Rubrik (NYSE:RBRK) Price Target Lowered to $72.00 at Piper Sandler

Rubrik (NYSE:RBRK - Free Report) had its price target decreased by Piper Sandler from $87.00 to $72.00 in a report released on Tuesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

RBRK has been the subject of several other reports. Cantor Fitzgerald reissued an "overweight" rating and set a $85.00 price objective on shares of Rubrik in a report on Friday, March 14th. Robert W. Baird decreased their price target on shares of Rubrik from $83.00 to $76.00 and set an "outperform" rating for the company in a report on Wednesday, March 12th. KeyCorp dropped their target price on shares of Rubrik from $87.00 to $82.00 and set an "overweight" rating on the stock in a report on Friday, March 14th. Rosenblatt Securities upgraded Rubrik from a "neutral" rating to a "buy" rating and set a $77.00 price objective for the company in a report on Wednesday, March 12th. Finally, William Blair began coverage on Rubrik in a research report on Friday, February 7th. They issued a "market perform" rating on the stock. Two investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Rubrik has a consensus rating of "Buy" and an average target price of $69.17.

Rubrik Price Performance

Shares of NYSE:RBRK traded up $0.60 during midday trading on Tuesday, reaching $58.95. The company's stock had a trading volume of 2,989,381 shares, compared to its average volume of 2,045,458. The business's fifty day simple moving average is $65.71 and its 200-day simple moving average is $58.15. Rubrik has a fifty-two week low of $28.34 and a fifty-two week high of $80.00. The company has a market capitalization of $11.19 billion and a P/E ratio of -4.28.

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Rubrik (NYSE:RBRK - Get Free Report) last announced 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 the consensus estimate of $233.13 million. During the same quarter last year, the firm earned ($1.59) EPS. The company's quarterly revenue was up 47.5% compared to the same quarter last year. On average, analysts forecast that Rubrik will post -7.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Yvonne Wassenaar sold 2,500 shares of the company's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $67.60, for a total transaction of $169,000.00. Following the completion of the sale, the director now owns 153 shares of the company's stock, valued at approximately $10,342.80. This represents a 94.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Arvind Nithrakashyap sold 227,596 shares of Rubrik stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $64.89, for a total transaction of $14,768,704.44. Following the completion of the transaction, the chief technology officer now directly owns 219,279 shares in the company, valued at $14,229,014.31. This trade represents a 50.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 732,302 shares of company stock valued at $48,269,123 over the last 90 days.

Institutional Investors Weigh In On Rubrik

Several institutional investors and hedge funds have recently added to or reduced their stakes in RBRK. Russell Investments Group Ltd. acquired a new position in shares of Rubrik during the fourth quarter worth $28,000. Global Retirement Partners LLC raised its position in Rubrik by 8,333.3% during the 4th quarter. Global Retirement Partners LLC now owns 506 shares of the company's stock worth $33,000 after purchasing an additional 500 shares during the last quarter. Nemes Rush Group LLC bought a new position in Rubrik during the 4th quarter worth $39,000. Point72 Hong Kong Ltd acquired a new position in Rubrik during the 4th quarter worth about $47,000. Finally, Quarry LP bought a new stake in shares of Rubrik in the 4th quarter valued at about $48,000. 49.54% of the stock is currently owned by institutional investors.

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.