Rubrik’s (RBRK) Outperform Rating Reaffirmed at Wedbush

Wedbush reaffirmed their outperform rating on shares of Rubrik (NYSE:RBRK) in a research report sent to investors on Friday, MarketBeat Ratings reports. They currently have a $120.00 price target on the stock, up from their prior price target of $80.00.

Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company boosted their target price on Rubrik from $76.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, March 14th. Cantor Fitzgerald raised their target price on shares of Rubrik from $95.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday. Mizuho cut shares of Rubrik from an “outperform” rating to a “neutral” rating and lifted their price target for the stock from $75.00 to $86.00 in a research note on Thursday, May 15th. KeyCorp increased their price objective on shares of Rubrik from $98.00 to $113.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Wall Street Zen lowered Rubrik from a “buy” rating to a “hold” rating in a research report on Friday, May 30th. Three equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $95.81.

Rubrik Stock Performance

NYSE RBRK opened at $98.03 on Friday. The stock has a 50 day moving average price of $75.32 and a 200-day moving average price of $69.25. Rubrik has a one year low of $28.34 and a one year high of $103.00. The company has a market capitalization of $18.60 billion, a P/E ratio of -34.64 and a beta of 0.87.

Rubrik (NYSE:RBRK) last posted its earnings results on Thursday, June 5th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.17. The business had revenue of $278.48 million during the quarter, compared to the consensus estimate of $260.39 million. During the same quarter last year, the firm earned ($1.58) earnings per share. The business’s quarterly revenue was up 48.7% on a year-over-year basis. As a group, equities analysts predict that Rubrik will post -7.66 EPS for the current fiscal year.

Insider Buying and Selling at Rubrik

In other Rubrik news, Director Yvonne Wassenaar sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $70.03, for a total transaction of $210,090.00. Following the completion of the transaction, the director now directly owns 153 shares of the company’s stock, valued at approximately $10,714.59. This trade represents a 95.15% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Kiran Kumar Choudary sold 87,971 shares of Rubrik stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $70.04, for a total transaction of $6,161,488.84. Following the sale, the chief financial officer now owns 413,458 shares of the company’s stock, valued at approximately $28,958,598.32. The trade was a 17.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 632,609 shares of company stock worth $47,450,968. 32.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rubrik

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RBRK. Vanguard Group Inc. grew its holdings in Rubrik by 9.7% during the first quarter. Vanguard Group Inc. now owns 6,945,101 shares of the company’s stock worth $423,512,000 after acquiring an additional 616,917 shares during the period. Norges Bank acquired a new position in shares of Rubrik in the 4th quarter valued at $277,395,000. FMR LLC boosted its holdings in Rubrik by 172.6% during the fourth 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 in the last quarter. First Trust Advisors LP boosted its holdings in Rubrik by 26.6% during the fourth 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 in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Rubrik by 27.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,979,184 shares of the company’s stock valued at $129,359,000 after buying an additional 427,149 shares during the period. 49.54% of the stock is owned by institutional investors and hedge funds.

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.