2024-04-25 18:45:45 ET
Summary
- Rubrik, a cloud data management and data security company, had a successful IPO, with the stock trading 15% higher at the close.
- The company's revenue growth has been modest, but subscription ARR has jumped 47% year-over-year.
- Including proceeds raised in the IPO, the company has around $800 million in net cash on its balance sheet.
- I'm initiating coverage with a buy rating and $44 price target.
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For further details see:
Rubrik: Latest Cybersecurity IPO - Initiating Coverage, Buy Rating