Rubrik Inc (RBRK) PT Raised to $95 at Wolfe Research

Wolfe Research analyst Patrick O\'Neill raised the price target on Rubrik Inc (NYSE: RBRK) to $95.00 (from $70.00) while maintaining a Outperform rating.

The analyst comments "Key Thoughts. RBRK delivered a solid quarter, with beats across key metrics in a "down the middle" type of print. Strength was broad-based with continued traction with Identity offerings reaching >$50M in ARR (+38% Q/Q), some early deployments of Agent Cloud coming in the first quarter being GA, and a healthy expansion motion with F1Q NRR of ~120%. Subscription ARR of $1,565M (+32.5% Y/Y) beat cons by 1.2% (vs. 1.4% in F4Q26), implying NNARR of $103M (+16.2% Y/ Y), and while Cloud NNARR growth of ~5% was likely below expectations, after adjusting for noisy migration dynamics, growth was actually slightly better than Sub NNARR growth. We also believe that Sub NNARR growth was likely in the 20% + range after adjusting for maintenance transition benefits. Profitability was another bright spot as RBRK continues to drive leverage as Sub ARR contribution margin of 13.2% beat guidance by 2.7pts and operating income of $25M (6.4% margins) was well ahead of cons at -$19M."

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