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

Rubrik, Inc. (NYSE:RBRK)’s share price gapped down prior to trading on Friday following insider selling activity. The stock had previously closed at $74.19, but opened at $71.14. Rubrik shares last traded at $71.51, with a volume of 2,786,508 shares trading hands.

Specifically, CFO Kiran Kumar Choudary sold 1,800 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $69.70, for a total value of $125,460.00. Following the completion of the sale, the chief financial officer now directly owns 342,160 shares of the company’s stock, valued at $23,848,552. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analyst Ratings Changes

RBRK has been the topic of a number of recent analyst reports. Truist Financial increased their target price on Rubrik from $50.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Citigroup raised their price target on shares of Rubrik from $48.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Robert W. Baird boosted their price objective on shares of Rubrik from $48.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, December 5th. Guggenheim raised their target price on shares of Rubrik from $52.00 to $72.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Piper Sandler restated an “overweight” rating and set a $72.00 price objective (up from $42.00) on shares of Rubrik in a report on Friday, December 6th. One research analyst has rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $61.88.

Rubrik Stock Down 2.7 %

The business has a fifty day moving average of $46.55 and a two-hundred day moving average of $37.51.

Institutional Investors Weigh In On Rubrik

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dragoneer Investment Group LLC acquired a new stake in shares of Rubrik in the second quarter valued at about $47,523,000. Champlain Investment Partners LLC purchased a new position in Rubrik in the 3rd quarter valued at about $44,418,000. Point72 Asset Management L.P. acquired a new stake in Rubrik in the 3rd quarter worth about $42,247,000. PointState Capital LP purchased a new stake in shares of Rubrik during the third quarter worth approximately $40,466,000. Finally, Institutional Venture Management XV LLC raised its stake in Rubrik by 3,620.4% in the 3rd quarter. Institutional Venture Management XV LLC now owns 1,162,610 shares of the company’s stock valued at $37,378,000 after purchasing an additional 1,131,360 shares during the last quarter. Hedge funds and other institutional investors own 49.54% of the company’s stock.

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.