Piper Sandler Boosts Rubrik (NYSE:RBRK) Price Target to $87.00

Rubrik (NYSE:RBRK) had its target price upped by analysts at Piper Sandler from $83.00 to $87.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 24.39% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the company. Robert W. Baird decreased their price target on Rubrik from $83.00 to $76.00 and set an “outperform” rating on the stock in a research report on Wednesday. Wells Fargo & Company upped their target price on Rubrik from $76.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 target price on shares of Rubrik in a research note on Friday. Wedbush upped their target price on Rubrik from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Truist Financial upped their target price on Rubrik from $50.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $70.06.

Rubrik Price Performance

RBRK traded up $14.66 during mid-day trading on Friday, reaching $69.94. 2,670,906 shares of the stock were exchanged, compared to its average volume of 1,892,112. The company has a 50 day moving average price of $68.42 and a two-hundred day moving average price of $53.26. Rubrik has a 1 year low of $28.34 and a 1 year high of $80.00.

Rubrik (NYSE:RBRK) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.22). The company had revenue of $258.10 million for the quarter, compared to the consensus estimate of $233.13 million. During the same quarter in the prior year, the business earned ($1.59) earnings per share. The business’s revenue was up 47.5% compared to the same quarter last year. As a group, analysts anticipate that Rubrik will post -7.66 earnings per share for the current fiscal year.

Insider Activity at Rubrik

In related news, CFO Kiran Kumar Choudary sold 3,973 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $72.34, for a total transaction of $287,406.82. Following the sale, the chief financial officer now directly owns 345,374 shares of the company’s stock, valued at $24,984,355.16. This trade represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Arvind Nithrakashyap sold 227,596 shares of the firm’s stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $64.89, for a total value of $14,768,704.44. Following the completion of the transaction, the chief technology officer now directly owns 219,279 shares in the company, valued at $14,229,014.31. The trade was a 50.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 625,712 shares of company stock valued at $41,583,311 over the last ninety days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC boosted its position in Rubrik by 6.9% in the third quarter. Janus Henderson Group PLC now owns 360,653 shares of the company’s stock worth $11,595,000 after purchasing an additional 23,200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Rubrik in the third quarter worth about $323,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Rubrik by 24.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 248,772 shares of the company’s stock worth $7,998,000 after purchasing an additional 49,372 shares during the last quarter. Renaissance Capital LLC boosted its position in Rubrik by 21.2% in the fourth quarter. Renaissance Capital LLC now owns 72,775 shares of the company’s stock worth $4,757,000 after purchasing an additional 12,714 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in Rubrik in the third quarter worth about $336,000. 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.