Rubrik (NYSE:RBRK) Reaches New 52-Week High After Analyst Upgrade

Rubrik, Inc. (NYSE:RBRK) hit a new 52-week high during mid-day trading on Tuesday after Mizuho raised their price target on the stock from $47.00 to $68.00. Mizuho currently has an outperform rating on the stock. Rubrik traded as high as $73.14 and last traded at $73.11, with a volume of 896789 shares changing hands. The stock had previously closed at $69.79.

Other equities analysts also recently issued research reports about the company. Robert W. Baird upped their price objective on Rubrik from $48.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, December 5th. Citigroup boosted their price target on shares of Rubrik from $48.00 to $75.00 and gave the company a “buy” rating in a report on Friday, December 6th. Oppenheimer initiated coverage on shares of Rubrik in a report on Wednesday, November 13th. They set a “market perform” rating on the stock. Piper Sandler restated an “overweight” rating and issued a $72.00 price target (up from $42.00) on shares of Rubrik in a report on Friday, December 6th. Finally, BMO Capital Markets boosted their price objective on shares of Rubrik from $38.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. One 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 data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $61.88.

Insider Buying and Selling

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 stock was 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 owns 56,736 shares of the company’s stock, valued at $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 is available at 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 stock was sold at an average price of $30.19, for a total value of $481,017.27. The disclosure for this sale can be found here. In the last 90 days, insiders sold 574,912 shares of company stock valued at $22,673,114.

Institutional Investors Weigh In On Rubrik

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RBRK. Dragoneer Investment Group LLC purchased a new stake in shares of Rubrik in the second quarter worth $47,523,000. Champlain Investment Partners LLC purchased a new position in shares of Rubrik in the 3rd quarter worth about $44,418,000. Point72 Asset Management L.P. bought a new position in shares of Rubrik during the 3rd quarter valued at about $42,247,000. PointState Capital LP bought a new stake in shares of Rubrik in the 3rd quarter worth approximately $40,466,000. Finally, Institutional Venture Management XV LLC boosted its stake in shares of Rubrik by 3,620.4% in the 3rd quarter. Institutional Venture Management XV LLC now owns 1,162,610 shares of the company’s stock valued at $37,378,000 after purchasing an additional 1,131,360 shares in the last quarter. 49.54% of the stock is currently owned by institutional investors.

Rubrik Stock Performance

The stock has a 50 day moving average price of $44.16 and a 200-day moving average price of $36.71.

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

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.