Rubrik (NYSE:RBRK) Reaches New 12-Month High After Analyst Upgrade

Rubrik, Inc. (NYSE:RBRK) shares reached a new 52-week high on Thursday after Wedbush raised their price target on the stock from $44.00 to $48.00. Wedbush currently has an outperform rating on the stock. Rubrik traded as high as $40.66 and last traded at $40.28, with a volume of 638526 shares. The stock had previously closed at $38.87.

Other research analysts have also issued reports about the stock. Guggenheim reaffirmed a “buy” rating and issued a $48.00 price objective on shares of Rubrik in a research note on Tuesday, June 25th. CIBC raised their price objective 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. Wells Fargo & Company dropped their price objective on shares of Rubrik from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 10th. Baird R W raised shares of Rubrik to a “strong-buy” rating in a research report on Monday, July 15th. Finally, Citigroup upped their price objective on shares of Rubrik from $47.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Sixteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Rubrik has an average rating of “Buy” and a consensus target price of $44.65.

Insider Buying and Selling

In related news, Director Ravi Mhatre sold 15,933 shares of Rubrik stock in a transaction dated Friday, September 13th. The stock was 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 Securities & Exchange Commission, which is accessible through the SEC website. In other Rubrik news, Director Ravi Mhatre sold 15,933 shares of Rubrik stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $30.19, for a total transaction of $481,017.27. 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 51,924 shares of Rubrik stock in a transaction dated 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 transaction, the chief financial officer now directly owns 493,360 shares of the company’s stock, valued at $15,496,437.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 368,329 shares of company stock valued at $12,241,803.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RBRK. Register Financial Advisors LLC bought a new stake in shares of Rubrik during the 2nd quarter valued at about $227,000. Zweig DiMenna Associates LLC bought a new stake in shares of Rubrik during the 2nd quarter valued at about $6,730,000. EFG Asset Management North America Corp. bought a new stake in shares of Rubrik during the 2nd quarter valued at about $925,000. ARK Investment Management LLC bought a new stake in shares of Rubrik during the 2nd quarter valued at about $6,043,000. Finally, Cisco Systems Inc. bought a new stake in shares of Rubrik during the 2nd quarter valued at about $5,613,000.

Rubrik Stock Up 4.2 %

The firm’s 50-day moving average price is $33.66.

Rubrik (NYSE:RBRK) last issued its quarterly 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 during the quarter, compared to analysts’ expectations of $195.58 million. As a group, equities analysts expect that Rubrik, Inc. will post -7.95 earnings per share 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.