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Saket Kaliya

Senior Equity Research Analyst at Barclays

Saket Kalia is a Senior Equity Research Analyst at Barclays, specializing in U.S. software and broader technology sector coverage. Publicly available performance tracking platforms attribute to him a multi-year record of stock recommendations with a majority of profitable calls, double‑digit average returns per rating, and standout winners such as a high‑conviction buy call on CrowdStrike that delivered several hundred percent gains versus its benchmark. Over his career, he has focused on software names including Autodesk, CyberArk, Palo Alto Networks, CrowdStrike, and other infrastructure and security software vendors, and he is frequently featured in industry and financial media commentary on software earnings and sector trends. Detailed information about his full career timeline, prior firms, and specific regulatory licenses is not comprehensively disclosed in open sources, so any further representation of those credentials would be speculative rather than verified.

Saket Kaliya's questions to Rubrik (RBRK) leadership

Question · Q3 2026

Saket Kaliya of Barclays asked about the additive nature of Rubrik's identity business to data protection deals, inquiring if it replaces existing tools or creates new budget by targeting CISOs, and also sought clarification on modeling the non-SaaS ARR line for Q4 and next year.

Answer

CEO Bipul Sinha explained that identity is entirely additive, targeting a net new buyer (CISO/IAM persona), and often fills white space, with 40% of new identity customers being net new to Rubrik. CFO Kiran Choudary added that the security component, including identity, contributed over 40% to the strong NRR. Regarding non-SaaS ARR, CFO Kiran Choudary clarified that it declines as the cloud transformation progresses, contributing to cloud ARR growth, with cloud ARR now at 87% of subscription ARR and growing 53%.

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