Robert W. Baird Lowers Rubrik (NYSE:RBRK) Price Target to $76.00

Rubrik (NYSE:RBRK) had its price objective lowered by equities researchers at Robert W. Baird from $83.00 to $76.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Robert W. Baird’s price target points to a potential upside of 40.69% from the stock’s current price.

RBRK has been the subject of several other research reports. Barclays lifted their target price on Rubrik from $51.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Citigroup lifted their price objective on shares of Rubrik from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Guggenheim reissued a “buy” rating and set a $76.00 target price on shares of Rubrik in a report on Wednesday, February 26th. BMO Capital Markets lifted their price target on shares of Rubrik from $38.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Finally, Oppenheimer started coverage on shares of Rubrik in a research note on Wednesday, November 13th. They set a “market perform” rating on the stock. Two analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $66.72.

Rubrik Trading Up 4.2 %

NYSE:RBRK opened at $54.02 on Wednesday. Rubrik has a one year low of $28.34 and a one year high of $80.00. The stock has a 50-day simple moving average of $68.59 and a 200 day simple moving average of $53.23.

Insiders Place Their Bets

In other news, CRO Brian K. Mccarthy sold 28,485 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $72.34, for a total transaction of $2,060,604.90. Following the completion of the sale, the executive now directly owns 346,560 shares of the company’s stock, valued at $25,070,150.40. This represents a 7.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Arvind Nithrakashyap sold 32,484 shares of the stock in a transaction on 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 owns 219,279 shares of the company’s stock, valued at $13,505,393.61. This trade represents a 12.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 625,712 shares of company stock worth $41,583,311.

Institutional Trading of Rubrik

Several institutional investors and hedge funds have recently bought and sold shares of RBRK. Norges Bank purchased a new position in shares of Rubrik in the fourth quarter worth approximately $277,395,000. Vanguard Group Inc. boosted its stake in Rubrik by 114.1% in the 4th quarter. Vanguard Group Inc. now owns 6,328,184 shares of the company’s stock worth $413,610,000 after purchasing an additional 3,372,323 shares during the period. FMR LLC grew its position in Rubrik by 172.6% during the 4th quarter. FMR LLC now owns 3,261,925 shares of the company’s stock worth $213,199,000 after purchasing an additional 2,065,444 shares in the last quarter. Champlain Investment Partners LLC acquired a new stake in Rubrik during the 3rd quarter valued at $44,418,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Rubrik in the third quarter valued at $42,247,000. Institutional investors and hedge funds own 49.54% of the company’s stock.

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.