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

Shares of Rubrik, Inc. (NYSE:RBRK) hit a new 52-week high during mid-day trading on Thursday after Wedbush raised their price target on the stock from $44.00 to $48.00. Wedbush currently has an outperform rating on the stock. Rubrik traded as high as $40.66 and last traded at $40.28, with a volume of 638526 shares traded. The stock had previously closed at $38.87.

Other analysts also recently issued reports about the company. Robert W. Baird assumed coverage on Rubrik in a research note on Monday, July 15th. They issued an “outperform” rating and a $42.00 price target for the company. Truist Financial reaffirmed a “buy” rating and set a $43.00 price target on shares of Rubrik in a research report on Tuesday, September 10th. Piper Sandler began coverage on shares of Rubrik in a report on Monday, August 19th. They issued an “overweight” rating and a $42.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $50.00 price target on shares of Rubrik in a research report on Tuesday, September 10th. Finally, Baird R W raised Rubrik to a “strong-buy” rating in a research report on Monday, July 15th. Sixteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $44.65.

Insider Activity at Rubrik

In other news, major shareholder Barry Eggers sold 100,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $32.74, for a total transaction of $3,274,000.00. Following the completion of the transaction, the insider now directly owns 56,736 shares in the company, valued at approximately $1,857,536.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CRO Brian K. Mccarthy sold 104,672 shares of Rubrik stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $31.32, for a total transaction of $3,278,327.04. Following the sale, the executive now directly owns 462,545 shares of the company’s stock, valued at approximately $14,486,909.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Barry Eggers sold 100,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $32.74, for a total value of $3,274,000.00. Following the sale, the insider now owns 56,736 shares in the company, valued at approximately $1,857,536.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 368,329 shares of company stock valued at $12,241,803.

Institutional Investors Weigh In On Rubrik

Several hedge funds have recently added to or reduced their stakes in RBRK. Renaissance Capital LLC increased its position in Rubrik by 190.1% in the 3rd quarter. Renaissance Capital LLC now owns 60,061 shares of the company’s stock valued at $1,931,000 after acquiring an additional 39,354 shares during the period. Diversified Trust Co acquired a new stake in Rubrik in the third quarter valued at $432,000. Quent Capital LLC bought a new position in Rubrik during the 3rd quarter worth $192,000. SG Americas Securities LLC bought a new position in Rubrik during the 3rd quarter worth $10,200,000. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Rubrik during the 2nd quarter worth about $7,665,000.

Rubrik Price Performance

The company’s 50-day moving average price is $33.98.

Rubrik (NYSE:RBRK) last announced its earnings results on Monday, September 9th. The company reported ($0.97) EPS for the quarter, missing the consensus estimate of ($0.96) by ($0.01). The company had revenue of $204.95 million during the quarter, compared to analyst estimates of $195.58 million. As a group, equities analysts expect that Rubrik, Inc. will post -7.95 earnings per share for the current 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.