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>CrowdStrike reported its fiscal third-quarter results for 2025, showcasing several strengths but also facing some challenges.</li><li>The company achieved key milestones in the quarter, with annual recurring revenue (ARR) surpassing $4 billion and total revenue exceeding $1 billion for the first time.</li><li>Subscription revenue alone grew by 31% year-over-year, reflecting the strong demand for its cybersecurity offerings.</li></ul>

CrowdStrike reported its fiscal third-quarter results for 2025, showcasing several strengths but also facing some challenges.The company achieved key milestones in the quarter, with annual recurring revenue (ARR) surpassing $4 billion and total revenue exceeding $1 billion for the first time.Subscription revenue alone grew by 31% year-over-year, reflecting the strong demand for its cybersecurity offerings.

CrowdStrike Holdings: How Are They Executing Expansion Beyond Endpoint Security? - Major Drivers

<ul><li>CrowdStrike, a leader in cybersecurity known for its AI-driven Falcon platform, now finds itself grappling with significant challenges in the wake of a global IT outage that has shaken its foundations.</li><li>While the company has long been recognized for its robust growth, technological innovation, and a solid client base, the recent incident has exposed vulnerabilities that could impact its future trajectory.</li><li>The outage, which disrupted services across critical sectors, has raised questions about the resilience of CrowdStrike's operations and the reliability of its platform.</li></ul>

CrowdStrike, a leader in cybersecurity known for its AI-driven Falcon platform, now finds itself grappling with significant challenges in the wake of a global IT outage that has shaken its foundations.While the company has long been recognized for its robust growth, technological innovation, and a solid client base, the recent incident has exposed vulnerabilities that could impact its future trajectory.The outage, which disrupted services across critical sectors, has raised questions about the resilience of CrowdStrike's operations and the reliability of its platform.

CrowdStrike's Post-Outage Reality: Navigating the Challenges Ahead!

<ul><li>CrowdStrike, once hailed as a beacon of innovation in the cybersecurity sector, now finds itself at a precarious crossroads.</li><li>Despite boasting a robust platform, impressive revenue growth, and high-profile clients, recent events have cast a long shadow over its future prospects.</li><li>The global IT outage linked to CrowdStrike's software has brought its skyrocketing valuation down but is there a rock-bottom in sight?</li></ul>

CrowdStrike, once hailed as a beacon of innovation in the cybersecurity sector, now finds itself at a precarious crossroads.Despite boasting a robust platform, impressive revenue growth, and high-profile clients, recent events have cast a long shadow over its future prospects.The global IT outage linked to CrowdStrike's software has brought its skyrocketing valuation down but is there a rock-bottom in sight?

CrowdStrike: A Once-Promising Cybersecurity Titan's Fall From Grace

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>On June 24, Crowdstrike Holdings (CRWD US) will officially join the S&amp;P 500, which follows strong financial results and guidance. Investors anticipated this inclusion, driven by improved profitability and operational efficiency.</li>
<li>The volume traded has so far been on average 2x the 3-month daily average prior to the news. The enduring effect will be on liquidity (hedging basket for index exposure).</li>
<li>CrowdStrike's inclusion in the S&amp;P 500 index increases the representation of pure cybersecurity stocks. Median IBES consensus PT is $400 (7.5% upside).</li>
</ul>


On June 24, Crowdstrike Holdings (CRWD US) will officially join the S&amp;P 500, which follows strong financial results and guidance. Investors anticipated this inclusion, driven by improved profitability and operational efficiency.
The volume traded has so far been on average 2x the 3-month daily average prior to the news. The enduring effect will be on liquidity (hedging basket for index exposure).
CrowdStrike's inclusion in the S&amp;P 500 index increases the representation of pure cybersecurity stocks. Median IBES consensus PT is $400 (7.5% upside).


US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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.

<ul>
<li>Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.</li>
<li>Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.</li>
</ul>


Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.
Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.

Dell Technologies (DELL US) is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.


S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

United States

CrowdStrike Holdings, Inc. provides cybersecurity products and services to stop breaches. The Company offers cloud-delivered protection across endpoints, cloud workloads, identity and data, and leading threat intelligence, managed security services, IT operations management, threat hunting, Zero Trust identity protection, and log management. CrowdStrike serves customers worldwide.

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Crowdstrike Holdings (CRWD US)

CrowdStrike Holdings: How Are They Executing Expansion Beyond Endpoint Security? - Major Drivers

CrowdStrike reported its fiscal third-quarter results for 2025, showcasing several strengths but also facing some challenges. The company achieved...

Baptista Research

CrowdStrike's Post-Outage Reality: Navigating the Challenges Ahead!

CrowdStrike, a leader in cybersecurity known for its AI-driven Falcon platform, now finds itself grappling with significant challenges in the wake...

Baptista Research

CrowdStrike: A Once-Promising Cybersecurity Titan's Fall From Grace

CrowdStrike, once hailed as a beacon of innovation in the cybersecurity sector, now finds itself at a precarious crossroads. Despite boasting a...

Baptista Research

CrowdStrike Joins S&P 500

On June 24, Crowdstrike Holdings (CRWD US) will officially join the S&P 500, which follows strong financial results and guidance. Investors...

Jesus Rodriguez Aguilar

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CrowdStrike Holdings: How Are They Executing Expansion Beyond Endpoint Security? - Major Drivers

CrowdStrike reported its fiscal third-quarter results for 2025, showcasing several strengths but also facing some challenges. The company achieved...

Baptista Research

CrowdStrike's Post-Outage Reality: Navigating the Challenges Ahead!

CrowdStrike, a leader in cybersecurity known for its AI-driven Falcon platform, now finds itself grappling with significant challenges in the wake...

Baptista Research

CrowdStrike: A Once-Promising Cybersecurity Titan's Fall From Grace

CrowdStrike, once hailed as a beacon of innovation in the cybersecurity sector, now finds itself at a precarious crossroads. Despite boasting a...

Baptista Research

CrowdStrike Joins S&P 500

On June 24, Crowdstrike Holdings (CRWD US) will officially join the S&P 500, which follows strong financial results and guidance. Investors...

Jesus Rodriguez Aguilar

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P ​Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...