Rubrik (NYSE:RBRK) Sees Strong Trading Volume Following Analyst Upgrade

Shares of Rubrik, Inc. (NYSE:RBRK) saw unusually-high trading volume on Friday after Piper Sandler raised their price target on the stock from $83.00 to $87.00. Piper Sandler currently has an overweight rating on the stock. Approximately 2,422,237 shares were traded during trading, an increase of 28% from the previous session’s volume of 1,891,406 shares.The stock last traded at $69.86 and had previously closed at $55.28.

RBRK has been the topic of several other reports. BMO Capital Markets increased their target price on Rubrik from $72.00 to $77.00 and gave the stock an “outperform” rating in a report on Friday. Wells Fargo & Company increased their price objective on shares of Rubrik from $76.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday. Truist Financial boosted their price target on Rubrik from $50.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Robert W. Baird lowered their target price on Rubrik from $83.00 to $76.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Barclays increased their target price on shares of Rubrik from $51.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $69.78.

Insider Activity

In other Rubrik news, CFO Kiran Kumar Choudary sold 3,973 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $72.34, for a total transaction of $287,406.82. Following the completion of the transaction, the chief financial officer now owns 345,374 shares in the company, valued at $24,984,355.16. This trade represents a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Arvind Nithrakashyap sold 32,499 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were 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. Insiders sold a total of 625,712 shares of company stock valued at $41,583,311 in the last ninety days.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Brown Brothers Harriman & Co. purchased a new position in Rubrik in the 3rd quarter worth approximately $25,000. Russell Investments Group Ltd. purchased a new stake in shares of Rubrik during the fourth quarter valued at approximately $28,000. Global Retirement Partners LLC boosted its position in Rubrik by 8,333.3% during the 4th quarter. Global Retirement Partners LLC now owns 506 shares of the company’s stock valued at $33,000 after buying an additional 500 shares during the period. Nemes Rush Group LLC purchased a new stake in shares of Rubrik during the fourth quarter worth about $39,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Rubrik during the fourth quarter valued at approximately $47,000. 49.54% of the stock is currently owned by hedge funds and other institutional investors.

Rubrik Price Performance

The company’s fifty day simple moving average is $68.20 and its 200 day simple moving average is $53.27.

Rubrik (NYSE:RBRK) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $233.13 million. The firm’s quarterly revenue was up 47.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.59) earnings per share. On average, sell-side analysts predict that Rubrik, Inc. will post -7.66 earnings per share for the current fiscal year.

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.