Rubrik (NYSE:RBRK) Stock Price Expected to Rise, Piper Sandler Analyst Says

Rubrik (NYSE:RBRK) had its price objective lifted by investment analysts at Piper Sandler from $83.00 to $87.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 23.34% from the stock’s previous close.

RBRK has been the topic of a number of other research reports. Mizuho raised their price objective on shares of Rubrik from $75.00 to $82.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. KeyCorp raised their price objective on shares of Rubrik from $75.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, February 11th. Barclays lifted their price target on shares of Rubrik from $51.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Robert W. Baird decreased their price target on shares of Rubrik from $83.00 to $76.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Citigroup lifted their price target on shares of Rubrik from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, January 17th. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Rubrik currently has an average rating of “Buy” and an average price target of $69.78.

Rubrik Stock Up 27.6 %

RBRK opened at $70.54 on Friday. The business’s 50 day moving average is $68.27 and its 200-day moving average is $53.64. Rubrik has a twelve month low of $28.34 and a twelve month high of $80.00.

Rubrik (NYSE:RBRK) last released 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 firm had revenue of $258.10 million during the quarter, compared to the consensus estimate of $233.13 million. The company’s revenue was up 47.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.59) earnings per share. As a group, equities research analysts forecast that Rubrik will post -7.66 earnings per share for the current year.

Insider Activity

In other news, CFO Kiran Kumar Choudary sold 3,973 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $72.34, for a total transaction of $287,406.82. Following the transaction, the chief financial officer now directly owns 345,374 shares in the company, valued at $24,984,355.16. The trade was a 1.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Arvind Nithrakashyap sold 32,484 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $61.59, for a total transaction of $2,000,689.56. Following the completion of the sale, the chief technology officer now owns 219,279 shares of the company’s stock, valued at $13,505,393.61. This represents a 12.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 625,712 shares of company stock worth $41,583,311 in the last ninety days.

Institutional Investors Weigh In On Rubrik

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Rubrik by 114.1% in the fourth quarter. Vanguard Group Inc. now owns 6,328,184 shares of the company’s stock worth $413,610,000 after purchasing an additional 3,372,323 shares in the last quarter. Norges Bank bought a new stake in Rubrik in the fourth quarter worth $277,395,000. FMR LLC boosted its holdings in Rubrik by 172.6% during the fourth quarter. FMR LLC now owns 3,261,925 shares of the company’s stock valued at $213,199,000 after acquiring an additional 2,065,444 shares during the period. First Trust Advisors LP boosted its holdings in Rubrik by 26.6% during the fourth quarter. First Trust Advisors LP now owns 3,156,035 shares of the company’s stock valued at $206,278,000 after acquiring an additional 662,914 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Rubrik by 27.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,979,184 shares of the company’s stock valued at $129,359,000 after acquiring an additional 427,149 shares during the period. 49.54% of the stock is currently owned by 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.