Wall Street praised Rubrik on Friday, using such terms as "strong" and "clean" to describe the data-security company's fiscal second-quarter earnings. But the stock was still falling in premarket trading.

Rubrik stock declined 6.4% to $100.23, after ending Thursday up more than 11%.

The cloud data security company late Thursday reported better-than-expected quarterly earnings as revenue grew 38%.

Nothing about the earnings, however, explained why shares were trading lower Friday.

Along with solid top- and bottom-line numbers, Rubrik posted subscription annual recurring revenue growth of 33% and raised its fiscal-year profit and revenue outlook. The company's quarterly guidance also was above Wall Street expectations.

"We continue to view Rubrik as one of the cleaner growth stories in security software, supported by a broadening platform and an expansion story that remains intact," Truist Securities analyst Junaid Siddiqui said in a note Friday.

The firm reiterated its Buy rating on the stock and maintained a $135 price target.

Oppenheimer also was among the slew of Wall Street firms that praised Rubrik, maintaining an Outperform rating on the shares with a price target of $120.

"As Rubrik expands its platform offerings/capabilities, we are confident they can capture an increasing share of cyber and identity resilience demand," wrote Analyst Param Singh.

The bottom line was that the stock was falling Friday, but Wall Street didn't have any complaints with the company's earnings or outlook.

Rubrik stock may simply be a victim of its own success. Shares have rallied 48% this month as of the closing bell on Thursday. Looking further out, shares have gained 189% since they made their public trading debut on April 25, 2024.

Sometimes it's as simple as a "sell the news" event to explain why a stock is declining.