Rubrik (NYSE:RBRK) Shares Gap Down After Insider Selling

Rubrik, Inc. (NYSE:RBRK) gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $74.28, but opened at $70.06. Rubrik shares last traded at $69.06, with a volume of 867,509 shares changing hands.

Specifically, CFO Kiran Kumar Choudary sold 87,971 shares of the company’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $70.04, for a total transaction of $6,161,488.84. Following the completion of the sale, the chief financial officer now directly owns 413,458 shares of the company’s stock, valued at approximately $28,958,598.32. This represents a 17.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Brian K. Mccarthy sold 85,001 shares of the stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $70.04, for a total value of $5,953,470.04. Following the completion of the sale, the executive now owns 433,909 shares of the company’s stock, valued at approximately $30,390,986.36. This trade represents a 16.38 % decrease in their position. The disclosure for this sale can be found here. In other Rubrik news, Director Yvonne Wassenaar sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $70.03, for a total value of $210,090.00. Following the completion of the transaction, the director now owns 153 shares in the company, valued at $10,714.59. This represents a 95.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on RBRK shares. Guggenheim raised their price target on shares of Rubrik from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 target price on shares of Rubrik in a research report on Friday, March 14th. Robert W. Baird decreased their price target on shares of Rubrik from $83.00 to $76.00 and set an “outperform” rating for the company in a research report on Wednesday, March 12th. Wells Fargo & Company lifted their price target on shares of Rubrik from $76.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, March 14th. Finally, Piper Sandler increased their price objective on shares of Rubrik from $83.00 to $87.00 and gave the company an “overweight” rating in a research note on Friday, March 14th. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $70.00.

Rubrik Stock Performance

The company’s 50 day moving average price is $69.17 and its 200-day moving average price is $55.81. The company has a market cap of $12.18 billion and a price-to-earnings ratio of -4.77.

Rubrik (NYSE:RBRK) last issued its 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 company had revenue of $258.10 million for the quarter, compared to analysts’ expectations of $233.13 million. The business’s quarterly revenue was up 47.5% compared to the same quarter last year. During the same period last year, the firm earned ($1.59) EPS. As a group, sell-side analysts forecast that Rubrik, Inc. will post -7.66 earnings per share for the current year.

Institutional Investors Weigh In On Rubrik

Institutional investors and hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new position in shares of Rubrik in the 4th quarter valued at $28,000. Global Retirement Partners LLC lifted its stake in Rubrik by 8,333.3% during the fourth quarter. Global Retirement Partners LLC now owns 506 shares of the company’s stock valued at $33,000 after buying an additional 500 shares in the last quarter. Nemes Rush Group LLC acquired a new position in shares of Rubrik in the fourth quarter worth about $39,000. Point72 Hong Kong Ltd purchased a new position in shares of Rubrik in the fourth quarter worth approximately $47,000. Finally, Quarry LP acquired a new stake in shares of Rubrik during the fourth quarter valued at approximately $48,000. 49.54% of the stock is owned by institutional investors and hedge funds.

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.