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Rubrik Posts Strong F4Q Beat: 6 Analysts Raise Forecasts Citing 'Significant Runway For Growth'

Shares of Rubrik Inc (NYSE:RBRK) were climbing in early trading on Friday, after reporting upbeat fourth-quarter results.

Here are some key analyst takeaways.

KeyBanc Capital Markets On Rubrik

Analyst Eric Heath maintained an Overweight rating, while reducing the price target from $87 to $82.

Rubrik's subscription ARR (annual recurring revenue) rose 39% year-on-year to $1,093 million, beating consensus of $1,060 million, Heath said in a note. While the beat was similar to the prior three quarters, it marked an acceleration by one point to 37% growth, he added.

Total revenues surged 53% year-on-year to $258 million, coming in higher than consensus of $233 million, the analyst stated. "The backup & recovery market is accelerating across several dimensions (legacy displacements, more addressable workloads, more security functionality, shift to BaaS), and we still see significant runway for growth," he wrote.

Piper Sandler On Rubrik

Analyst James Fish reiterated an Overweight, while lifting the price target from $83 to $87.

Rubrik's quarterly revenue accelerated again in the fourth quarter to 47% year-on-year, "despite a 28% tougher compare Q/Q," Fish said. Subscription ARR also accelerated, adding $90 million in NNARR versus Street expectation of $57 million, he added.

The NNARR beat was driven by $107 million in Cloud NNARR, the analyst stated. "Cyber-resilience, share gains, ransomware ...