-over-year in constant currency, reaching a total customer base exceeding 306,000, although net additions of 7,000 were below expectations due to cautious buying behavior.</li><li>Subscription revenue increased 20% year-over-year, with international markets growing notably faster than domestic.</li><li>Operating margins improved significantly, with non-GAAP operating margin expanding by 3 percentage points to 20.3%, driven by disciplined spending partly offset by increased AI investment costs.</li></ul>

HubSpot Inc. reported its second quarter of fiscal 2026 results with revenue growth of 17.5% year-over-year in constant currency, reaching a total customer base exceeding 306,000, although net additions of 7,000 were below expectations due to cautious buying behavior.Subscription revenue increased 20% year-over-year, with international markets growing notably faster than domestic.Operating margins improved significantly, with non-GAAP operating margin expanding by 3 percentage points to 20.3%, driven by disciplined spending partly offset by increased AI investment costs.

HubSpot’s Upmarket Momentum — Large Deals Above $120,000 ARR Grew 38%!

<ul><li>HubSpot Incorporated reported its first quarter 2026 financial results with total revenue growing 18.2% year-over-year in constant currency and a 23% increase on an as-reported basis, reaching nearly $900 million.</li><li>Subscription revenue drove this growth with a 23% rise, complemented by a 22% increase in services and other revenue.</li><li>International revenue notably grew faster than domestic, contributing 49% of total revenue.</li></ul>

HubSpot Incorporated reported its first quarter 2026 financial results with total revenue growing 18.2% year-over-year in constant currency and a 23% increase on an as-reported basis, reaching nearly $900 million.Subscription revenue drove this growth with a 23% rise, complemented by a 22% increase in services and other revenue.International revenue notably grew faster than domestic, contributing 49% of total revenue.

HubSpot’s Nearly $900 Million Quarter: Is AI Becoming The Next Growth Engine?

<ul><li>For the better part of the last year, investors have been debating a simple but unsettling question: could artificial intelligence make traditional CRM platforms obsolete?</li><li>With generative AI tools from OpenAI and Anthropic capable of automating sales outreach, research, and marketing content, it’s easy to imagine a future where many of the tasks once handled by CRM software are performed directly by AI agents.</li><li>That fear has weighed on companies like HubSpot, whose shares have fallen sharply from prior highs as the market reassesses the long-term role of SaaS platforms in an AI-first world.</li></ul>

For the better part of the last year, investors have been debating a simple but unsettling question: could artificial intelligence make traditional CRM platforms obsolete?With generative AI tools from OpenAI and Anthropic capable of automating sales outreach, research, and marketing content, it’s easy to imagine a future where many of the tasks once handled by CRM software are performed directly by AI agents.That fear has weighed on companies like HubSpot, whose shares have fallen sharply from prior highs as the market reassesses the long-term role of SaaS platforms in an AI-first world.

HubSpot And The AI Boom: Is Automation Quietly Expanding The CRM Market?

<ul><li>HubSpot delivered robust performance in the fourth quarter and full year of 2025.</li><li>Revenue grew by 18.2% year-over-year in constant currency, reaching $3.1 billion, with consistent operating profit margin growth of 22.6% in Q4 and 18.6% for the entire year.</li><li>The company added a significant number of customers, closing out the year with over 288,000 customers globally, indicative of sustained trust in HubSpot's capabilities amidst transformative changes in technology, particularly the integration of AI.</li></ul>

HubSpot delivered robust performance in the fourth quarter and full year of 2025.Revenue grew by 18.2% year-over-year in constant currency, reaching $3.1 billion, with consistent operating profit margin growth of 22.6% in Q4 and 18.6% for the entire year.The company added a significant number of customers, closing out the year with over 288,000 customers globally, indicative of sustained trust in HubSpot's capabilities amidst transformative changes in technology, particularly the integration of AI.

HubSpot Is Blending AI, SaaS Logic, and Governance—Does This Create a Long-Term Moat?

Market Intelligence, ORTEX

ORTEX Market Intel

Market Intelligence

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul><li>Short interest shifted sharply this week across Brazilian financials, energy ETFs, and a clutch of mid-cap US names.</li><li>The biggest stories were a 56% surge in Bradesco shorts despite a JP Morgan upgrade, a 52% collapse in Nomura short interest, and a 41% single-day spike in a space ETF.</li><li>Borrow markets tightened across several names, signalling active repositioning on both sides.</li></ul>

Short interest shifted sharply this week across Brazilian financials, energy ETFs, and a clutch of mid-cap US names.The biggest stories were a 56% surge in Bradesco shorts despite a JP Morgan upgrade, a 52% collapse in Nomura short interest, and a 41% single-day spike in a space ETF.Borrow markets tightened across several names, signalling active repositioning on both sides.

Bears Scramble: Brazil Names and ETFs Dominate This Week's Short Moves

United States

HubSpot, Inc. provides a cloud-based marketing and sales software platform. The Company offers integrated applications that helps in lead generation and social marketing.

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Hubspot Inc (HUBS US)

HubSpot’s Upmarket Momentum — Large Deals Above $120,000 ARR Grew 38%!

HubSpot Inc. reported its second quarter of fiscal 2026 results with revenue growth of 17.5% year-over-year in constant currency, reaching a total...

Baptista Research

HubSpot’s Nearly $900 Million Quarter: Is AI Becoming The Next Growth Engine?

HubSpot Incorporated reported its first quarter 2026 financial results with total revenue growing 18.2% year-over-year in constant currency and a...

Baptista Research

HubSpot And The AI Boom: Is Automation Quietly Expanding The CRM Market?

For the better part of the last year, investors have been debating a simple but unsettling question: could artificial intelligence make...

Baptista Research

HubSpot Is Blending AI, SaaS Logic, and Governance—Does This Create a Long-Term Moat?

HubSpot delivered robust performance in the fourth quarter and full year of 2025. Revenue grew by 18.2% year-over-year in constant currency,...

Baptista Research

Bears Scramble: Brazil Names and ETFs Dominate This Week's Short Moves

Short interest shifted sharply this week across Brazilian financials, energy ETFs, and a clutch of mid-cap US names. The biggest stories were a...

ORTEX Market Intel

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