Rubrik (NYSE:RBRK) Hits New 1-Year High on Analyst Upgrade

Rubrik, Inc. (NYSE:RBRK) shares reached a new 52-week high during trading on Thursday after Barclays raised their price target on the stock from $42.00 to $51.00. Barclays currently has an overweight rating on the stock. Rubrik traded as high as $46.50 and last traded at $46.50, with a volume of 22703 shares traded. The stock had previously closed at $45.15.

Several other equities analysts have also recently issued reports on RBRK. BMO Capital Markets dropped their target price on Rubrik from $40.00 to $38.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 10th. Oppenheimer began coverage on Rubrik in a research note on Wednesday, November 13th. They set a “market perform” rating on the stock. Guggenheim raised their price objective on Rubrik from $48.00 to $52.00 and gave the company a “buy” rating in a research note on Tuesday. FBN Securities began coverage on Rubrik in a report on Monday, September 30th. They set an “outperform” rating and a $40.00 price objective for the company. Finally, Wells Fargo & Company lowered their target price on Rubrik from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $46.18.

Insider Buying and Selling at Rubrik

In related news, Director Ravi Mhatre sold 15,933 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $30.19, for a total value of $481,017.27. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Kiran Kumar Choudary sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $39.40, for a total value of $59,100.00. Following the sale, the chief financial officer now owns 423,060 shares of the company’s stock, valued at approximately $16,668,564. This trade represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 454,512 shares of company stock valued at $15,813,462 over the last 90 days.

Institutional Investors Weigh In On Rubrik

Several hedge funds and other institutional investors have recently modified their holdings of RBRK. Dragoneer Investment Group LLC bought a new stake in shares of Rubrik in the 2nd quarter valued at approximately $47,523,000. Champlain Investment Partners LLC acquired a new position in Rubrik in the third quarter worth $44,418,000. Point72 Asset Management L.P. bought a new stake in Rubrik during the third quarter valued at $42,247,000. PointState Capital LP acquired a new stake in shares of Rubrik during the third quarter worth $40,466,000. Finally, Institutional Venture Management XV LLC raised its holdings in shares of Rubrik by 3,620.4% during the third quarter. Institutional Venture Management XV LLC now owns 1,162,610 shares of the company’s stock worth $37,378,000 after purchasing an additional 1,131,360 shares during the period.

Rubrik Price Performance

The stock’s 50-day moving average price is $38.27 and its 200-day moving average price is $34.82.

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