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>Snowflake Inc. reported its financial results for Q3 Fiscal Year 2026, showcasing continued robust performance with product revenue reaching $1.16 billion, a 29% increase year-over-year.</li><li>The company added a record 615 new customers this quarter and maintained a healthy net revenue retention rate of 125%.</li><li>A key highlight was the achievement of a $100 million AI revenue run rate, one quarter earlier than anticipated, indicating strong momentum and adoption of Snowflake's AI-driven data cloud solutions.</li></ul>

Snowflake Inc. reported its financial results for Q3 Fiscal Year 2026, showcasing continued robust performance with product revenue reaching $1.16 billion, a 29% increase year-over-year.The company added a record 615 new customers this quarter and maintained a healthy net revenue retention rate of 125%.A key highlight was the achievement of a $100 million AI revenue run rate, one quarter earlier than anticipated, indicating strong momentum and adoption of Snowflake's AI-driven data cloud solutions.

Snowflake Is Becoming the Control Plane for Enterprise Data—But Can It Defend the Moat?

<ul><li>Snowflake has taken a bold strategic leap in its battle for AI supremacy by acquiring Crunchy Data, a leading PostgreSQL-based database company, for approximately $250 million.</li><li>Coming shortly after Databricks' $1 billion acquisition of Neon, this move signals an intensifying war for enterprise customers who want to build AI agents using their own data.</li><li>Crunchy Data’s roughly 100 employees are set to join Snowflake as the company integrates Crunchy into a new product offering called Snowflake Postgres.</li></ul>

Snowflake has taken a bold strategic leap in its battle for AI supremacy by acquiring Crunchy Data, a leading PostgreSQL-based database company, for approximately $250 million.Coming shortly after Databricks' $1 billion acquisition of Neon, this move signals an intensifying war for enterprise customers who want to build AI agents using their own data.Crunchy Data’s roughly 100 employees are set to join Snowflake as the company integrates Crunchy into a new product offering called Snowflake Postgres.

Snowflake's $250M “Crunchy” Bet: How Two Smart Acquisitions Are Fueling Its AI War With Databricks!

<ul><li>Snowflake Inc., a leading data cloud company, reported its Q1 Fiscal Year 2026 results, highlighting robust revenue growth and strategic advancements across its portfolio.</li><li>The company continues to position itself at the intersection of data management and artificial intelligence, driven by its mission to empower enterprise transformation through data-centric solutions.</li><li>In Q1 Fiscal 2026, Snowflake achieved product revenue of $997 million, reflecting a 26% year-over-year increase.</li></ul>

Snowflake Inc., a leading data cloud company, reported its Q1 Fiscal Year 2026 results, highlighting robust revenue growth and strategic advancements across its portfolio.The company continues to position itself at the intersection of data management and artificial intelligence, driven by its mission to empower enterprise transformation through data-centric solutions.In Q1 Fiscal 2026, Snowflake achieved product revenue of $997 million, reflecting a 26% year-over-year increase.

Snowflake Inc.: Expansion in the Federal Government Sector & Critical Developments!

<ul><li>Snowflake Inc. reported its fourth-quarter financial results for fiscal year 2025, delivering strong growth in key areas while navigating several challenges.</li><li>The company posted $943 million in product revenue for the quarter, reflecting a 28% year-over-year increase and surpassing analyst estimates of $914 million.</li><li>Total revenue reached $986.8 million, exceeding projections of $957 million.</li></ul>

Snowflake Inc. reported its fourth-quarter financial results for fiscal year 2025, delivering strong growth in key areas while navigating several challenges.The company posted $943 million in product revenue for the quarter, reflecting a 28% year-over-year increase and surpassing analyst estimates of $914 million.Total revenue reached $986.8 million, exceeding projections of $957 million.

Snowflake’s $6.9 Billion Growth and AI Moves Shake Up the Market—But Is a Slowdown Coming?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.</li>
<li>I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.</li>
</ul>


Figma Inc., a fast-growing design software maker with strong VC backing, is expected to price the offering this week.
The company’s amended S-1 puts the initial price range per share at $25.00 to $28.00, implying a market cap of roughly $13B at the midpoint.
I have a positive view of upcoming Figma IPO and expect a strong first trading-day performance. The stock will begin trading on the NYSE on July 28, 2025.


Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

United States

Snowflake Inc. provides software solutions. The Company develops database architecture, data warehouses, query optimization, and parallelization solutions. Snowflake serves customers worldwide.

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Snowflake (SNOW US)

Snowflake Is Becoming the Control Plane for Enterprise Data—But Can It Defend the Moat?

Snowflake Inc. reported its financial results for Q3 Fiscal Year 2026, showcasing continued robust performance with product revenue reaching $1.16...

Baptista Research

Snowflake's $250M “Crunchy” Bet: How Two Smart Acquisitions Are Fueling Its AI War With Databricks!

Snowflake has taken a bold strategic leap in its battle for AI supremacy by acquiring Crunchy Data, a leading PostgreSQL-based database company,...

Baptista Research

Snowflake Inc.: Expansion in the Federal Government Sector & Critical Developments!

Snowflake Inc., a leading data cloud company, reported its Q1 Fiscal Year 2026 results, highlighting robust revenue growth and strategic...

Baptista Research

Snowflake’s $6.9 Billion Growth and AI Moves Shake Up the Market—But Is a Slowdown Coming?

Snowflake Inc. reported its fourth-quarter financial results for fiscal year 2025, delivering strong growth in key areas while navigating several...

Baptista Research

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

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Market Cap (USDm)

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Snowflake Is Becoming the Control Plane for Enterprise Data—But Can It Defend the Moat?

Snowflake Inc. reported its financial results for Q3 Fiscal Year 2026, showcasing continued robust performance with product revenue reaching $1.16...

Baptista Research

Snowflake's $250M “Crunchy” Bet: How Two Smart Acquisitions Are Fueling Its AI War With Databricks!

Snowflake has taken a bold strategic leap in its battle for AI supremacy by acquiring Crunchy Data, a leading PostgreSQL-based database company,...

Baptista Research

Snowflake Inc.: Expansion in the Federal Government Sector & Critical Developments!

Snowflake Inc., a leading data cloud company, reported its Q1 Fiscal Year 2026 results, highlighting robust revenue growth and strategic...

Baptista Research

Snowflake’s $6.9 Billion Growth and AI Moves Shake Up the Market—But Is a Slowdown Coming?

Snowflake Inc. reported its fourth-quarter financial results for fiscal year 2025, delivering strong growth in key areas while navigating several...

Baptista Research

Figma IPO (FIG.US): Investor Interest Remains Strong, Likely To Price IPO at Top of Range

​Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...

Andrei Zakharov

Figma Inc. finally sets terms for long-awaited IPO in the United States. In my insight, I discuss IPO valuation, post-listing trading dynamics and...