Rubrik (NYSE:RBRK) Price Target Raised to $80.00

Rubrik (NYSE:RBRK) had its price target raised by Wedbush from $75.00 to $80.00 in a research report released on Friday,Benzinga reports. They currently have an outperform rating on the stock.

RBRK has been the topic of several other reports. Mizuho upped their target price on shares of Rubrik from $75.00 to $82.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 17th. Rosenblatt Securities upgraded Rubrik from a “neutral” rating to a “buy” rating and set a $77.00 price target on the stock in a report on Wednesday, March 12th. William Blair started coverage on Rubrik in a report on Friday, February 7th. They set a “market perform” rating for the company. Truist Financial upped their target price on Rubrik from $50.00 to $75.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, BMO Capital Markets lifted their price target on Rubrik from $72.00 to $77.00 and gave the stock an “outperform” rating in a research note on Friday. Two analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $69.78.

Rubrik Price Performance

Shares of RBRK stock opened at $70.54 on Friday. Rubrik has a 12-month low of $28.34 and a 12-month high of $80.00. The stock has a 50 day simple moving average of $68.27 and a 200-day simple moving average of $53.78.

Rubrik (NYSE:RBRK) last released its earnings results on Thursday, March 13th. The company reported ($0.61) 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 period in the prior year, the business posted ($1.59) earnings per share. The business’s revenue for the quarter was up 47.5% compared to the same quarter last year. Sell-side analysts expect that Rubrik will post -7.66 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Brian K. Mccarthy sold 28,485 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $72.34, for a total transaction of $2,060,604.90. Following the completion of the transaction, the executive now owns 346,560 shares of the company’s stock, valued at $25,070,150.40. This represents a 7.60 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Arvind Nithrakashyap sold 227,596 shares of the firm’s stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $64.89, for a total transaction of $14,768,704.44. Following the completion of the sale, the chief technology officer now directly owns 219,279 shares in the company, valued at $14,229,014.31. This represents a 50.93 % 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 valued at $41,583,311 in the last quarter.

Institutional Trading of Rubrik

A number of institutional investors and hedge funds have recently made changes to their positions in RBRK. Sumitomo Mitsui Trust Group Inc. purchased a new stake in Rubrik during the third quarter valued at about $20,774,000. KBC Group NV acquired a new position in shares of Rubrik in the 3rd quarter valued at about $72,000. Natixis Advisors LLC grew its holdings in shares of Rubrik by 302.5% during the 3rd quarter. Natixis Advisors LLC now owns 53,271 shares of the company’s stock worth $1,713,000 after purchasing an additional 40,036 shares during the period. Whalen Wealth Management Inc. acquired a new stake in Rubrik during the 3rd quarter worth approximately $243,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Rubrik by 134.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 325,420 shares of the company’s stock valued at $10,462,000 after buying an additional 186,485 shares during the period. 49.54% of the stock is currently owned by institutional investors and hedge funds.

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.