15 Best New Tech Stocks To Invest In

10. Rubrik Inc. (NYSE:RBRK)

Market Capitalization as of January 21: $12.58 billion

Number of Hedge Fund Holders: 23

Rubrik Inc. (NYSE:RBRK) provides data security solutions that protect businesses from data loss and cyber threats. Its offerings include data protection for various environments, threat analytics, and cyber recovery solutions, and serves various industries globally.

Barclays analyst Saket Kalia raised its Rubrik Inc. (NYSE:RBRK) price target to $78 from $70 on January 6, maintaining an Overweight rating. The analyst’s outlook comes from the improving market conditions, AI opportunities, and potential margin growth within the security software sector. Wall Street analysts believe that the company is positioned to gain market share from traditional data backup providers. As companies increasingly prioritize cyber resilience strategies over simple prevention, this company’s integrated platform offers a compelling solution.

The company is growing through security enhancements and a customer-centric approach. Partnerships with cybersecurity leaders like Mandiant, CrowdStrike, and Zscaler further solidify its reputation. Its cloud-native platform facilitates seamless data management and protection across diverse infrastructures, which is a key advantage over legacy solutions.

ClearBridge SMID Cap Growth Strategy participated in Rubrik Inc.’s (NYSE:RBRK) IPO and highlighted the company’s growth, market share gains, and potential for expansion through AI-powered data security solutions. It stated the following regarding the company in its Q2 2024 investor letter:

“The IPO and capital markets have begun to rebound, albeit slowly, providing new investment opportunities and idea generation. In fact, this quarter saw our first IPO participation since the capital markets fervor of 2021 with data security provider Rubrik, Inc. (NYSE:RBRK). Rubrik, meanwhile, is a next-generation data storage, backup and recovery provider showing strong, double-digit subscription revenue growth. We believe its cloud-based offerings have resonated with its Fortune 500 customer base, positioning it well to continue to take share from legacy data backup providers. The introduction of new AI data security products could offer an additional revenue source to Rubrik’s business.”