Rubrik (NYSE:RBRK) Sees Large Volume Increase After Analyst Upgrade

Rubrik, Inc. (NYSE:RBRK) saw unusually-high trading volume on Friday after Piper Sandler raised their price target on the stock from $83.00 to $87.00. Piper Sandler currently has an overweight rating on the stock. Approximately 2,422,237 shares changed hands during trading, an increase of 28% from the previous session’s volume of 1,891,406 shares.The stock last traded at $69.86 and had previously closed at $55.28.

Several other research firms have also recently commented on RBRK. KeyCorp increased their target price on Rubrik from $75.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, February 11th. BMO Capital Markets upped their price target on Rubrik from $72.00 to $77.00 and gave the company an “outperform” rating in a research report on Friday. Mizuho upped their price target on Rubrik from $75.00 to $82.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price target on shares of Rubrik in a research report on Friday. Finally, Guggenheim reissued a “buy” rating and set a $76.00 price target on shares of Rubrik in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $69.78.

Insiders Place Their Bets

In other news, Director Yvonne Wassenaar sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $77.31, for a total transaction of $193,275.00. Following the completion of the sale, the director now directly owns 153 shares of the company’s stock, valued at $11,828.43. This trade represents a 94.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kiran Kumar Choudary sold 1,800 shares of the firm’s stock in a transaction that occurred on Friday, December 27th. The shares were sold at an average price of $68.03, for a total value of $122,454.00. Following the completion of the transaction, the chief financial officer now directly owns 343,774 shares in the company, valued at $23,386,945.22. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 625,712 shares of company stock worth $41,583,311.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RBRK. Brown Brothers Harriman & Co. bought a new position in shares of Rubrik in the 3rd quarter valued at approximately $25,000. Russell Investments Group Ltd. acquired a new stake in Rubrik in the 4th quarter valued at approximately $28,000. Global Retirement Partners LLC grew its holdings in Rubrik by 8,333.3% in the 4th quarter. Global Retirement Partners LLC now owns 506 shares of the company’s stock valued at $33,000 after buying an additional 500 shares during the last quarter. Nemes Rush Group LLC acquired a new stake in Rubrik in the 4th quarter valued at approximately $39,000. Finally, Point72 Hong Kong Ltd acquired a new stake in Rubrik in the 4th quarter valued at approximately $47,000. 49.54% of the stock is owned by institutional investors.

Rubrik Trading Up 27.6 %

The company has a fifty day moving average price of $68.27 and a two-hundred day moving average price of $53.64.

Rubrik (NYSE:RBRK) last announced its quarterly earnings data on Thursday, March 13th. The company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.39) by ($0.22). The firm had revenue of $258.10 million during the quarter, compared to the consensus estimate of $233.13 million. During the same quarter in the previous year, the firm earned ($1.59) earnings per share. The company’s quarterly revenue was up 47.5% compared to the same quarter last year. Research analysts expect that Rubrik, Inc. will post -7.66 earnings per share for the current fiscal year.

About Rubrik

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.