Rubrik’s (RBRK) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Rubrik (NYSE:RBRK) in a report released on Friday morning,Benzinga reports. The brokerage currently has a $72.00 price objective on the stock, up from their previous price objective of $42.00.

Several other brokerages have also issued reports on RBRK. BMO Capital Markets raised their price objective on Rubrik from $38.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday. Oppenheimer started coverage on Rubrik in a report on Wednesday, November 13th. They set a “market perform” rating on the stock. Cantor Fitzgerald raised Rubrik to a “strong-buy” rating in a report on Wednesday, November 20th. Guggenheim raised their price objective on Rubrik from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Finally, Citigroup raised their price target on Rubrik from $47.00 to $48.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. One equities research analyst has rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $60.59.

Rubrik Trading Up 20.4 %

Shares of RBRK stock opened at $64.63 on Friday. The firm has a fifty day moving average price of $42.65 and a 200 day moving average price of $36.20. Rubrik has a 12 month low of $28.34 and a 12 month high of $72.66.

Rubrik (NYSE:RBRK) last posted its earnings results on Monday, September 9th. The company reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.96) by ($0.01). The company had revenue of $204.95 million during the quarter, compared to analysts’ expectations of $195.58 million. On average, sell-side analysts expect that Rubrik will post -8.04 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Kiran Kumar Choudary sold 30,000 shares of the business’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $65.78, for a total transaction of $1,973,400.00. Following the completion of the sale, the chief financial officer now directly owns 342,960 shares of the company’s stock, valued at $22,559,908.80. The trade was a 8.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ravi Mhatre sold 15,933 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $30.19, for a total transaction of $481,017.27. The disclosure for this sale can be found here. In the last three months, insiders sold 574,912 shares of company stock valued at $22,673,114.

Hedge Funds Weigh In On Rubrik

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Dragoneer Investment Group LLC acquired a new position in Rubrik in the 2nd quarter worth $47,523,000. Champlain Investment Partners LLC acquired a new position in Rubrik in the 3rd quarter worth $44,418,000. Point72 Asset Management L.P. acquired a new position in Rubrik in the 3rd quarter worth $42,247,000. PointState Capital LP acquired a new position in Rubrik in the 3rd quarter worth $40,466,000. Finally, Institutional Venture Management XV LLC lifted its holdings in Rubrik by 3,620.4% in the 3rd quarter. Institutional Venture Management XV LLC now owns 1,162,610 shares of the company’s stock worth $37,378,000 after buying an additional 1,131,360 shares in the last quarter.

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.