Rubrik (NYSE:RBRK) Sees Large Volume Increase Following Analyst Upgrade

Shares of Rubrik, Inc. (NYSE:RBRK) saw an uptick in trading volume on Friday after Piper Sandler raised their price target on the stock from $83.00 to $87.00. Piper Sandler currently has an overweight rating on the stock. 2,422,237 shares traded hands during mid-day trading, an increase of 28% from the previous session’s volume of 1,891,406 shares.The stock last traded at $69.86 and had previously closed at $55.28.

A number of other equities analysts also recently issued reports on RBRK. Rosenblatt Securities raised Rubrik from a “neutral” rating to a “buy” rating and set a $77.00 price target on the stock in a research report on Wednesday. Wells Fargo & Company increased their target price on shares of Rubrik from $76.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price target on shares of Rubrik in a report on Friday. Guggenheim reaffirmed a “buy” rating and issued a $76.00 price target on shares of Rubrik in a research report on Wednesday, February 26th. Finally, BMO Capital Markets lifted their price objective on shares of Rubrik from $72.00 to $77.00 and gave the company an “outperform” rating in a report on Friday. Two analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Rubrik currently has an average rating of “Buy” and a consensus target price of $70.06.

Insider Buying and Selling at Rubrik

In other Rubrik news, Director Yvonne Wassenaar sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $67.60, for a total transaction of $169,000.00. Following the transaction, the director now owns 153 shares in the company, valued at approximately $10,342.80. This represents a 94.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Arvind Nithrakashyap sold 32,485 shares of Rubrik stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $74.85, for a total transaction of $2,431,502.25. Following the sale, the chief technology officer now owns 219,279 shares of the company’s stock, valued at $16,413,033.15. The trade was a 12.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 625,712 shares of company stock worth $41,583,311.

Institutional Trading of Rubrik

Several large investors have recently added to or reduced their stakes in RBRK. Vanguard Group Inc. lifted its holdings in shares of Rubrik by 114.1% during the fourth quarter. Vanguard Group Inc. now owns 6,328,184 shares of the company’s stock worth $413,610,000 after purchasing an additional 3,372,323 shares during the period. Norges Bank acquired a new position in Rubrik in the 4th quarter worth approximately $277,395,000. FMR LLC raised its position in Rubrik by 172.6% during the 4th quarter. FMR LLC now owns 3,261,925 shares of the company’s stock worth $213,199,000 after buying an additional 2,065,444 shares during the last quarter. First Trust Advisors LP lifted its stake in Rubrik by 26.6% during the 4th quarter. First Trust Advisors LP now owns 3,156,035 shares of the company’s stock valued at $206,278,000 after acquiring an additional 662,914 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Rubrik by 27.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,979,184 shares of the company’s stock valued at $129,359,000 after acquiring an additional 427,149 shares during the last quarter. Hedge funds and other institutional investors own 49.54% of the company’s stock.

Rubrik Stock Up 26.4 %

The firm’s fifty day moving average price is $68.42 and its 200 day moving average price is $53.26.

Rubrik (NYSE:RBRK) last released its quarterly earnings data on Thursday, March 13th. The company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.22). The business had revenue of $258.10 million during the quarter, compared to analyst estimates of $233.13 million. During the same period in the prior year, the firm earned ($1.59) EPS. The business’s revenue was up 47.5% on a year-over-year basis. As a group, sell-side analysts predict that Rubrik, Inc. will post -7.66 earnings per share for the current fiscal year.

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.