Rubrik (NYSE:RBRK) Shares Gap Up Following Analyst Upgrade

Rubrik, Inc. (NYSE:RBRK)’s share price gapped up before the market opened on Friday after Citigroup raised their price target on the stock from $48.00 to $75.00. The stock had previously closed at $53.66, but opened at $65.68. Citigroup currently has a buy rating on the stock. Rubrik shares last traded at $68.51, with a volume of 4,657,815 shares.

Several other analysts have also recently issued reports on the company. Piper Sandler restated an “overweight” rating and issued a $72.00 target price (up from $42.00) on shares of Rubrik in a report on Friday. Truist Financial upped their price objective on shares of Rubrik from $50.00 to $75.00 and gave the company a “buy” rating in a report on Friday. BMO Capital Markets lifted their target price on shares of Rubrik from $38.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday. Wedbush increased their price target on shares of Rubrik from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Barclays lifted their price target on shares of Rubrik from $51.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday. One equities research analyst has rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $60.59.

Insider Activity

In related news, major shareholder Barry Eggers sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $32.74, for a total transaction of $3,274,000.00. Following the completion of the sale, the insider now owns 56,736 shares in the company, valued at $1,857,536.64. The trade was a 63.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kiran Kumar Choudary sold 51,924 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $31.41, for a total value of $1,630,932.84. Following the completion of the transaction, the chief financial officer now directly owns 493,360 shares of the company’s stock, valued at $15,496,437.60. This trade represents a 9.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 574,912 shares of company stock worth $22,673,114.

Institutional Trading of Rubrik

Several institutional investors have recently modified their holdings of the stock. Dragoneer Investment Group LLC acquired a new stake in Rubrik during the 2nd quarter worth $47,523,000. Champlain Investment Partners LLC purchased a new position in shares of Rubrik during the third quarter worth about $44,418,000. Point72 Asset Management L.P. acquired a new stake in shares of Rubrik during the third quarter worth about $42,247,000. PointState Capital LP purchased a new stake in shares of Rubrik in the 3rd quarter valued at about $40,466,000. Finally, Institutional Venture Management XV LLC boosted its position in shares of Rubrik by 3,620.4% in the 3rd quarter. Institutional Venture Management XV LLC now owns 1,162,610 shares of the company’s stock valued at $37,378,000 after purchasing an additional 1,131,360 shares during the period.

Rubrik Stock Performance

The business has a 50 day moving average of $42.65 and a 200-day moving average of $36.18.

Rubrik (NYSE:RBRK) last announced its earnings results on Monday, September 9th. The company reported ($0.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.01). The firm had revenue of $204.95 million for the quarter, compared to analyst estimates of $195.58 million. As a group, analysts expect that Rubrik, Inc. will post -8.04 earnings per share for the current fiscal 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.