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>This is our first report on DevOps platform provider, JFrog.</li><li>Most importantly, the year-over-year growth of JFrog's cloud business rose by 46%, contributing $30.6 million to the total revenue.</li><li>Non-GAAP profit stood at $16.6 million, generating a free cash flow of $25.4 million.</li></ul>

This is our first report on DevOps platform provider, JFrog.Most importantly, the year-over-year growth of JFrog's cloud business rose by 46%, contributing $30.6 million to the total revenue.Non-GAAP profit stood at $16.6 million, generating a free cash flow of $25.4 million.

JFrog Ltd.: Initiation of Coverage - Unleashing the Power of AI in DevOps – A Game-Changer You Can't Afford to Miss! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/gitlab-inc" target="_blank" data-smartkarma-citation="entities:34460:1" rel="noopener">GitLab (GTLB US)</a> , one of the key competitors of GitHub (Microsoft), filed for an IPO and sold ~8.4 million Class A shares today for $77.00 per share, implying a market cap of ~$13 billion at above the expected price range of $66.00-$69.00 per share on a fully diluted basis (including options and RSUs). Selling stockholders also sold additional ~1.98 million Class A shares. GitLab shares are expected to begin trading on Nasdaq Global Market under the trading symbol “GTLB”. Goldman Sachs, J.P. Morgan and Bank of America are lead underwriters on the IPO.

GitLab (GTLB US) , one of the key competitors of GitHub (Microsoft), filed for an IPO and sold ~8.4 million Class A shares today for $77.00 per share, implying a market cap of ~$13 billion at above the expected price range of $66.00-$69.00 per share on a fully diluted basis (including options and RSUs). Selling stockholders also sold additional ~1.98 million Class A shares. GitLab shares are expected to begin trading on Nasdaq Global Market under the trading symbol “GTLB”. Goldman Sachs, J.P. Morgan and Bank of America are lead underwriters on the IPO.   

GitLab IPO: Is $10 Billion+ Stock Valuation Too High?

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.</li><li>As of last Friday’s close, the S&amp;P 500 is up about 2% YTD. However, without the contribution of chip maker Nvidia (NVDA) it would be flat YTD.</li><li>Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.</li></ul>

Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.As of last Friday’s close, the S&amp;P 500 is up about 2% YTD. However, without the contribution of chip maker Nvidia (NVDA) it would be flat YTD.Since the end of 2022, few and fewer big cap tech names are now carrying the overall S&amp;P 500 index performance.

<a href="https://www.smartkarma.com/entities/jfrog-ltd" target="_blank" data-smartkarma-citation="entities:29269:1" rel="noopener">JFrog Ltd (FROG US)</a> , one of the key players in the software update industry, will report Q3’21 earnings on November 4, 2021, after the U.S. stock market closes. The company is expected to post non-GAAP loss of ~$0.03 per share and revenue of $52.5 million, up ~35% year-over-year. This year <a href="https://www.smartkarma.com/entities/jfrog-ltd" target="_blank" data-smartkarma-citation="entities:29269:1" rel="noopener">JFrog Ltd (FROG US)</a>  has acquired Israel-based Vdoo for ~$287 million to strengthen security technology capabilities and private company Upswift for an undisclosed amount to add new IoT and connect device management features into the platform. In our insight we will analyze recent acquisitions and consider various long-term growth scenarios and the rule of 40 for JFrog.

JFrog Ltd (FROG US) , one of the key players in the software update industry, will report Q3’21 earnings on November 4, 2021, after the U.S. stock market closes. The company is expected to post non-GAAP loss of ~$0.03 per share and revenue of $52.5 million, up ~35% year-over-year. This year JFrog Ltd (FROG US)  has acquired Israel-based Vdoo for ~$287 million to strengthen security technology capabilities and private company Upswift for an undisclosed amount to add new IoT and connect device management features into the platform. In our insight we will analyze recent acquisitions and consider various long-term growth scenarios and the rule of 40 for JFrog.     

JFrog Q3’21 Earnings Preview: Crossing The $200M ARR Mark

JFrog, the liquid software company, will report financial results for the fourth quarter and fiscal year 2020 on February 11, 2021 following market close. JFrog successfully completed IPO in September 2020 and sold ~9.7 million shares at IPO price of $44 per share. Net proceeds reached ~$393 million and JFrog shares rose ~36% since IPO. We saw a temporary selling pressure on JFrog stock price due to early lock-up expiration in respect to 25% of shares under lock-up agreements. However, insiders and shareholders did not rush to sell JFrog shares in November and December previous year.In our insight we will focus on JFrog 4Q:20 earnings preview and set a new 12-month price target on JFrog stock.

JFrog, the liquid software company, will report financial results for the fourth quarter and fiscal year 2020 on February 11, 2021 following market close. JFrog successfully completed IPO in September 2020 and sold ~9.7 million shares at IPO price of $44 per share. Net proceeds reached ~$393 million and JFrog shares rose ~36% since IPO. We saw a temporary selling pressure on JFrog stock price due to early lock-up expiration in respect to 25% of shares under lock-up agreements. However, insiders and shareholders did not rush to sell JFrog shares in November and December previous year.In our insight we will focus on JFrog 4Q:20 earnings preview and set a new 12-month price target on JFrog stock.

Bear-Case Is Highly Unlikely. Risk/Reward Skewed To The Upside

United States

JFrog Ltd operates as a software development company. The Company provides technologies and tools for the everyday use and to increase the effectiveness. JFrog serves customers worldwide.

JFrog (FROG US)

JFrog Ltd.: Initiation of Coverage - Unleashing the Power of AI in DevOps – A Game-Changer You Can't Afford to Miss! - Major Drivers

This is our first report on DevOps platform provider, JFrog. Most importantly, the year-over-year growth of JFrog's cloud business rose by 46%,...

Baptista Research

GitLab IPO: Is $10 Billion+ Stock Valuation Too High?

Money-losing unicorn GitLab has sky-high IPO valuation of $12B+ and we believe GitLab shares have ~16% downside potential to IPO price of $77 per...

Andrei Zakharov

Weekly Stock Bullfinder - Week of 3/27

Tech Heavyweights Shouldering the Load- Caution Flags Waving Since the end of 2022, few and fewer big cap tech names are now carrying the overall...

Weekly Stock Bull Finder

JFrog Q3’21 Earnings Preview: Crossing The $200M ARR Mark

JFrog will release Q3’21 earnings soon and we believe notable acquisition of product security firm Vdoo will accelerate the JFrog’s security...

Andrei Zakharov

Bear-Case Is Highly Unlikely. Risk/Reward Skewed To The Upside

JFrog looks like a more attractive stock at current valuations keeping in mind forthcoming IPO of key VC-backed rival GitLab Inc.

Andrei Zakharov