Wedbush Increases Rubrik (NYSE:RBRK) Price Target to $48.00

Rubrik (NYSE:RBRK) had its price objective increased by equities researchers at Wedbush from $44.00 to $48.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price target indicates a potential upside of 21.55% from the company’s previous close.

A number of other research firms also recently issued reports on RBRK. BMO Capital Markets dropped their price target on Rubrik from $40.00 to $38.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 10th. Cantor Fitzgerald reissued an “overweight” rating and issued a $50.00 price target on shares of Rubrik in a report on Tuesday, September 10th. Wells Fargo & Company lowered their price target on Rubrik from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. Robert W. Baird started coverage on Rubrik in a report on Monday, July 15th. They issued an “outperform” rating and a $42.00 price target for the company. Finally, Guggenheim reissued a “buy” rating and issued a $48.00 price target on shares of Rubrik in a report on Tuesday, June 25th. Sixteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $44.65.

Rubrik Stock Performance

Shares of RBRK opened at $39.49 on Wednesday. Rubrik has a 1 year low of $28.34 and a 1 year high of $40.75. The business’s 50 day moving average price is $33.82.

Rubrik (NYSE:RBRK) last released its quarterly earnings results on Monday, September 9th. The company reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.96) by ($0.01). The company had revenue of $204.95 million during the quarter, compared to the consensus estimate of $195.58 million. As a group, equities analysts forecast that Rubrik will post -7.95 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Barry Eggers sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $32.74, for a total transaction of $3,274,000.00. Following the transaction, the insider now owns 56,736 shares in the company, valued at $1,857,536.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Kiran Kumar Choudary sold 45,800 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $39.22, for a total transaction of $1,796,276.00. Following the transaction, the chief financial officer now owns 448,560 shares in the company, valued at $17,592,523.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Barry Eggers sold 100,000 shares of Rubrik stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $32.74, for a total value of $3,274,000.00. Following the completion of the transaction, the insider now owns 56,736 shares in the company, valued at $1,857,536.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 368,329 shares of company stock worth $12,241,803.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Diversified Trust Co purchased a new position in shares of Rubrik in the 3rd quarter valued at approximately $432,000. Davidson Kempner Capital Management LP purchased a new position in shares of Rubrik in the 2nd quarter valued at approximately $2,606,000. Bank of Montreal Can purchased a new position in shares of Rubrik in the 2nd quarter valued at approximately $427,000. ARK Investment Management LLC purchased a new position in shares of Rubrik in the 2nd quarter valued at approximately $6,043,000. Finally, EPIQ Capital Group LLC acquired a new stake in shares of Rubrik in the 2nd quarter valued at approximately $15,111,000.

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.