Rubrik (NYSE:RBRK) Price Target Raised to $87.00

Rubrik (NYSE:RBRK) had its target price increased by Piper Sandler from $83.00 to $87.00 in a research note released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research firms have also issued reports on RBRK. William Blair initiated coverage on shares of Rubrik in a research report on Friday, February 7th. They issued a “market perform” rating for the company. Wells Fargo & Company raised their target price on Rubrik from $76.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday. Guggenheim reaffirmed a “buy” rating and issued a $76.00 price target on shares of Rubrik in a research note on Wednesday, February 26th. Rosenblatt Securities upgraded Rubrik from a “neutral” rating to a “buy” rating and set a $77.00 price objective for the company in a research note on Wednesday, March 12th. Finally, Mizuho boosted their target price on shares of Rubrik from $75.00 to $82.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Two investment 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, the stock has a consensus rating of “Buy” and an average price target of $69.78.

Rubrik Price Performance

Shares of NYSE:RBRK opened at $70.54 on Friday. Rubrik has a 1-year low of $28.34 and a 1-year high of $80.00. The business’s 50 day moving average is $68.27 and its 200-day moving average is $53.78.

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

Insider Buying and Selling

In related news, Director Yvonne Wassenaar sold 2,500 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $77.31, for a total value of $193,275.00. Following the transaction, the director now directly owns 153 shares in the company, valued at $11,828.43. This represents a 94.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Kiran Kumar Choudary sold 1,800 shares of the firm’s stock in a transaction that occurred on Friday, December 27th. The shares were sold at an average price of $68.03, for a total transaction of $122,454.00. Following the completion of the transaction, the chief financial officer now directly owns 343,774 shares in the company, valued at approximately $23,386,945.22. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 625,712 shares of company stock worth $41,583,311 over the last three months.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Rubrik during the third quarter worth $20,774,000. KBC Group NV bought a new position in Rubrik during the third quarter worth about $72,000. Natixis Advisors LLC grew its position 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 buying an additional 40,036 shares during the period. Whalen Wealth Management Inc. bought a new stake in shares of Rubrik in the 3rd quarter valued at about $243,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Rubrik by 134.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 325,420 shares of the company’s stock valued at $10,462,000 after acquiring an additional 186,485 shares during the period. Institutional investors and hedge funds own 49.54% of the company’s stock.

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.