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

Shares of Rubrik, Inc. (NYSE:RBRK) gapped up before the market opened on Friday after Wells Fargo & Company raised their price target on the stock from $40.00 to $76.00. The stock had previously closed at $53.66, but opened at $65.68. Wells Fargo & Company currently has an overweight rating on the stock. Rubrik shares last traded at $68.51, with a volume of 4,657,815 shares.

RBRK has been the subject of several other research reports. Guggenheim lifted their price target on Rubrik from $48.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Wedbush boosted 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. BMO Capital Markets boosted their target price on Rubrik from $38.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday. FBN Securities began coverage on Rubrik in a research note on Monday, September 30th. They issued an “outperform” rating and a $40.00 target price for the company. Finally, Citigroup boosted their target price on Rubrik from $47.00 to $48.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. One equities research analyst has rated the stock with a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, Rubrik has an average rating of “Buy” and an average price target of $55.53.

Insider Buying and Selling

In related news, Director Ravi Mhatre sold 15,933 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $30.19, for a total value of $481,017.27. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Kiran Kumar Choudary sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were 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 directly owns 423,060 shares in the company, valued at $16,668,564. This trade represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 518,112 shares of company stock worth $18,997,746 in the last 90 days.

Hedge Funds Weigh In On Rubrik

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. bought a new position in Rubrik in the 3rd quarter valued at approximately $25,000. KBC Group NV bought a new position in Rubrik in the 3rd quarter valued at approximately $72,000. Quent Capital LLC bought a new position in Rubrik in the 3rd quarter valued at approximately $192,000. Mount Yale Investment Advisors LLC bought a new position in shares of Rubrik during the 3rd quarter valued at $208,000. Finally, Barclays PLC lifted its holdings in shares of Rubrik by 140.6% during the 3rd quarter. Barclays PLC now owns 12,029 shares of the company’s stock valued at $386,000 after buying an additional 7,029 shares during the period.

Rubrik Stock Performance

The firm has a fifty day moving average price of $42.00 and a two-hundred day moving average price of $35.98.

Rubrik (NYSE:RBRK) last released its quarterly 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 firm had revenue of $204.95 million during the quarter, compared to analysts’ expectations of $195.58 million. On average, sell-side analysts predict that Rubrik, Inc. will post -8.04 earnings per share 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.