Mizuho Issues Positive Forecast for Rubrik (NYSE:RBRK) Stock Price

Rubrik (NYSE:RBRK) had its target price upped by Mizuho from $47.00 to $68.00 in a report published on Monday,Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages have also commented on RBRK. Piper Sandler reiterated an “overweight” rating and issued a $72.00 target price (up previously from $42.00) on shares of Rubrik in a research report on Friday. Barclays lifted their price objective on shares of Rubrik from $51.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday. Wells Fargo & Company increased their target price on shares of Rubrik from $40.00 to $76.00 and gave the stock an “overweight” rating in a report on Friday. BMO Capital Markets lifted their price target on shares of Rubrik from $38.00 to $72.00 and gave the company an “outperform” rating in a report on Friday. Finally, KeyCorp increased their price objective on shares of Rubrik from $57.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday. One research analyst has rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $61.88.

Rubrik Price Performance

Shares of RBRK opened at $69.81 on Monday. Rubrik has a one year low of $28.34 and a one year high of $72.66. The stock 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 results on Monday, September 9th. The company reported ($0.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.01). The company had revenue of $204.95 million for the quarter, compared to analyst estimates of $195.58 million. On average, equities research analysts anticipate that Rubrik will post -8.04 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Barry Eggers sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $32.74, for a total transaction of $3,274,000.00. Following the completion of the sale, the insider now directly owns 56,736 shares in the company, valued at approximately $1,857,536.64. This trade represents a 63.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ravi Mhatre sold 15,933 shares of the company’s stock in a transaction that occurred 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. Insiders sold a total of 574,912 shares of company stock worth $22,673,114 over the last ninety days.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Barclays PLC grew its position in Rubrik by 140.6% in the third quarter. Barclays PLC now owns 12,029 shares of the company’s stock worth $386,000 after acquiring an additional 7,029 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Rubrik by 133.3% in the 3rd quarter. Geode Capital Management LLC now owns 568,646 shares of the company’s stock valued at $18,290,000 after purchasing an additional 324,951 shares during the last quarter. XTX Topco Ltd bought a new stake in Rubrik in the third quarter worth $571,000. State Street Corp increased its position in Rubrik by 368.9% during the third quarter. State Street Corp now owns 421,096 shares of the company’s stock worth $13,538,000 after buying an additional 331,296 shares during the last quarter. Finally, Stifel Financial Corp increased its position in Rubrik by 407.7% during the third quarter. Stifel Financial Corp now owns 68,566 shares of the company’s stock worth $2,204,000 after buying an additional 55,062 shares during the last quarter. 49.54% of the stock is owned by institutional investors and hedge funds.

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.