Wedbush Issues Positive Forecast for Rubrik (NYSE:RBRK) Stock Price

Rubrik (NYSE:RBRK) had its price objective increased by investment analysts at Wedbush from $75.00 to $80.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Wedbush’s price objective indicates a potential upside of 14.98% from the company’s current price.

Several other research firms have also recently commented on RBRK. KeyCorp raised their price target on shares of Rubrik from $75.00 to $87.00 and gave the stock an “overweight” rating in a report on Tuesday, February 11th. Barclays raised their target price on Rubrik from $51.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Rosenblatt Securities upgraded Rubrik from a “neutral” rating to a “buy” rating and set a $77.00 price target on the stock in a research note on Wednesday. Truist Financial boosted their target price on shares of Rubrik from $50.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Guggenheim restated a “buy” rating and issued a $76.00 target price on shares of Rubrik in a research note on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $69.83.

Rubrik Price Performance

NYSE RBRK traded up $14.30 on Friday, reaching $69.58. The stock had a trading volume of 2,160,197 shares, compared to its average volume of 1,890,559. Rubrik has a 12-month low of $28.34 and a 12-month high of $80.00. The business’s 50-day moving average price is $68.42 and its 200 day moving average price is $53.26.

Rubrik (NYSE:RBRK) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.22). The business had revenue of $258.10 million during the quarter, compared to the consensus estimate of $233.13 million. Rubrik’s revenue for the quarter was up 47.5% compared to the same quarter last year. During the same period last year, the business earned ($1.59) EPS. On average, research analysts forecast that Rubrik will post -7.66 earnings per share for the current year.

Insiders Place Their Bets

In other Rubrik news, CTO Arvind Nithrakashyap sold 32,484 shares of the firm’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $61.59, for a total value of $2,000,689.56. Following the completion of the sale, the chief technology officer now directly owns 219,279 shares of the company’s stock, valued at $13,505,393.61. This trade represents a 12.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Yvonne Wassenaar sold 2,500 shares of Rubrik stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $67.60, for a total transaction of $169,000.00. Following the sale, the director now owns 153 shares of the company’s stock, valued at approximately $10,342.80. This represents a 94.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 625,712 shares of company stock worth $41,583,311 in the last ninety days.

Hedge Funds Weigh In On Rubrik

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. purchased a new stake in Rubrik in the 3rd quarter valued at approximately $25,000. Russell Investments Group Ltd. acquired a new position in Rubrik in the 4th quarter valued at $28,000. Global Retirement Partners LLC boosted its position in shares of Rubrik by 8,333.3% in the fourth quarter. Global Retirement Partners LLC now owns 506 shares of the company’s stock worth $33,000 after acquiring an additional 500 shares during the last quarter. Nemes Rush Group LLC purchased a new stake in shares of Rubrik during the 4th quarter valued at $39,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Rubrik in the 4th quarter valued at $47,000. 49.54% of the stock is owned by institutional investors and hedge funds.

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.