Rubrik (NYSE:RBRK) Stock Price Down 5.5% Following Insider Selling

Rubrik, Inc. (NYSE:RBRK)’s stock price dropped 5.5% during mid-day trading on Friday following insider selling activity. The company traded as low as $87.25 and last traded at $87.06. Approximately 6,868,734 shares traded hands during mid-day trading, an increase of 186% from the average daily volume of 2,398,743 shares. The stock had previously closed at $92.10.

Specifically, CFO Kiran Kumar Choudary sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $91.00, for a total value of $318,500.00. Following the completion of the transaction, the chief financial officer now owns 523,095 shares in the company, valued at $47,601,645. This trade represents a 0.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Enrique T. Salem sold 21,924 shares of Rubrik stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $89.78, for a total value of $1,968,336.72. Following the sale, the director now owns 6,937 shares of the company’s stock, valued at approximately $622,803.86. This trade represents a 75.96% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RBRK. CIBC lifted their price target on Rubrik from $110.00 to $125.00 and gave the company an “outperformer” rating in a research report on Monday, June 9th. Wedbush boosted their price objective on Rubrik from $80.00 to $120.00 and gave the company an “outperform” rating in a research report on Thursday, June 12th. Piper Sandler reduced their target price on Rubrik from $87.00 to $72.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Wall Street Zen raised Rubrik from a “hold” rating to a “buy” rating in a research note on Saturday, June 7th. Finally, Cantor Fitzgerald boosted their target price on Rubrik from $95.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $100.38.

Rubrik Price Performance

The business has a 50-day simple moving average of $84.55 and a 200 day simple moving average of $72.93. The firm has a market cap of $16.98 billion, a PE ratio of -31.00 and a beta of 0.87.

Rubrik (NYSE:RBRK) last released its quarterly earnings results on Thursday, June 5th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.32) by $0.17. The firm had revenue of $278.48 million for the quarter, compared to analysts’ expectations of $260.39 million. The business’s quarterly revenue was up 48.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.58) EPS. On average, equities analysts forecast that Rubrik, Inc. will post -7.66 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rubrik

Institutional investors and hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. purchased a new position in Rubrik during the 4th quarter worth $28,000. PNC Financial Services Group Inc. bought a new position in shares of Rubrik in the 1st quarter worth $30,000. Summit Securities Group LLC bought a new position in shares of Rubrik in the 1st quarter worth $31,000. Global Retirement Partners LLC raised its position in shares of Rubrik by 8,333.3% in the 4th quarter. Global Retirement Partners LLC now owns 506 shares of the company’s stock worth $33,000 after acquiring an additional 500 shares in the last quarter. Finally, Comerica Bank raised its position in shares of Rubrik by 209.0% in the 1st quarter. Comerica Bank now owns 584 shares of the company’s stock worth $36,000 after acquiring an additional 395 shares in the last quarter. 49.54% of the stock is owned by institutional investors.

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.