Wedbush Issues Positive Forecast for Rubrik (NYSE:RBRK) Stock Price

Rubrik (NYSE:RBRK) had its target price raised by Wedbush from $75.00 to $80.00 in a research report report published on Friday morning,Benzinga reports. Wedbush currently has an outperform rating on the stock.

Several other equities research analysts also recently weighed in on the company. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price objective on shares of Rubrik in a report on Friday. Wells Fargo & Company raised their price objective on Rubrik from $76.00 to $80.00 and gave the company an “overweight” rating in a report on Friday. Piper Sandler raised their price objective on Rubrik from $72.00 to $83.00 and gave the company an “overweight” rating in a report on Thursday, December 19th. William Blair initiated coverage on Rubrik in a report on Friday, February 7th. They set a “market perform” rating on the stock. Finally, Rosenblatt Securities raised Rubrik from a “neutral” rating to a “buy” rating and set a $77.00 price objective on the stock in a report on Wednesday. Two investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Rubrik currently has an average rating of “Buy” and an average price target of $69.78.

Rubrik Stock Up 27.6 %

Shares of RBRK stock opened at $70.54 on Friday. The stock’s fifty day moving average price is $68.20 and its two-hundred day moving average price is $53.27. Rubrik has a fifty-two week low of $28.34 and a fifty-two week high of $80.00.

Rubrik (NYSE:RBRK) last issued its earnings results 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 analysts’ expectations of $233.13 million. The business’s quarterly revenue was up 47.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.59) earnings per share. As a group, analysts forecast that Rubrik will post -7.66 earnings per share for the current year.

Insider Transactions at Rubrik

In other news, Director Yvonne Wassenaar sold 2,500 shares of Rubrik stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $67.60, for a total value of $169,000.00. Following the completion of the transaction, the director now directly owns 153 shares of the company’s stock, valued at approximately $10,342.80. This trade represents a 94.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kiran Kumar Choudary sold 1,800 shares of Rubrik stock in a transaction dated Friday, December 27th. The stock was sold at an average price of $68.03, for a total value of $122,454.00. Following the completion of the transaction, the chief financial officer now directly owns 343,774 shares of the company’s stock, valued at approximately $23,386,945.22. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 625,712 shares of company stock valued at $41,583,311.

Institutional Trading of Rubrik

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. bought a new stake in Rubrik in the 4th quarter valued at about $28,000. Global Retirement Partners LLC increased its position in Rubrik by 8,333.3% in the 4th quarter. Global Retirement Partners LLC now owns 506 shares of the company’s stock valued at $33,000 after buying an additional 500 shares in the last quarter. Nemes Rush Group LLC bought a new stake in Rubrik in the 4th quarter valued at about $39,000. Point72 Hong Kong Ltd bought a new stake in Rubrik in the 4th quarter valued at about $47,000. Finally, Quarry LP bought a new stake in Rubrik in the 4th quarter valued at about $48,000. 49.54% of the stock is owned by 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.