Rosenblatt Securities Begins Coverage on Rubrik (NYSE:RBRK)

Investment analysts at Rosenblatt Securities assumed coverage on shares of Rubrik (NYSE:RBRK) in a research report issued to clients and investors on Tuesday. The firm set a “neutral” rating and a $77.00 price target on the stock. Rosenblatt Securities’ price objective would indicate a potential upside of 1.97% from the company’s previous close.

Several other research firms have also commented on RBRK. FBN Securities began coverage on Rubrik in a report on Monday, September 30th. They set an “outperform” rating and a $40.00 price target on the stock. Wedbush lifted their price objective on Rubrik from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. CIBC increased their target price on shares of Rubrik from $50.00 to $52.00 and gave the stock an “outperformer” rating in a report on Tuesday, September 10th. Barclays lifted their price target on shares of Rubrik from $51.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $72.00 price objective (up previously from $42.00) on shares of Rubrik in a report on Friday, December 6th. Two analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Rubrik presently has an average rating of “Buy” and a consensus target price of $63.50.

Rubrik Price Performance

NYSE:RBRK opened at $75.51 on Tuesday. The company’s 50-day moving average price is $47.40 and its 200-day moving average price is $37.86. Rubrik has a twelve month low of $28.34 and a twelve month high of $75.79.

Insider Transactions at Rubrik

In other news, CFO Kiran Kumar Choudary sold 51,924 shares of Rubrik stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $31.41, for a total transaction of $1,630,932.84. Following the completion of the sale, the chief financial officer now directly owns 493,360 shares in the company, valued at approximately $15,496,437.60. This trade represents a 9.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Barry Eggers sold 100,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $32.74, for a total value of $3,274,000.00. Following the completion of the sale, the insider now directly owns 56,736 shares in the company, valued at $1,857,536.64. This trade represents a 63.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 560,779 shares of company stock worth $22,317,557 over the last 90 days.

Institutional Trading of Rubrik

A number of large investors have recently made changes to their positions in the stock. Zweig DiMenna Associates LLC purchased a new position in shares of Rubrik during the 2nd quarter worth about $6,730,000. EFG Asset Management North America Corp. acquired a new position in Rubrik in the 2nd quarter worth $925,000. ARK Investment Management LLC purchased a new position in Rubrik in the second quarter valued at about $6,043,000. Cisco Systems Inc. acquired a new stake in shares of Rubrik during the second quarter worth approximately $5,613,000. Finally, Commonwealth Equity Services LLC bought a new position in shares of Rubrik during the second quarter worth about $503,000. Institutional investors and hedge funds own 49.54% of the company’s stock.

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.