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>Zscaler, a major force in cloud-based cybersecurity, has officially signed a definitive agreement to acquire Red Canary, a recognized leader in Managed Detection and Response (MDR), in a strategic push to redefine security operations through AI and data integration.</li><li>The acquisition, expected to close in August 2025, marks Zscaler’s second major deal in the past 18 months after acquiring Avalor, a security data fabric provider.</li><li>Red Canary brings more than $140 million in annual recurring revenue (ARR), a seasoned MDR go-to-market team, and agentic AI workflows already deployed in production.</li></ul>

Zscaler, a major force in cloud-based cybersecurity, has officially signed a definitive agreement to acquire Red Canary, a recognized leader in Managed Detection and Response (MDR), in a strategic push to redefine security operations through AI and data integration.The acquisition, expected to close in August 2025, marks Zscaler’s second major deal in the past 18 months after acquiring Avalor, a security data fabric provider.Red Canary brings more than $140 million in annual recurring revenue (ARR), a seasoned MDR go-to-market team, and agentic AI workflows already deployed in production.

Zscaler’s $675 Million Acquisition Of Red Canary—Here’s How It Could Reshape Cybersecurity & The $5 Billion SOC Race!

<ul><li>Zscaler reported a strong fiscal second quarter in 2025, indicating a robust growth trajectory and improvements in its go-to-market strategy.</li><li>The company achieved a notable year-over-year revenue increase of 23%, culminating in a total of $648 million, surpassing their guidance.</li><li>This financial performance is largely attributed to accelerated billings, improved sales productivity, and heightened customer demand for the Zscaler platform.</li></ul>

Zscaler reported a strong fiscal second quarter in 2025, indicating a robust growth trajectory and improvements in its go-to-market strategy.The company achieved a notable year-over-year revenue increase of 23%, culminating in a total of $648 million, surpassing their guidance.This financial performance is largely attributed to accelerated billings, improved sales productivity, and heightened customer demand for the Zscaler platform.

Zscaler Inc.: Zero Trust Everywhere Initiative to Offer Robust Cybersecurity Solutions In Evolving Threat Landscape!

<ul><li>Zscaler, a leading cybersecurity company specializing in cloud-based security solutions, reported solid financial performance in its first quarter of fiscal year 2025.</li><li>The company's revenue increased by 26% year-over-year to $628 million, reflecting robust demand for its Zero Trust Exchange platform and AI solutions.</li><li>Bookings growth also accelerated, surpassing 30%, indicating increased customer commitments to its offerings.</li></ul>

Zscaler, a leading cybersecurity company specializing in cloud-based security solutions, reported solid financial performance in its first quarter of fiscal year 2025.The company's revenue increased by 26% year-over-year to $628 million, reflecting robust demand for its Zero Trust Exchange platform and AI solutions.Bookings growth also accelerated, surpassing 30%, indicating increased customer commitments to its offerings.

Zscaler Inc.: Expansion in Data Protection & Security Operations As A Critical Growth Engine! - Major Drivers

<ul><li>Zscaler is actively expanding and executing within the rapidly evolving cybersecurity market.</li><li>Recent developments highlight the company’s strong financial performance and strategic positioning as it continues to capitalize on growing demand for advanced security solutions.</li><li>Zscaler posted robust financial results, showcasing a 30% year-over-year growth in revenue, underscoring the increasing market demand and customer adoption of its solutions.</li></ul>

Zscaler is actively expanding and executing within the rapidly evolving cybersecurity market.Recent developments highlight the company’s strong financial performance and strategic positioning as it continues to capitalize on growing demand for advanced security solutions.Zscaler posted robust financial results, showcasing a 30% year-over-year growth in revenue, underscoring the increasing market demand and customer adoption of its solutions.

Zscaler Inc.: Expansion into Emerging Product Lines Driving Our Bullish Rating! - Major Drivers

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>Continuing the trend from last week's report (4/29/25), we are seeing more and more signs that lead us to believe SPX made a major bottom at 4800-4820, initially discussed 4/8/25.</li>
<li>As a result, we have been short-term bullish since our 4/22/25 report, when we noted SPX was testing 5100-5120 support, potential bounce spot and a level to trade long against.</li>
<li>While SPX is approaching short-term resistance levels and reducing risk is prudent, we remain short-term bullish if SPX is above its 20-day MA and 21-day EMA.</li>
</ul>


Continuing the trend from last week's report (4/29/25), we are seeing more and more signs that lead us to believe SPX made a major bottom at 4800-4820, initially discussed 4/8/25.
As a result, we have been short-term bullish since our 4/22/25 report, when we noted SPX was testing 5100-5120 support, potential bounce spot and a level to trade long against.
While SPX is approaching short-term resistance levels and reducing risk is prudent, we remain short-term bullish if SPX is above its 20-day MA and 21-day EMA.


Lockout Rally in Full Swing; Watching Resistance Levels But Stay Short-Term Bullish Above 20-DMA

United States

Zscaler, Inc. operates as a security software company. The Company offers cloud-based platform that provides web and mobile security, threat protection, cloud application visibility, and networking solutions. Zscaler serves clients worldwide.

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Zscaler (ZS US)

Zscaler’s $675 Million Acquisition Of Red Canary—Here’s How It Could Reshape Cybersecurity & The $5 Billion SOC Race!

Zscaler, a major force in cloud-based cybersecurity, has officially signed a definitive agreement to acquire Red Canary, a recognized leader in...

Baptista Research

Zscaler Inc.: Zero Trust Everywhere Initiative to Offer Robust Cybersecurity Solutions In Evolving Threat Landscape!

Zscaler reported a strong fiscal second quarter in 2025, indicating a robust growth trajectory and improvements in its go-to-market strategy. The...

Baptista Research

Zscaler Inc.: Expansion in Data Protection & Security Operations As A Critical Growth Engine! - Major Drivers

Zscaler, a leading cybersecurity company specializing in cloud-based security solutions, reported solid financial performance in its first quarter...

Baptista Research

Zscaler Inc.: Expansion into Emerging Product Lines Driving Our Bullish Rating! - Major Drivers

Zscaler is actively expanding and executing within the rapidly evolving cybersecurity market. Recent developments highlight the company’s strong...

Baptista Research

Lockout Rally in Full Swing; Watching Resistance Levels But Stay Short-Term Bullish Above 20-DMA

Lockout Rally in Full Swing; Watching Resistance Levels from here to 5910, But Stay Short-Term Bullish if Above 20-DMA and 21-EMAs. Still bullish...

Vermilion Research

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