What's Going On With Rubrik Stock Friday?

Rubrik, Inc. (NYSE:RBRK) shares are trading on volatility Friday. The company repotted better-than-expected first-quarter financial results and issued second-quarter guidance above estimates on Thursday after the market closed.

The Details: Rubrik reported an adjusted loss of 15 cents per share, beating the consensus estimate of a 32 cent-loss. In addition, the company reported sales of $278.48 million, beating the consensus estimate of $260.35 million, and representing a 49% year-over-year growth.

Rubrik announced subscription annual reoccurring revenue grew 38% year-over-year to $1.89 billion.

The company ended the quarter with $762.1 million in cash, cash equivalents and short term investments.

Outlook: The company expects an adjusted loss per share of 33 to 35 cents for the second quarter, versus the 36-cent loss expected by analysts. Furthermore, it anticipates sales from $281 million to $283 million, versus the consensus estimate of $273.59 million.

The company now sees an adjusted loss per share from $1.02 to 96 cents for the fiscal-year, versus the consensus estimate of a $1.15 loss. It previously expected a loss between $1.23 and $1.13.

The company expects sales from $1.18 billion to $1.19 billion, versus the consensus estimate of $1.16 billion. It previously saw sales from $1.15 billion to $1.16 billion.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

• Guggenheim analyst John Difucci maintained a Buy rating on Rubrik and raised the price target from $105 to $108.
• Truist Securities analyst Joel Fishbein maintained a Buy rating on Rubrik and raised the price target from $90 to $110.
• Baird analyst Shrenik Kothari maintained an Outperform rating on Rubrik and raised the price target from $95 to $110.
• Wells Fargo analyst Andrew Nowinski maintained an Overweight rating on Rubrik and raised the price target from $80 to $125.
• Cantor Fitzgerald analyst Jonathan Ruykhaver maintained an Overweight rating on Rubrik and raised the price target from $95 to $115.

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RBRK Price Action: At the time of writing, Rubrik stock is trading 1.02% lower at $97.57, according to data from Benzinga Pro.

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