Piper Sandler Issues Positive Forecast for Rubrik (NYSE:RBRK) Stock Price

Rubrik (NYSE:RBRK) had its price target upped by Piper Sandler from $83.00 to $87.00 in a research note released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities analysts also recently issued research reports about the stock. KeyCorp raised their target price on shares of Rubrik from $75.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, February 11th. Guggenheim reaffirmed a “buy” rating and set a $76.00 target price on shares of Rubrik in a research note on Wednesday, February 26th. Wedbush raised their target price on shares of Rubrik from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday. Barclays raised their target price on shares of Rubrik from $51.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 target price on shares of Rubrik in a research note on Friday. Two analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $69.78.

Rubrik Price Performance

RBRK stock opened at $70.54 on Friday. Rubrik has a 1 year low of $28.34 and a 1 year high of $80.00. The firm has a 50-day moving average of $68.20 and a 200 day moving average of $53.27.

Rubrik (NYSE:RBRK) last released its quarterly 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 company had revenue of $258.10 million for the quarter, compared to the consensus estimate of $233.13 million. During the same period in the prior year, the firm posted ($1.59) earnings per share. Rubrik’s quarterly revenue was up 47.5% compared to the same quarter last year. On average, sell-side analysts expect that Rubrik will post -7.66 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Kiran Kumar Choudary sold 3,973 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $72.34, for a total value of $287,406.82. Following the sale, the chief financial officer now owns 345,374 shares in the company, valued at approximately $24,984,355.16. This trade represents a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CRO Brian K. Mccarthy sold 28,485 shares of the firm’s stock in a transaction that occurred 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 owns 346,560 shares in the company, valued at $25,070,150.40. This represents a 7.60 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 625,712 shares of company stock worth $41,583,311.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC boosted its stake in shares of Rubrik by 6.9% during the 3rd quarter. Janus Henderson Group PLC now owns 360,653 shares of the company’s stock worth $11,595,000 after acquiring an additional 23,200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Rubrik during the 3rd quarter worth $323,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Rubrik by 24.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 248,772 shares of the company’s stock worth $7,998,000 after acquiring an additional 49,372 shares during the last quarter. Renaissance Capital LLC boosted its stake in shares of Rubrik by 21.2% during the 4th quarter. Renaissance Capital LLC now owns 72,775 shares of the company’s stock worth $4,757,000 after acquiring an additional 12,714 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in shares of Rubrik during the 3rd quarter worth $336,000. Hedge funds and other institutional investors 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.