Rubrik (NYSE:RBRK) Upgraded by Cantor Fitzgerald to Strong-Buy Rating

Rubrik (NYSE:RBRK) was upgraded by equities research analysts at Cantor Fitzgerald to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Several other research analysts have also commented on RBRK. Wedbush boosted their price objective on Rubrik from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Barclays boosted their price objective on Rubrik from $42.00 to $51.00 and gave the stock an “overweight” rating in a report on Wednesday. CIBC boosted their price objective on Rubrik from $50.00 to $52.00 and gave the stock an “outperformer” rating in a report on Tuesday, September 10th. Citigroup boosted their price objective on Rubrik from $47.00 to $48.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Finally, Wells Fargo & Company cut their price objective on Rubrik from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $46.71.

Rubrik Stock Up 9.0 %

RBRK stock opened at $49.23 on Wednesday. Rubrik has a twelve month low of $28.34 and a twelve month high of $49.73. The stock has a 50-day simple moving average of $38.27 and a two-hundred day simple moving average of $34.82.

Rubrik (NYSE:RBRK) last posted its earnings results on Monday, September 9th. The company reported ($0.97) earnings per share 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 analyst estimates of $195.58 million. As a group, equities analysts predict that Rubrik will post -8.04 EPS for the current fiscal year.

Insider Activity

In related news, CFO Kiran Kumar Choudary sold 2,670 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $45.07, for a total value of $120,336.90. Following the sale, the chief financial officer now directly owns 396,160 shares of the company’s stock, valued at $17,854,931.20. This represents a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Barry Eggers sold 100,000 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $32.74, for a total value of $3,274,000.00. Following the completion of the sale, the insider now directly owns 56,736 shares in the company, valued at approximately $1,857,536.64. The trade was a 63.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 454,512 shares of company stock valued at $15,813,462.

Institutional Investors Weigh In On Rubrik

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dragoneer Investment Group LLC purchased a new stake in shares of Rubrik in the second quarter worth $47,523,000. Champlain Investment Partners LLC purchased a new stake in shares of Rubrik in the third quarter worth $44,418,000. Point72 Asset Management L.P. purchased a new stake in shares of Rubrik in the third quarter worth $42,247,000. PointState Capital LP purchased a new stake in shares of Rubrik in the third quarter worth $40,466,000. Finally, Institutional Venture Management XV LLC grew its stake in shares of Rubrik by 3,620.4% in the third quarter. Institutional Venture Management XV LLC now owns 1,162,610 shares of the company’s stock worth $37,378,000 after acquiring an additional 1,131,360 shares during the last quarter.

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.