Rubrik (NYSE:RBRK) Sees Unusually-High Trading Volume After Analyst Upgrade

Rubrik, Inc. (NYSE:RBRK) saw strong trading volume on Friday after Piper Sandler raised their price target on the stock from $83.00 to $87.00. Piper Sandler currently has an overweight rating on the stock. 2,422,237 shares changed hands during trading, an increase of 28% from the previous session’s volume of 1,891,406 shares.The stock last traded at $69.86 and had previously closed at $55.28.

A number of other equities analysts have also weighed in on RBRK. BMO Capital Markets upped their price target on shares of Rubrik from $72.00 to $77.00 and gave the stock an “outperform” rating in a research report on Friday. Cantor Fitzgerald restated an “overweight” rating and set a $85.00 target price on shares of Rubrik in a research note on Friday. KeyCorp increased their price target on Rubrik from $75.00 to $87.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 11th. Citigroup raised their price target on Rubrik from $75.00 to $85.00 and gave the company a “buy” rating in a report on Friday, January 17th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $76.00 price objective on shares of Rubrik in a research note on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Rubrik presently has an average rating of “Buy” and an average price target of $70.06.

Insider Buying and Selling at Rubrik

In other news, CTO Arvind Nithrakashyap sold 32,484 shares of Rubrik stock in a transaction that occurred on Wednesday, March 5th. The stock was 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 in the company, valued at approximately $13,505,393.61. The trade was a 12.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Yvonne Wassenaar sold 2,500 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $67.60, for a total value of $169,000.00. Following the sale, the director now owns 153 shares in the company, valued at $10,342.80. The trade was a 94.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 625,712 shares of company stock worth $41,583,311 over the last 90 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Brown Brothers Harriman & Co. bought a new stake in shares of Rubrik in the 3rd quarter worth about $25,000. Russell Investments Group Ltd. purchased a new position in shares of Rubrik during the fourth quarter valued at approximately $28,000. Global Retirement Partners LLC grew its stake in shares of Rubrik by 8,333.3% during the fourth quarter. Global Retirement Partners LLC now owns 506 shares of the company’s stock valued at $33,000 after buying an additional 500 shares during the last quarter. Nemes Rush Group LLC purchased a new stake in shares of Rubrik in the fourth quarter worth approximately $39,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Rubrik during the 4th quarter worth approximately $47,000. 49.54% of the stock is owned by hedge funds and other institutional investors.

Rubrik Trading Up 26.4 %

The stock has a 50 day moving average of $68.42 and a 200-day moving average of $53.26.

Rubrik (NYSE:RBRK) last issued its earnings results on Thursday, March 13th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.22). The firm had revenue of $258.10 million for the quarter, compared to analysts’ expectations of $233.13 million. The company’s revenue for the quarter was up 47.5% on a year-over-year basis. During the same period in the prior year, the company earned ($1.59) earnings per share. On average, analysts anticipate that Rubrik, Inc. will post -7.66 earnings per share for the current fiscal year.

Rubrik Company 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.