Piper Sandler Forecasts Strong Price Appreciation for Rubrik (NYSE:RBRK) Stock

Rubrik (NYSE:RBRK - Free Report) had its target price increased by Piper Sandler from $83.00 to $87.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

RBRK has been the subject of several other reports. BMO Capital Markets increased their price objective on shares of Rubrik from $72.00 to $77.00 and gave the stock an "outperform" rating in a research report on Friday. Wells Fargo & Company increased their price objective on shares of Rubrik from $76.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday. Rosenblatt Securities upgraded shares of Rubrik from a "neutral" rating to a "buy" rating and set a $77.00 price objective for the company in a research report on Wednesday, March 12th. Mizuho increased their target price on shares of Rubrik from $75.00 to $82.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 17th. Finally, Barclays increased their target price on shares of Rubrik from $51.00 to $70.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Two investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Rubrik presently has an average rating of "Buy" and a consensus target price of $70.00.

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Rubrik Stock Performance

RBRK traded down $0.84 on Friday, reaching $70.00. The company had a trading volume of 2,174,711 shares, compared to its average volume of 1,918,287. Rubrik has a fifty-two week low of $28.34 and a fifty-two week high of $80.00. The stock has a market cap of $12.97 billion and a P/E ratio of -5.08. The company's fifty day moving average is $68.32 and its 200 day moving average is $54.04.

Rubrik (NYSE:RBRK - Get Free Report) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.61) earnings per share 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 the consensus estimate of $233.13 million. During the same period in the previous year, the business posted ($1.59) earnings per share. The company's revenue for the quarter 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 year.

Insider Activity at Rubrik

In related news, CRO Brian K. Mccarthy sold 25,000 shares of the firm's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $70.00, for a total transaction of $1,750,000.00. Following the completion of the sale, the executive now owns 331,043 shares in the company, valued at approximately $23,173,010. This trade represents a 7.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Arvind Nithrakashyap sold 227,596 shares of the firm's stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $64.89, for a total transaction of $14,768,704.44. Following the sale, the chief technology officer now owns 219,279 shares of the company's stock, valued at $14,229,014.31. This trade represents a 50.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 618,254 shares of company stock valued at $40,985,299 over the last ninety days.

Institutional Trading of Rubrik

A number of hedge funds and other institutional investors have recently bought and sold shares of RBRK. Sumitomo Mitsui Trust Group Inc. purchased a new position in Rubrik in the 3rd quarter worth approximately $20,774,000. KBC Group NV purchased a new stake in Rubrik during the 3rd quarter valued at $72,000. Natixis Advisors LLC boosted its position in Rubrik by 302.5% during the 3rd quarter. Natixis Advisors LLC now owns 53,271 shares of the company's stock valued at $1,713,000 after buying an additional 40,036 shares during the period. Whalen Wealth Management Inc. purchased a new stake in Rubrik during the 3rd quarter valued at $243,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Rubrik by 134.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 325,420 shares of the company's stock valued at $10,462,000 after buying an additional 186,485 shares during the period. Institutional investors own 49.54% of the company's stock.

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.