Norges Bank Invests $277.40 Million in Rubrik, Inc. (NYSE:RBRK)

Norges Bank purchased a new position in shares of Rubrik, Inc. (NYSE:RBRK) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,244,106 shares of the company’s stock, valued at approximately $277,395,000. Norges Bank owned approximately 2.29% of Rubrik as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in RBRK. Charles Schwab Investment Management Inc. increased its position in Rubrik by 134.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 325,420 shares of the company’s stock worth $10,462,000 after purchasing an additional 186,485 shares during the period. Brown Brothers Harriman & Co. purchased a new position in Rubrik in the third quarter worth $25,000. The Manufacturers Life Insurance Company acquired a new stake in Rubrik in the third quarter valued at $265,000. BNP Paribas Financial Markets purchased a new stake in shares of Rubrik during the 3rd quarter worth $336,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Rubrik during the 3rd quarter worth $323,000. Institutional investors and hedge funds own 49.54% of the company’s stock.

Rubrik Stock Down 3.6 %

Shares of NYSE:RBRK opened at $63.65 on Friday. The company has a market cap of $11.79 billion and a P/E ratio of -4.62. The business has a fifty day simple moving average of $69.09 and a 200-day simple moving average of $56.20. Rubrik, Inc. has a 52 week low of $28.34 and a 52 week high of $80.00.

Rubrik (NYSE:RBRK) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.22). The business had revenue of $258.10 million during the quarter, compared to the consensus estimate of $233.13 million. Rubrik’s revenue for the quarter was up 47.5% compared to the same quarter last year. During the same period last year, the business earned ($1.59) EPS. Sell-side analysts expect that Rubrik, Inc. will post -7.66 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wells Fargo & Company boosted their price objective on shares of Rubrik from $76.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, March 14th. Mizuho boosted their price target on Rubrik from $75.00 to $82.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 17th. Truist Financial raised their price objective on Rubrik from $50.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, December 6th. KeyCorp decreased their target price on Rubrik from $87.00 to $82.00 and set an “overweight” rating on the stock in a research report on Friday, March 14th. Finally, Barclays raised their price target on Rubrik from $51.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $70.00.

Insider Buying and Selling

In other Rubrik news, CFO Kiran Kumar Choudary sold 1,800 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $65.72, for a total transaction of $118,296.00. Following the completion of the sale, the chief financial officer now directly owns 342,974 shares in the company, valued at $22,540,251.28. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Arvind Nithrakashyap sold 32,484 shares of Rubrik stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $61.59, for a total value of $2,000,689.56. Following the completion of the transaction, the chief technology officer now directly owns 219,279 shares in the company, valued at $13,505,393.61. This represents a 12.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 792,426 shares of company stock valued at $53,187,894.

Rubrik 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.