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>Okta, Inc. has provided a mixed yet insightful picture of its progress and challenges from its latest earnings results.</li><li>On the positive side, the company has reported robust financial indicators for the first quarter of fiscal year 2026, including record operating profitability and strong cash flows.</li><li>These financials showcase Okta's capability to efficiently manage costs and drive profitability despite a generally cautious economic environment.</li></ul>

Okta, Inc. has provided a mixed yet insightful picture of its progress and challenges from its latest earnings results.On the positive side, the company has reported robust financial indicators for the first quarter of fiscal year 2026, including record operating profitability and strong cash flows.These financials showcase Okta's capability to efficiently manage costs and drive profitability despite a generally cautious economic environment.

Okta Inc.: Its Strength In the Public Sector Is One Of Its Biggest Catalysts!

<ul><li>Okta reported a strong fourth quarter, highlighting accelerating remaining performance obligations (RPO) and current RPO (cRPO), record profitability, and robust free cash flow.</li><li>Demand for both workforce and customer identity products was strong, with notable contributions from new offerings such as Okta Identity Governance, Privileged Access, and Identity Security Posture Management.</li><li>The company emphasized product innovation, partner ecosystem expansion, and go-to-market specialization as key drivers of its momentum heading into the next fiscal year.</li></ul>

Okta reported a strong fourth quarter, highlighting accelerating remaining performance obligations (RPO) and current RPO (cRPO), record profitability, and robust free cash flow.Demand for both workforce and customer identity products was strong, with notable contributions from new offerings such as Okta Identity Governance, Privileged Access, and Identity Security Posture Management.The company emphasized product innovation, partner ecosystem expansion, and go-to-market specialization as key drivers of its momentum heading into the next fiscal year.

Okta Inc.: Monetization of Agentic AI As A Significant Growth Opportunity!

<ul><li>Okta Inc.'s recent financial results indicate a nuanced position in the market, marked by both strong performance and ongoing challenges.</li><li>In Q3 of fiscal year 2025, Okta demonstrated robust engagement with large customers, evident from top 10 deals each exceeding $1 million in annual contract value, significantly involving partner ecosystems, which contributed approximately $20 million in annual contract value (ACV).</li><li>A notable portion of this success can be attributed to Okta's deepening relationships within the U.S. federal vertical, highlighting the public sector as an area of substantial growth potential.</li></ul>

Okta Inc.'s recent financial results indicate a nuanced position in the market, marked by both strong performance and ongoing challenges.In Q3 of fiscal year 2025, Okta demonstrated robust engagement with large customers, evident from top 10 deals each exceeding $1 million in annual contract value, significantly involving partner ecosystems, which contributed approximately $20 million in annual contract value (ACV).A notable portion of this success can be attributed to Okta's deepening relationships within the U.S. federal vertical, highlighting the public sector as an area of substantial growth potential.

Okta Inc.: An Insight Into Its Product Innovation & Ecosystem Expansion & Other Major Drivers

<ul><li>In its Second Quarter Fiscal 2025 Earnings, Okta provided an insight into its financial and strategic progress while addressing ongoing macroeconomic challenges.</li><li>Okta achieved record profitability in the quarter, including GAAP profitability, driven by operational efficiencies and strong demand from large enterprise customers.</li><li>The company saw an increase in contract sizes, particularly through partnerships with global systems integrators, demonstrating its success in leveraging these relationships.</li></ul>

In its Second Quarter Fiscal 2025 Earnings, Okta provided an insight into its financial and strategic progress while addressing ongoing macroeconomic challenges.Okta achieved record profitability in the quarter, including GAAP profitability, driven by operational efficiencies and strong demand from large enterprise customers.The company saw an increase in contract sizes, particularly through partnerships with global systems integrators, demonstrating its success in leveraging these relationships.

Okta Inc.: Will Its Migration to Cloud-based Identity Validation Pay Off? - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.</li>
<li>The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.</li>
<li>With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.</li>
</ul>


Netskope Inc., a VC-backed cybersecurity leader and provider of enterprise network security platform that helps customers apply zero trust principles to protect sensitive data, filed to go public.
The Santa Clara-based Netskope has raised a significant amount of equity and debt. According to Crunchbase, the company has raised ~$1B in equity across many rounds of funding.
With 30%+ ARR growth, improving profitability and leadership position, I expect a strong interest around high-profile Netskope IPO.


Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

United States

Okta, Inc. develops internet applications software. The Company offers automated user management, integration, mobile identification, multifactor authentication, and reporting software. Okta serves customers worldwide.

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Okta (OKTA US)

Okta Inc.: Its Strength In the Public Sector Is One Of Its Biggest Catalysts!

Okta, Inc. has provided a mixed yet insightful picture of its progress and challenges from its latest earnings results. On the positive side, the...

Baptista Research

Okta Inc.: Monetization of Agentic AI As A Significant Growth Opportunity!

Okta reported a strong fourth quarter, highlighting accelerating remaining performance obligations (RPO) and current RPO (cRPO), record...

Baptista Research

Okta Inc.: An Insight Into Its Product Innovation & Ecosystem Expansion & Other Major Drivers

Okta Inc.'s recent financial results indicate a nuanced position in the market, marked by both strong performance and ongoing challenges. In Q3 of...

Baptista Research

Okta Inc.: Will Its Migration to Cloud-based Identity Validation Pay Off? - Major Drivers

In its Second Quarter Fiscal 2025 Earnings, Okta provided an insight into its financial and strategic progress while addressing ongoing...

Baptista Research

Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Okta Inc.: Its Strength In the Public Sector Is One Of Its Biggest Catalysts!

Okta, Inc. has provided a mixed yet insightful picture of its progress and challenges from its latest earnings results. On the positive side, the...

Baptista Research

Okta Inc.: Monetization of Agentic AI As A Significant Growth Opportunity!

Okta reported a strong fourth quarter, highlighting accelerating remaining performance obligations (RPO) and current RPO (cRPO), record...

Baptista Research

Okta Inc.: An Insight Into Its Product Innovation & Ecosystem Expansion & Other Major Drivers

Okta Inc.'s recent financial results indicate a nuanced position in the market, marked by both strong performance and ongoing challenges. In Q3 of...

Baptista Research

Okta Inc.: Will Its Migration to Cloud-based Identity Validation Pay Off? - Major Drivers

In its Second Quarter Fiscal 2025 Earnings, Okta provided an insight into its financial and strategic progress while addressing ongoing...

Baptista Research

Netskope IPO Preview: A Hot Cybersecurity Play Is On Deck

​VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...

Andrei Zakharov

VC-backed cybersecurity company Netskope Inc. is expected to IPO in September. I have a positive view of upcoming offering and expect a strong...