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's third quarter fiscal year 2026 financial results reflect a period of substantial growth and ambitious strategic initiatives.</li><li>The company reported a significant rise in subscription annual recurring revenue (ARR) to $1.35 billion, marking a 34% year-over-year increase, with net new subscription ARR hitting a record $94 million.</li><li>Subscription revenue saw an impressive 52% surge, reaching $336 million.</li></ul>

Rubrik's third quarter fiscal year 2026 financial results reflect a period of substantial growth and ambitious strategic initiatives.The company reported a significant rise in subscription annual recurring revenue (ARR) to $1.35 billion, marking a 34% year-over-year increase, with net new subscription ARR hitting a record $94 million.Subscription revenue saw an impressive 52% surge, reaching $336 million.

Rubrik Inc.: Is Its Rapid Expansion Into Identity Security a Game-Changing Move?

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Cribl hit $390M in ARR in August 2026, up from $305M at the end of 2025.</li><li>Cribl's growth is driven by its data pipeline products that help enterprises reduce spending on platforms like Splunk by 30-90%.</li><li>GV's investment in the Series E round was noted as one of their largest in their 15-year history, with GV General Partner Michael McBride joining Cribl's board.</li></ul>

Sacra estimates that Cribl hit $390M in ARR in August 2026, up from $305M at the end of 2025.Cribl's growth is driven by its data pipeline products that help enterprises reduce spending on platforms like Splunk by 30-90%.GV's investment in the Series E round was noted as one of their largest in their 15-year history, with GV General Partner Michael McBride joining Cribl's board.

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.

Equity Derivatives

<ul><li>Options markets sent conflicting signals this week.</li><li>Defensive put-buying surged across global financials, industrials, and high-momentum names.</li><li>At the same time, aggressive call-buying dominated ETF flows, cybersecurity, and select recovery plays.</li></ul>

Options markets sent conflicting signals this week.Defensive put-buying surged across global financials, industrials, and high-momentum names.At the same time, aggressive call-buying dominated ETF flows, cybersecurity, and select recovery plays.

Options Weekly: Bears Hedge, Bulls Chase: A Split Market in Options

<ul><li>Broad defensive positioning dominated options markets the week of August 10.</li><li>Put-call ratios spiked to multi-year highs across financials, industrials, and post-earnings names.</li><li>At the same time, a sharp counter-current emerged: S&amp;P 500 ETFs and several growth names saw call buying hit 52-week extremes, splitting the market into two distinct camps.</li></ul>

Broad defensive positioning dominated options markets the week of August 10.Put-call ratios spiked to multi-year highs across financials, industrials, and post-earnings names.At the same time, a sharp counter-current emerged: S&amp;P 500 ETFs and several growth names saw call buying hit 52-week extremes, splitting the market into two distinct camps.

Options Weekly: Bears Hedge Everywhere — Bulls Flood Into ETFs and Cybersecurity

<ul><li>Sacra estimates that BigID hit $108M in annual recurring revenue (ARR) in 2024, up 20% year-over-year from $90M at the end of 2023.</li><li>The company was last valued at $1.25B after their $100M Series D (split into a $70M round and a $30M extension) with a share price around $5.35 per share.</li><li>BigID&#39;s FedRAMP certification opens the US federal market, where agencies face mounting pressure to secure sensitive data and govern AI adoption under strict federal security requirements.</li></ul>

Sacra estimates that BigID hit $108M in annual recurring revenue (ARR) in 2024, up 20% year-over-year from $90M at the end of 2023.The company was last valued at $1.25B after their $100M Series D (split into a $70M round and a $30M extension) with a share price around $5.35 per share.BigID&#39;s FedRAMP certification opens the US federal market, where agencies face mounting pressure to secure sensitive data and govern AI adoption under strict federal security requirements.

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 Inc.: Is Its Rapid Expansion Into Identity Security a Game-Changing Move?

Rubrik's third quarter fiscal year 2026 financial results reflect a period of substantial growth and ambitious strategic initiatives. The company...

Baptista Research

Primer: Cribl - 26 Aug 2026

Data pipeline software for routing, filtering, and storing enterprise observability and security logs

Sacra

Options Weekly: Bears Hedge, Bulls Chase: A Split Market in Options

Options markets sent conflicting signals this week. Defensive put-buying surged across global financials, industrials, and high-momentum names. At...

ORTEX Market Intel

Options Weekly: Bears Hedge Everywhere — Bulls Flood Into ETFs and Cybersecurity

Broad defensive positioning dominated options markets the week of August 10. Put-call ratios spiked to multi-year highs across financials,...

ORTEX Market Intel

Primer: BigID - 10 Aug 2026

Software for discovering, classifying, and securing sensitive data across cloud and on-prem systems

Sacra

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