Rubrik (NYSE:RBRK) Shares Gap Down After Insider Selling

Rubrik, Inc. (NYSE:RBRK) shares gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $74.28, but opened at $70.06. Rubrik shares last traded at $69.06, with a volume of 867,509 shares changing hands.

Specifically, CFO Kiran Kumar Choudary sold 87,971 shares of the business’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $70.04, for a total transaction of $6,161,488.84. Following the completion of the sale, the chief financial officer now owns 413,458 shares of the company’s stock, valued at $28,958,598.32. The trade was a 17.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO Brian K. Mccarthy sold 85,001 shares of the firm’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $70.04, for a total transaction of $5,953,470.04. Following the completion of the transaction, the executive now directly owns 433,909 shares in the company, valued at $30,390,986.36. This represents a 16.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Rubrik news, Director Yvonne Wassenaar sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $70.03, for a total transaction of $210,090.00. Following the completion of the sale, the director now directly owns 153 shares in the company, valued at approximately $10,714.59. The trade was a 95.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

RBRK has been the topic of a number of research analyst reports. Robert W. Baird lowered their price target on Rubrik from $83.00 to $76.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 12th. Rosenblatt Securities raised shares of Rubrik from a “neutral” rating to a “buy” rating and set a $77.00 target price on the stock in a research note on Wednesday, March 12th. 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. Truist Financial boosted their price target on shares of Rubrik from $50.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, 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 report on Friday, March 14th. Two equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $70.00.

Rubrik Stock Performance

The business’s 50 day moving average price is $69.21 and its 200-day moving average price is $55.74. The firm has a market capitalization of $12.68 billion and a PE ratio of -4.97.

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

Hedge Funds Weigh In On Rubrik

Hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its stake in Rubrik by 134.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 325,420 shares of the company’s stock worth $10,462,000 after purchasing an additional 186,485 shares during the period. Brown Brothers Harriman & Co. purchased a new stake in Rubrik during the 3rd quarter worth approximately $25,000. The Manufacturers Life Insurance Company purchased a new stake in Rubrik during the 3rd quarter worth approximately $265,000. BNP Paribas Financial Markets acquired a new stake in Rubrik during the 3rd quarter worth approximately $336,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Rubrik in the 3rd quarter valued at approximately $323,000. Institutional investors and hedge funds own 49.54% of the company’s stock.

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.