Rubrik (NYSE:RBRK) Shares Gap Down Following Insider Selling

Rubrik, Inc. (NYSE:RBRK)’s share price gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $66.73, but opened at $65.02. Rubrik shares last traded at $65.40, with a volume of 771,566 shares changing hands.

Specifically, CTO Arvind Nithrakashyap sold 227,596 shares of the stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $64.89, for a total value of $14,768,704.44. Following the completion of the transaction, the chief technology officer now directly owns 219,279 shares of the company’s stock, valued at $14,229,014.31. This represents a 50.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Yvonne Wassenaar sold 2,500 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $67.60, for a total transaction of $169,000.00. Following the completion of the transaction, the director now directly owns 153 shares of the company’s stock, valued at approximately $10,342.80. The trade was a 94.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. KeyCorp increased their price target on shares of Rubrik from $57.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Guggenheim increased their price target on shares of Rubrik from $52.00 to $72.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Citigroup raised their target price on shares of Rubrik from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Friday. Barclays raised their target price on shares of Rubrik from $51.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Wedbush raised their target price on shares of Rubrik from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Two analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Rubrik currently has an average rating of “Buy” and an average price target of $64.67.

Rubrik Price Performance

The company’s fifty day moving average is $60.17 and its 200-day moving average is $43.66.

Institutional Investors Weigh In On Rubrik

Several institutional investors and hedge funds have recently added to or reduced their stakes in RBRK. Commonwealth Equity Services LLC bought a new position in Rubrik in the second quarter worth approximately $503,000. Sei Investments Co. bought a new stake in Rubrik in the 2nd quarter valued at $235,000. Octahedron Capital Management L.P. purchased a new position in shares of Rubrik in the 2nd quarter worth $4,936,000. Ensign Peak Advisors Inc purchased a new position in shares of Rubrik in the 2nd quarter worth $6,287,000. Finally, American International Group Inc. purchased a new position in shares of Rubrik in the 2nd quarter worth $1,118,000. Hedge funds and other institutional investors 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.