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>Rubrik, Inc. reported second-quarter fiscal 2027 results showing continued growth in subscription ARR, subscription revenue, and customer scale.</li><li>Subscription ARR reached $1.66 billion, up 33% year-over-year, while subscription revenue increased 37% to $407 million.</li><li>Net new subscription ARR was approximately $96 million, and subscription net revenue retention remained above 119%.</li></ul>

Rubrik, Inc. reported second-quarter fiscal 2027 results showing continued growth in subscription ARR, subscription revenue, and customer scale.Subscription ARR reached $1.66 billion, up 33% year-over-year, while subscription revenue increased 37% to $407 million.Net new subscription ARR was approximately $96 million, and subscription net revenue retention remained above 119%.

Rubrik's Hidden Growth Engine — $1 Million Customers Surge 57%!

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 4/21/26) on the SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM), and we recently recommended buying the pullback in our June 9 U.S. Macro Vision</li>
<li>As discussed June 9, we continue to expect roughly one pullback per month to test the 20-day MA on SPX, QQQ, IWM, and that was all the recent pullback was.</li>
<li>While price dipped below the 20-day MAs, the decisive reclaim of the 20-dayMAs late last week was exactly what we discussed to look for to confirm a brief, buyable pullback.</li>
</ul>


We remain bullish (as of 4/21/26) on the SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM), and we recently recommended buying the pullback in our June 9 U.S. Macro Vision
As discussed June 9, we continue to expect roughly one pullback per month to test the 20-day MA on SPX, QQQ, IWM, and that was all the recent pullback was.
While price dipped below the 20-day MAs, the decisive reclaim of the 20-dayMAs late last week was exactly what we discussed to look for to confirm a brief, buyable pullback.


Buy Software Stocks; Bullish Outlook Intact; Buy Gold and Silver

<ul><li>Rubrik Inc. reported a strong start to fiscal year 2027 with record first-quarter results, exceeding all guided metrics across revenue growth and profitability.</li><li>Subscription annual recurring revenue (ARR) reached $1.57 billion, reflecting a 32% year-over-year increase, while subscription revenue grew 41% to $374 million.</li><li>The company’s subscription net revenue retention (NRR) remained robust at approximately 120%, supported by growth in customers with subscriptions over $100,000 ARR, which increased 24% to 2,946.</li></ul>

Rubrik Inc. reported a strong start to fiscal year 2027 with record first-quarter results, exceeding all guided metrics across revenue growth and profitability.Subscription annual recurring revenue (ARR) reached $1.57 billion, reflecting a 32% year-over-year increase, while subscription revenue grew 41% to $374 million.The company’s subscription net revenue retention (NRR) remained robust at approximately 120%, supported by growth in customers with subscriptions over $100,000 ARR, which increased 24% to 2,946.

Rubrik’s $1.57 Billion ARR Base: Is Wall Street Underestimating Its Cyber Resilience Push?

<ul><li>Rubrik has moved deeper into identity resilience with its acquisition of Strata.io, a specialist in identity orchestration across multi-cloud, hybrid, and on-premise environments.</li><li>The announcement came alongside the launch of Identity Continuity, powered by Strata, and Identity Roll Forward, an internally developed capability aimed at restoring identity systems to a clean, current state without forcing weeks of manual re-provisioning.</li><li>The timing is notable because Rubrik is already positioning itself as a broader cyber resilience platform rather than a traditional backup vendor.</li></ul>

Rubrik has moved deeper into identity resilience with its acquisition of Strata.io, a specialist in identity orchestration across multi-cloud, hybrid, and on-premise environments.The announcement came alongside the launch of Identity Continuity, powered by Strata, and Identity Roll Forward, an internally developed capability aimed at restoring identity systems to a clean, current state without forcing weeks of manual re-provisioning.The timing is notable because Rubrik is already positioning itself as a broader cyber resilience platform rather than a traditional backup vendor.

Rubrik Acquisition Bombshell: Strata.io May Fill Its Biggest Identity Gap!

<ul><li>Rubrik’s fiscal 2026 results highlight strong growth and improving profitability in its cyber resilience and AI-focused platform, though uncertainties remain around emerging markets and macro conditions.</li><li>Net new subscription ARR grew by $115 million in the fourth quarter, lifting subscription ARR to $1.46 billion, up 34% year over year.</li><li>Subscription revenue rose 50% to $365 million, helping total revenue reach $378 million, a 46% increase.</li></ul>

Rubrik’s fiscal 2026 results highlight strong growth and improving profitability in its cyber resilience and AI-focused platform, though uncertainties remain around emerging markets and macro conditions.Net new subscription ARR grew by $115 million in the fourth quarter, lifting subscription ARR to $1.46 billion, up 34% year over year.Subscription revenue rose 50% to $365 million, helping total revenue reach $378 million, a 46% increase.

Rubrik: The Identity Security Wave Is Accelerating—And Rubrik Is Moving Fast!

United States

Rubrik, Inc. operates as a cloud data management and data security company. The Company offers a platform which helps enterprises to achieve resilience against cyber-attacks, malicious insiders, operational disruptions, cloud mobility, and regulatory compliance. Rubrik serves government, health care, education, legal, and financial industries worldwide.

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Rubrik (RBRK US)

Rubrik's Hidden Growth Engine — $1 Million Customers Surge 57%!

Rubrik, Inc. reported second-quarter fiscal 2027 results showing continued growth in subscription ARR, subscription revenue, and customer...

Baptista Research

Buy Software Stocks; Bullish Outlook Intact; Buy Gold and Silver

Buy Software Stocks $RBRK $FROG; Bullish Outlook Intact $SPX $QQQ $IWM; Buy Gold and Silver $GLD $SLV $GDX $SIL. Normal Pullback is Over

Vermilion Research

Rubrik’s $1.57 Billion ARR Base: Is Wall Street Underestimating Its Cyber Resilience Push?

Rubrik Inc. reported a strong start to fiscal year 2027 with record first-quarter results, exceeding all guided metrics across revenue growth and...

Baptista Research

Rubrik Acquisition Bombshell: Strata.io May Fill Its Biggest Identity Gap!

Rubrik has moved deeper into identity resilience with its acquisition of Strata.io, a specialist in identity orchestration across multi-cloud,...

Baptista Research

Rubrik: The Identity Security Wave Is Accelerating—And Rubrik Is Moving Fast!

Rubrik’s fiscal 2026 results highlight strong growth and improving profitability in its cyber resilience and AI-focused platform, though...

Baptista Research

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