Franklin Resources Inc. Sells 498,534 Shares of Rubrik, Inc. (NYSE:RBRK)

Franklin Resources Inc. trimmed its holdings in Rubrik, Inc. (NYSE:RBRK - Free Report) by 39.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 775,213 shares of the company's stock after selling 498,534 shares during the quarter. Franklin Resources Inc. owned 0.43% of Rubrik worth $24,923,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Dragoneer Investment Group LLC bought a new stake in shares of Rubrik in the second quarter worth about $47,523,000. Champlain Investment Partners LLC bought a new stake in Rubrik in the third quarter worth $44,418,000. Point72 Asset Management L.P. purchased a new stake in shares of Rubrik during the third quarter valued at approximately $42,247,000. PointState Capital LP bought a new stake in Rubrik in the 3rd quarter worth about $40,466,000. Finally, Institutional Venture Management XV LLC grew its position in Rubrik by 3,620.4% in the 3rd quarter. Institutional Venture Management XV LLC now owns 1,162,610 shares of the company's stock worth $37,378,000 after purchasing an additional 1,131,360 shares during the period. Hedge funds and other institutional investors own 49.54% of the company's stock.

Insiders Place Their Bets

In other news, CFO Kiran Kumar Choudary sold 3,973 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 value of $287,406.82. Following the completion of the sale, the chief financial officer now directly owns 345,374 shares of the company's stock, valued at $24,984,355.16. This trade represents a 1.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CRO Brian K. Mccarthy sold 104,672 shares of the stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $31.32, for a total value of $3,278,327.04. Following the sale, the executive now owns 462,545 shares in the company, valued at $14,486,909.40. The trade was a 18.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 493,237 shares of company stock valued at $21,391,568 in the last quarter.

Wall Street Analyst Weigh In

RBRK has been the topic of a number of research reports. Cantor Fitzgerald raised their price target on Rubrik from $58.00 to $70.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. CIBC raised their target price on Rubrik from $50.00 to $52.00 and gave the stock an "outperformer" rating in a research report on Tuesday, September 10th. Citigroup upped their price target on shares of Rubrik from $48.00 to $75.00 and gave the company a "buy" rating in a research report on Friday, December 6th. FBN Securities initiated coverage on shares of Rubrik in a report on Monday, September 30th. They issued an "outperform" rating and a $40.00 price objective on the stock. Finally, Barclays upped their target price 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 research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $64.11.

Rubrik Trading Down 1.3 %

Shares of RBRK stock traded down $0.86 during trading hours on Friday, hitting $66.12. The stock had a trading volume of 8,305,581 shares, compared to its average volume of 1,777,755. The stock's 50-day moving average price is $49.37 and its two-hundred day moving average price is $38.56. Rubrik, Inc. has a one year low of $28.34 and a one year high of $75.79.

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.