Franklin Resources Inc. Cuts Stock Position in Rubrik, Inc. (NYSE:RBRK)

Franklin Resources Inc. decreased its holdings in shares of Rubrik, Inc. (NYSE:RBRK) by 39.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 775,213 shares of the company’s stock after selling 498,534 shares during the period. Franklin Resources Inc.’s holdings in Rubrik were worth $24,923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in RBRK. EFG Asset Management North America Corp. purchased a new position in Rubrik during the second quarter valued at $925,000. ARK Investment Management LLC acquired a new position in shares of Rubrik during the 2nd quarter worth about $6,043,000. Cisco Systems Inc. purchased a new position in Rubrik in the 2nd quarter valued at about $5,613,000. Commonwealth Equity Services LLC acquired a new stake in Rubrik in the 2nd quarter worth about $503,000. Finally, Natixis Advisors LLC purchased a new stake in Rubrik during the 2nd quarter worth approximately $406,000. Institutional investors and hedge funds own 49.54% of the company’s stock.

Rubrik Trading Down 1.6 %

Shares of RBRK opened at $66.98 on Friday. The firm has a 50-day simple moving average of $49.37 and a two-hundred day simple moving average of $38.56. Rubrik, Inc. has a 1-year low of $28.34 and a 1-year high of $75.79.

Analyst Ratings Changes

RBRK has been the topic of several research reports. Guggenheim raised their target price on Rubrik from $52.00 to $72.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Rosenblatt Securities started coverage on shares of Rubrik in a research note on Tuesday. They set a “neutral” rating and a $77.00 target price on the stock. Robert W. Baird increased their target price on shares of Rubrik from $48.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, December 5th. Mizuho boosted their price target on shares of Rubrik from $75.00 to $82.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Barclays increased their price objective on shares of Rubrik from $51.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Two equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $64.11.

Insider Buying and Selling

In other news, CRO Brian K. Mccarthy sold 104,672 shares of the firm’s stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $31.32, for a total transaction of $3,278,327.04. Following the completion of the transaction, the executive now directly owns 462,545 shares in the company, valued at $14,486,909.40. This trade represents a 18.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Kiran Kumar Choudary sold 51,924 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $31.41, for a total value of $1,630,932.84. Following the completion of the sale, the chief financial officer now owns 493,360 shares in the company, valued at $15,496,437.60. This represents a 9.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 493,237 shares of company stock valued at $21,391,568.

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.