Rubrik (NYSE:RBRK) Sets New 52-Week High – Here’s Why

Rubrik, Inc. (NYSE:RBRK)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $76.21 and last traded at $74.33, with a volume of 375363 shares. The stock had previously closed at $74.11.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RBRK. Wedbush increased their target price on shares of Rubrik from $44.00 to $48.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Oppenheimer began coverage on shares of Rubrik in a research note on Wednesday, November 13th. They issued a “market perform” rating on the stock. KeyCorp boosted their target price on Rubrik from $57.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Truist Financial increased their price target on Rubrik from $50.00 to $75.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Piper Sandler boosted their price objective on Rubrik from $72.00 to $83.00 and gave the stock an “overweight” rating in a research note on Thursday, December 19th. Two investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $64.67.

Rubrik Stock Down 0.7 %

The stock has a 50 day moving average price of $65.39 and a two-hundred day moving average price of $46.40.

Insider Transactions at Rubrik

In related news, CRO Brian K. Mccarthy sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $50.38, for a total value of $1,259,500.00. Following the sale, the executive now owns 362,545 shares of the company’s stock, valued at $18,265,017.10. This trade represents a 6.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Arvind Nithrakashyap sold 32,499 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $67.66, for a total transaction of $2,198,882.34. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 569,255 shares of company stock valued at $35,981,878.

Institutional Investors Weigh In On Rubrik

Several institutional investors have recently modified their holdings of RBRK. Sei Investments Co. acquired a new stake in Rubrik in the second quarter valued at $235,000. Bank of Montreal Can acquired a new stake in shares of Rubrik during the 2nd quarter worth about $427,000. Millennium Management LLC purchased a new stake in Rubrik during the second quarter worth approximately $6,272,000. Clearbridge Investments LLC purchased a new stake in Rubrik during the second quarter worth approximately $32,888,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Rubrik in the second quarter valued at approximately $7,665,000. 49.54% of the stock is owned by hedge funds and other institutional investors.

Rubrik Company Profile

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.