Oppenheimer Initiates Coverage on Rubrik (NYSE:RBRK)

Investment analysts at Oppenheimer initiated coverage on shares of Rubrik (NYSE:RBRK) in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The firm set a “market perform” rating on the stock.

A number of other research firms have also recently commented on RBRK. Wells Fargo & Company decreased their target price on shares of Rubrik from $42.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th. FBN Securities initiated coverage on shares of Rubrik in a research report on Monday, September 30th. They set an “outperform” rating and a $40.00 price objective for the company. Wedbush boosted their target price on Rubrik from $44.00 to $48.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Truist Financial restated a “buy” rating and set a $43.00 price target on shares of Rubrik in a research report on Tuesday, September 10th. Finally, Robert W. Baird boosted their price objective on Rubrik from $42.00 to $48.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $45.00.

Rubrik Stock Performance

Shares of NYSE RBRK opened at $44.50 on Wednesday. Rubrik has a 1 year low of $28.34 and a 1 year high of $45.90. The company has a 50 day simple moving average of $36.93 and a 200-day simple moving average of $34.41.

Rubrik (NYSE:RBRK) last posted its earnings results on Monday, September 9th. The company reported ($0.97) EPS for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.01). The business had revenue of $204.95 million during the quarter, compared to the consensus estimate of $195.58 million. On average, analysts anticipate that Rubrik will post -7.94 EPS for the current fiscal year.

Insider Buying and Selling

In other Rubrik news, CFO Kiran Kumar Choudary sold 2,670 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $45.07, for a total transaction of $120,336.90. Following the sale, the chief financial officer now owns 396,160 shares of the company’s stock, valued at approximately $17,854,931.20. This trade represents a 0.67 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ravi Mhatre sold 15,933 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $30.19, for a total transaction of $481,017.27. The disclosure for this sale can be found here. Over the last quarter, insiders sold 444,512 shares of company stock worth $15,368,662.

Institutional Investors Weigh In On Rubrik

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RBRK. PDT Partners LLC acquired a new position in shares of Rubrik in the 3rd quarter valued at $1,640,000. Summit Partners Public Asset Management LLC purchased a new stake in shares of Rubrik in the third quarter valued at about $33,148,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Rubrik by 24.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 248,772 shares of the company’s stock worth $7,998,000 after buying an additional 49,372 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Rubrik during the third quarter worth about $323,000. Finally, BNP Paribas Financial Markets acquired a new position in Rubrik in the 3rd quarter valued at about $336,000.

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.