Rubrik (NYSE:RBRK) Hits New 52-Week High on Analyst Upgrade

Rubrik, Inc. (NYSE:RBRK) hit a new 52-week high during trading on Tuesday after Mizuho raised their price target on the stock from $47.00 to $68.00. Mizuho currently has an outperform rating on the stock. Rubrik traded as high as $73.14 and last traded at $73.11, with a volume of 896789 shares. The stock had previously closed at $69.79.

Other analysts have also issued reports about the stock. Truist Financial raised their price objective on shares of Rubrik from $50.00 to $75.00 and gave the company a “buy” rating in a research note on Friday. CIBC raised their price objective on Rubrik from $50.00 to $52.00 and gave the stock an “outperformer” rating in a research note on Tuesday, September 10th. Cantor Fitzgerald lifted their price objective on Rubrik from $58.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday. Wedbush boosted their price target on shares of Rubrik from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Robert W. Baird upped their price target on Rubrik from $48.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, December 5th. One equities research analyst has rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $61.88.

Insider Activity at Rubrik

In other Rubrik news, CFO Kiran Kumar Choudary sold 1,500 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $39.40, for a total value of $59,100.00. Following the transaction, the chief financial officer now directly owns 423,060 shares in the company, valued at $16,668,564. The trade was a 0.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Barry Eggers sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $32.74, for a total transaction of $3,274,000.00. Following the completion of the transaction, the insider now owns 56,736 shares in the company, valued at approximately $1,857,536.64. This represents a 63.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 574,912 shares of company stock valued at $22,673,114 over the last quarter.

Institutional Trading of Rubrik

Hedge funds have recently made changes to their positions in the company. Brown Brothers Harriman & Co. acquired a new position in Rubrik in the 3rd quarter worth $25,000. KBC Group NV bought a new position in shares of Rubrik during the 3rd quarter valued at $72,000. Quent Capital LLC bought a new stake in Rubrik in the 3rd quarter valued at $192,000. Mount Yale Investment Advisors LLC bought a new stake in shares of Rubrik in the 3rd quarter valued at approximately $208,000. Finally, Barclays PLC lifted its position in shares of Rubrik by 140.6% during the third quarter. Barclays PLC now owns 12,029 shares of the company’s stock worth $386,000 after purchasing an additional 7,029 shares in the last quarter. Institutional investors and hedge funds own 49.54% of the company’s stock.

Rubrik Price Performance

The company has a 50-day moving average price of $43.40 and a 200-day moving average price of $36.46.

Rubrik (NYSE:RBRK) last issued its quarterly earnings data on Monday, September 9th. The company reported ($0.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.96) by ($0.01). The business had revenue of $204.95 million for the quarter, compared to analysts’ expectations of $195.58 million. On average, research analysts anticipate that Rubrik, Inc. will post -8.04 earnings per share for the current fiscal year.

About Rubrik

Rubrik, Inc provides data security solutions to individuals and businesses worldwide. The company offers enterprise data protection, unstructured data protection, cloud data protection, and SaaS data protection solutions; data threat analytics; data security posture; and cyber recovery solutions. It serves financial, retail, trade, transportation, energy, industrial, healthcare and life science, education, technology, media, communications, and public sectors.