Rubrik (RBRK) shares jumped more than 32% in recent Friday trading following analyst price target raises after it reported better-than-expected fiscal Q3 results late Thursday.
Wedbush raised its price target on Rubrik to $75 from $48, with an outperform rating, while Truist Securities adjusted the price target upwards to $75 from $50, with a buy rating.
Rubrik reported a narrower fiscal Q3 non-GAAP net loss late Thursday of $0.21 per diluted share on a revenue of $236.2 million. Analysts polled by FactSet, on average, expected a $0.40 loss on a revenue of $217.5 million.
Rubrik is in the early stages of its growth story with a "unique" product offering, "a durable pipeline and a strong go-to-market strategy," Wedbush said in a note Friday. Additionally, the note said that the company is in a good position as there is rising demand for its data security posture management, or DSPM, offerings.
Price: 71.70, Change: +18.04, Percent Change: +33.61
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.