Rubrik (NYSE:RBRK) Shares Up 3.7% on Analyst Upgrade

Rubrik, Inc. (NYSE:RBRK)’s share price traded up 3.7% on Friday after Wedbush raised their price target on the stock from $80.00 to $120.00. Wedbush currently has an outperform rating on the stock. Rubrik traded as high as $92.33 and last traded at $92.05. 1,737,944 shares changed hands during mid-day trading, a decline of 22% from the average session volume of 2,226,130 shares. The stock had previously closed at $88.74.

A number of other equities analysts have also weighed in on RBRK. Guggenheim upped their target price on Rubrik from $105.00 to $108.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Piper Sandler decreased their price objective on shares of Rubrik from $87.00 to $72.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. UBS Group restated a “buy” rating on shares of Rubrik in a research report on Friday, June 6th. CIBC increased their price target on shares of Rubrik from $110.00 to $125.00 and gave the stock an “outperformer” rating in a report on Monday, June 9th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $110.00 price target (up previously from $77.00) on shares of Rubrik in a report on Friday, June 6th. Three analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Rubrik currently has an average rating of “Moderate Buy” and a consensus target price of $100.38.

Insider Transactions at Rubrik

In other Rubrik news, major shareholder Lightspeed Management Company, sold 13,213 shares of the business’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $62.98, for a total value of $832,154.74. Following the transaction, the insider now owns 21,221 shares in the company, valued at approximately $1,336,498.58. The trade was a 38.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Yvonne Wassenaar sold 3,000 shares of the business’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $70.03, for a total transaction of $210,090.00. Following the completion of the transaction, the director now owns 153 shares in the company, valued at $10,714.59. The trade was a 95.15% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 666,109 shares of company stock worth $51,521,543. Company insiders own 32.38% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RBRK. Amundi increased its stake in shares of Rubrik by 0.7% during the first quarter. Amundi now owns 37,116 shares of the company’s stock valued at $2,132,000 after buying an additional 262 shares during the period. NewEdge Advisors LLC increased its position in Rubrik by 31.6% during the 1st quarter. NewEdge Advisors LLC now owns 1,250 shares of the company’s stock valued at $76,000 after purchasing an additional 300 shares during the period. Comerica Bank increased its position in Rubrik by 209.0% during the 1st quarter. Comerica Bank now owns 584 shares of the company’s stock valued at $36,000 after purchasing an additional 395 shares during the period. Russell Investments Group Ltd. purchased a new position in Rubrik during the 4th quarter valued at $28,000. Finally, Global Retirement Partners LLC increased its position in Rubrik by 8,333.3% during the 4th quarter. Global Retirement Partners LLC now owns 506 shares of the company’s stock valued at $33,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 49.54% of the company’s stock.

Rubrik Stock Performance

The stock’s 50-day simple moving average is $78.75 and its 200-day simple moving average is $70.64. The firm has a market capitalization of $17.10 billion, a PE ratio of -31.85 and a beta of 0.87.

Rubrik (NYSE:RBRK) last released its quarterly earnings results on Thursday, June 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.17. The company had revenue of $278.48 million during the quarter, compared to the consensus estimate of $260.39 million. During the same period in the previous year, the company earned ($1.58) earnings per share. Rubrik’s quarterly revenue was up 48.7% on a year-over-year basis. As a group, analysts predict that Rubrik, Inc. will post -7.66 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.