Rubrik's Fiscal Q3 'Massive Game Changing' Quarter as Subscription ARR Hit Over $1 Billion, Wedbush Says

MT Newswires Live

Dec 06, 2024

Rubrik's (RBRK) fiscal Q3 was a "massive game changing" quarter as the company is "well-positioned" to attain a big market share due to cyber solutions' opportunity, Wedbush said in a Friday note.

The company reported more than $1 billion in subscription annual recurring revenue which jumped 38% from a year earlier, making it a "very impressive" quarter, analysts led by Daniel Ives wrote.

Rubrik is in the early stages of its growth story with a "unique" product offering, a durable pipeline and its go-to-market strategy, the analysts added.

Additionally, the note said that the company is in a good position as there is rising demand for its DSPM offerings.

Wedbush raised Rubrik's price target to $75 from $48 and maintained an outperform rating on the stock.

Shares of the company rose 30% in recent Friday trading.

Price: 69.82, Change: +16.16, Percent Change: +30.12

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