Citigroup Increases Rubrik (NYSE:RBRK) Price Target to $48.00

Rubrik (NYSE:RBRK) had its price target boosted by equities researchers at Citigroup from $47.00 to $48.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 56.20% from the stock’s previous close.

Several other analysts also recently weighed in on the company. Guggenheim reiterated a “buy” rating and set a $48.00 target price on shares of Rubrik in a research report on Tuesday, June 25th. Cantor Fitzgerald reiterated an “overweight” rating and set a $50.00 price objective on shares of Rubrik in a report on Tuesday. Truist Financial reaffirmed a “buy” rating and set a $43.00 target price on shares of Rubrik in a research report on Tuesday. Capital One Financial started coverage on Rubrik in a report on Monday, May 20th. They issued an “overweight” rating and a $42.00 price objective for the company. Finally, 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. Fifteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $44.69.

Rubrik Stock Down 8.3 %

Shares of NYSE RBRK opened at $30.73 on Wednesday. Rubrik has a 1 year low of $28.34 and a 1 year high of $40.00. The stock has a 50-day moving average price of $33.58.

Rubrik (NYSE:RBRK) last issued its quarterly earnings results on Tuesday, June 11th. The company reported ($11.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($10.88) by ($0.59). The company had revenue of $187.32 million during the quarter, compared to analysts’ expectations of $171.60 million. On average, sell-side analysts predict that Rubrik will post -7.7 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rubrik

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Dragoneer Investment Group LLC purchased a new position in Rubrik in the 2nd quarter worth $47,523,000. Clearbridge Investments LLC acquired a new position in shares of Rubrik in the second quarter valued at about $32,888,000. EPIQ Capital Group LLC purchased a new position in shares of Rubrik in the second quarter worth about $15,111,000. Zweig DiMenna Associates LLC acquired a new stake in shares of Rubrik during the second quarter worth about $6,730,000. Finally, Ensign Peak Advisors Inc acquired a new stake in shares of Rubrik during the second quarter worth about $6,287,000.

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.