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

Rubrik, Inc. (NYSE:RBRK) gapped up prior to trading 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 trading hands.

Several other research firms also recently weighed in on RBRK. Piper Sandler reissued an “overweight” rating and set a $72.00 price target (up previously from $42.00) on shares of Rubrik in a research report on Friday. Barclays upped their target price on Rubrik from $51.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday. BMO Capital Markets upped their target price on Rubrik from $38.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday. Wedbush upped their target price on Rubrik from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, Truist Financial upped their target price on Rubrik from $50.00 to $75.00 and gave the company a “buy” rating in a research note on Friday. One investment analyst has rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $60.59.

Insider Transactions at Rubrik

In related news, CFO Kiran Kumar Choudary sold 1,500 shares of the stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $39.40, for a total value of $59,100.00. Following the completion of the transaction, the chief financial officer now owns 423,060 shares of the company’s stock, valued at approximately $16,668,564. This represents a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ravi Mhatre sold 15,933 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $30.19, for a total value of $481,017.27. The disclosure for this sale can be found here. Insiders sold 574,912 shares of company stock valued at $22,673,114 over the last quarter.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Brown Brothers Harriman & Co. purchased a new position in Rubrik in the third quarter valued at about $25,000. KBC Group NV acquired a new stake in Rubrik during the third quarter valued at approximately $72,000. Quent Capital LLC acquired a new stake in Rubrik during the third quarter valued at approximately $192,000. Mount Yale Investment Advisors LLC acquired a new stake in Rubrik during the third quarter valued at approximately $208,000. Finally, Whalen Wealth Management Inc. acquired a new stake in Rubrik during the third quarter valued at approximately $243,000.

Rubrik Trading Up 20.3 %

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

Rubrik (NYSE:RBRK) last announced its quarterly earnings data on Monday, September 9th. The company reported ($0.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.96) by ($0.01). The business had revenue of $204.95 million during the quarter, compared to analysts’ expectations of $195.58 million. Equities research analysts expect that Rubrik, Inc. will post -8.04 EPS 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.