Rubrik (NYSE:RBRK) Sets New 12-Month High – Here’s Why

Rubrik, Inc. (NYSE:RBRK) reached a new 52-week high during trading on Monday . The company traded as high as $80.10 and last traded at $76.93, with a volume of 29802 shares trading hands. The stock had previously closed at $76.88.

Analyst Upgrades and Downgrades

RBRK has been the topic of several research analyst reports. Piper Sandler cut their target price on Rubrik from $87.00 to $72.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. BMO Capital Markets raised their target price on Rubrik from $72.00 to $77.00 and gave the stock an “outperform” rating in a research report on Friday, March 14th. Rosenblatt Securities raised Rubrik from a “neutral” rating to a “buy” rating and set a $77.00 target price for the company in a research report on Wednesday, March 12th. Robert W. Baird decreased their target price on Rubrik from $83.00 to $76.00 and set an “outperform” rating for the company in a research report on Wednesday, March 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 target price on shares of Rubrik in a research report on Friday, March 14th. Two investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Rubrik presently has a consensus rating of “Buy” and an average target price of $68.83.

Rubrik Price Performance

The company has a 50 day simple moving average of $65.24 and a 200-day simple moving average of $63.24. The stock has a market cap of $15.76 billion and a P/E ratio of -6.03.

Rubrik (NYSE:RBRK) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.61) earnings per share (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 analysts’ expectations of $233.13 million. During the same period in the prior year, the business posted ($1.59) earnings per share. The firm’s revenue was up 47.5% on a year-over-year basis. As a group, research analysts expect that Rubrik, Inc. will post -7.66 earnings per share for the current year.

Insider Buying and Selling at Rubrik

In other news, CFO Kiran Kumar Choudary sold 87,971 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $70.04, for a total value of $6,161,488.84. Following the sale, the chief financial officer now directly owns 413,458 shares of the company’s stock, valued at $28,958,598.32. The trade was a 17.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Brian K. Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $63.15, for a total value of $1,578,750.00. Following the completion of the sale, the executive now directly owns 356,043 shares in the company, valued at approximately $22,484,115.45. This represents a 6.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 546,117 shares of company stock valued at $36,491,888.

Institutional Investors Weigh In On Rubrik

A number of hedge funds have recently added to or reduced their stakes in RBRK. Vanguard Group Inc. increased its stake in shares of Rubrik by 9.7% in the 1st quarter. Vanguard Group Inc. now owns 6,945,101 shares of the company’s stock worth $423,512,000 after purchasing an additional 616,917 shares in the last quarter. Norges Bank bought a new position in Rubrik in the 4th quarter worth $277,395,000. FMR LLC boosted its holdings in Rubrik by 172.6% in 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 period. First Trust Advisors LP boosted its holdings in Rubrik by 26.6% in the 4th quarter. First Trust Advisors LP now owns 3,156,035 shares of the company’s stock worth $206,278,000 after buying an additional 662,914 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Rubrik by 27.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,979,184 shares of the company’s stock worth $129,359,000 after buying an additional 427,149 shares during the period. 49.54% of the stock is currently owned by hedge funds and other institutional investors.

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.