Piper Sandler has disclosed its most recent assessment of firms within the digital infrastructure and connectivity software sector, spotlighting five companies that the firm views as best positioned amid shifting market dynamics. The list emphasizes businesses that have shown measurable progress on subscription transitions, go-to-market improvements and strategic partnerships.
Top ranked: Rubrik
At the head of Piper Sandler’s ranking sits Rubrik, which the firm characterizes as a "Gen-Z" winner with particularly strong go-to-market execution. Rubrik is described as having largely completed its migration to a Software-as-a-Service model, a transformation the analysts say positions the company for steadier growth. Piper Sandler highlights Rubrik’s attractive growth-adjusted valuation as a material factor in its top placement.
Rubrik’s recent third-quarter fiscal 2026 results reinforced the upbeat view, with revenue and subscription annual recurring revenue (ARR) exceeding analyst expectations. The company added approximately $95 million in net new subscription ARR in the quarter, according to the report cited by Piper Sandler.
Second place: Nutanix
Nutanix occupies the second slot on Piper Sandler’s list, with the firm noting ongoing progress in the company’s shift toward subscription-based offerings. Piper Sandler points to Nutanix as a market share gainer with expanding strategic partnerships, and identifies VMware replacement opportunities as a key growth catalyst.
The analysts highlight valuation metrics, stating Nutanix trades below 20 times free cash flow while projecting durable growth in excess of 10 percent. The company also announced a $300 million accelerated share repurchase agreement, a development included in the firm's synopsis.
Not all firms view Nutanix’s trajectory the same way: Barclays recently lowered its rating to Equalweight, citing concerns that customer wins may materialize more slowly than expected.
Third place: Axon Enterprise
Axon Enterprise is ranked third, with Piper Sandler citing its dominant platform in the public safety market, particularly its TASER products and body-worn camera offerings. The firm highlights growth potential tied to changes in the regulatory and operational environment, including new drone rules and opportunities related to the company’s Officer Safety Plan and artificial intelligence attachments.
Analysts at William Blair were also noted as observing that Axon is well positioned to benefit from the Department of Homeland Security’s move to expand body-worn camera usage for its agents, a development that Piper Sandler cites when assessing Axon’s prospects.
Fourth place: Pure Storage
Pure Storage is listed fourth, with Piper Sandler pointing to an acceleration in its partnership with Meta that outpaced initial expectations. Beyond that headline collaboration, the firm notes Pure Storage is well placed to capture additional cloud-related opportunities and to benefit from enterprise hardware refresh cycles, offering multiple avenues for revenue growth.
Pure Storage also expanded its share repurchase program by $400 million after reporting October quarter revenue of $964.5 million, a figure that exceeded analyst forecasts and is included in the firm’s discussion of the company.
Fifth place: Commvault Systems
Rounding out Piper Sandler’s top five is Commvault Systems. The firm describes Commvault as having transformed into a "Gen-Z" player through strengthened go-to-market capabilities and a cloud offering, Commvault Cloud. Piper Sandler notes the company has largely completed its move to a term-subscription model, a shift that should support more predictable revenue flows.
Commvault reported solid third-quarter 2026 results, with revenue of $314 million and earnings per share of $1.17, both ahead of analyst expectations—data included in Piper Sandler’s assessment.
Overall, Piper Sandler’s rankings aim to highlight companies that are adapting to shifts in the market while maintaining robust growth prospects. The five firms singled out—Rubrik, Nutanix, Axon Enterprise, Pure Storage and Commvault Systems—are each noted for specific strategic moves or financial results that underpin their placement on the list.