Piper Sandler raises Rubrik PT on strong customer expansion, AI traction

Brokerage Piper Sandler raises its price target on cybersecurity firm Rubrik to $114 from $91, implying about 7% upside to the stock's last close.

The firm said new AI offerings, including Rubrik AI, Agent Cloud for Claude Code and Mythos, are helping drive new-customer adoption.

Piper Sandler also highlighted strong enterprise momentum. Customers generating more than $1 million in annual recurring revenue were up 57% year over year, and Rubrik added 138 net-new customers spending more than $100,000 annually.

According to LSEG data, the average rating of 29 analysts is "buy", with a median price target of $117.

Up to the last close, Rubrik shares were up about 40% this year.