Rubrik (NYSE:RBRK) Sets New 1-Year High Following Analyst Upgrade

Rubrik, Inc. (NYSE:RBRK) shares hit a new 52-week high on Tuesday after Mizuho raised their price target on the stock from $47.00 to $68.00. Mizuho currently has an outperform rating on the stock. Rubrik traded as high as $73.14 and last traded at $73.11, with a volume of 896789 shares trading hands. The stock had previously closed at $69.79.

Other equities analysts have also issued research reports about the stock. Citigroup lifted their price target on shares of Rubrik from $48.00 to $75.00 and gave the company a “buy” rating in a report on Friday, December 6th. Robert W. Baird lifted their price target on shares of Rubrik from $48.00 to $55.00 and gave the company an “outperform” rating in a report on Thursday, December 5th. Cantor Fitzgerald raised their target price on shares of Rubrik from $58.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Wells Fargo & Company raised their target price on shares of Rubrik from $40.00 to $76.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, CIBC raised their target price on shares of Rubrik from $50.00 to $52.00 and gave the company an “outperformer” rating in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Rubrik has an average rating of “Buy” and an average target price of $61.88.

Insider Activity

In related news, Director Ravi Mhatre sold 15,933 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $30.19, for a total value of $481,017.27. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Barry Eggers sold 100,000 shares of the stock in a transaction that occurred 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 owns 56,736 shares in the company, valued at $1,857,536.64. This represents a 63.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 574,912 shares of company stock valued at $22,673,114 over the last three months.

Hedge Funds Weigh In On Rubrik

Large investors have recently bought and sold shares of the business. Garden State Investment Advisory Services LLC acquired a new stake in Rubrik in the third quarter worth $394,000. Barclays PLC raised its holdings in Rubrik by 140.6% in the third quarter. Barclays PLC now owns 12,029 shares of the company’s stock worth $386,000 after purchasing an additional 7,029 shares during the period. Geode Capital Management LLC raised its holdings in Rubrik by 133.3% in the third quarter. Geode Capital Management LLC now owns 568,646 shares of the company’s stock worth $18,290,000 after purchasing an additional 324,951 shares during the period. XTX Topco Ltd acquired a new stake in Rubrik in the third quarter worth $571,000. Finally, State Street Corp raised its holdings in Rubrik by 368.9% in the third quarter. State Street Corp now owns 421,096 shares of the company’s stock worth $13,538,000 after purchasing an additional 331,296 shares during the period. 49.54% of the stock is currently owned by institutional investors and hedge funds.

Rubrik Stock Up 1.5 %

The company’s fifty day simple moving average is $44.94 and its two-hundred day simple moving average is $36.94.

Rubrik (NYSE:RBRK) last posted its earnings results on Monday, September 9th. The company reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.96) by ($0.01). The business had revenue of $204.95 million for the quarter, compared to the consensus estimate of $195.58 million. Sell-side analysts anticipate that Rubrik, Inc. will post -8.04 EPS 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.