Rubrik (NYSE:RBRK) Shares Gap Up – Still a Buy?

Rubrik, Inc. (NYSE:RBRK)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $53.82, but opened at $59.39. Rubrik shares last traded at $57.34, with a volume of 369,079 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Cantor Fitzgerald raised their target price on Rubrik from $58.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Oppenheimer initiated coverage on shares of Rubrik in a research report on Wednesday, November 13th. They set a “market perform” rating for the company. Barclays boosted their target price on shares of Rubrik from $51.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Robert W. Baird cut their price target on shares of Rubrik from $83.00 to $76.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Mizuho increased their price objective on Rubrik from $75.00 to $82.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Two equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $66.72.

Rubrik Stock Up 7.2 %

The stock has a fifty day moving average of $68.59 and a 200-day moving average of $53.23.

Insider Activity

In related news, CTO Arvind Nithrakashyap sold 32,499 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $67.66, for a total value of $2,198,882.34. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kiran Kumar Choudary sold 3,973 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $72.34, for a total value of $287,406.82. Following the sale, the chief financial officer now directly owns 345,374 shares in the company, valued at $24,984,355.16. This trade represents a 1.14 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 625,712 shares of company stock worth $41,583,311.

Hedge Funds Weigh In On Rubrik

Several hedge funds have recently added to or reduced their stakes in RBRK. Russell Investments Group Ltd. purchased a new stake in Rubrik in the fourth quarter valued at $28,000. Global Retirement Partners LLC increased its position in Rubrik by 8,333.3% during the fourth quarter. Global Retirement Partners LLC now owns 506 shares of the company’s stock worth $33,000 after buying an additional 500 shares during the period. Nemes Rush Group LLC purchased a new stake in Rubrik in the 4th quarter valued at $39,000. Point72 Hong Kong Ltd purchased a new position in Rubrik during the 4th quarter worth $47,000. Finally, Quarry LP purchased a new stake in shares of Rubrik in the fourth quarter valued at about $48,000. 49.54% of the stock is currently owned by hedge funds and other institutional investors.

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.