Rubrik (NYSE:RBRK) Price Target Cut to $40.00

Rubrik (NYSE:RBRK) had its price objective decreased by investment analysts at Wells Fargo & Company from $42.00 to $40.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 19.33% from the company’s current price.

Several other brokerages also recently commented on RBRK. Truist Financial started coverage on Rubrik in a research report on Monday, May 20th. They issued a “buy” rating and a $43.00 price target on the stock. Barclays boosted their price objective on Rubrik from $41.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, June 12th. KeyCorp raised their target price on Rubrik from $46.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 12th. Piper Sandler assumed coverage on shares of Rubrik in a report on Monday, August 19th. They issued an “overweight” rating and a $42.00 price target on the stock. Finally, CIBC assumed coverage on shares of Rubrik in a research note on Tuesday, May 21st. They issued an “outperformer” rating and a $50.00 price objective for the company. Fifteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Rubrik presently has a consensus rating of “Buy” and an average target price of $44.69.

Rubrik Price Performance

Shares of Rubrik stock opened at $33.52 on Tuesday. Rubrik has a 12-month low of $28.34 and a 12-month high of $40.00. The stock’s 50 day moving average is $33.57.

Rubrik (NYSE:RBRK) last posted its quarterly earnings data on Tuesday, June 11th. The company reported ($11.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($10.88) by ($0.59). The company had revenue of $187.32 million for the quarter, compared to analyst estimates of $171.60 million. As a group, equities analysts predict that Rubrik will post -7.7 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RBRK. Register Financial Advisors LLC bought a new stake in Rubrik during the 2nd quarter worth about $227,000. Zweig DiMenna Associates LLC bought a new stake in shares of Rubrik during the second quarter valued at approximately $6,730,000. EFG Asset Management North America Corp. acquired a new stake in shares of Rubrik in the second quarter valued at approximately $925,000. ARK Investment Management LLC bought a new position in Rubrik in the 2nd quarter worth approximately $6,043,000. Finally, Cisco Systems Inc. acquired a new position in Rubrik during the 2nd quarter worth $5,613,000.

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.