Rubrik (NYSE:RBRK) Stock Price Down 7.3% - Here's What Happened

Rubrik, Inc. (NYSE:RBRK - Get Free Report)'s share price dropped 7.3% on Monday . The company traded as low as $58.84 and last traded at $59.03. Approximately 952,033 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 1,992,379 shares. The stock had previously closed at $63.66.

Analyst Ratings Changes

Several research analysts have recently issued reports on RBRK shares. Barclays upped their price objective on Rubrik from $51.00 to $70.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. BMO Capital Markets upped their price target on Rubrik from $72.00 to $77.00 and gave the company an "outperform" rating in a report on Friday, March 14th. Cantor Fitzgerald reissued an "overweight" rating and set a $85.00 price objective on shares of Rubrik in a report on Friday, March 14th. 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 note on Wednesday, March 12th. Finally, Wells Fargo & Company raised their price objective on Rubrik from $76.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, March 14th. Two investment 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. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $70.00.

Rubrik Trading Down 9.9 %

The stock has a fifty day simple moving average of $67.92 and a two-hundred day simple moving average of $56.97. The company has a market cap of $9.82 billion and a PE ratio of -3.76.

Rubrik (NYSE:RBRK - Get Free Report) last posted 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 company had revenue of $258.10 million during the quarter, compared to analysts' expectations of $233.13 million. Rubrik's quarterly revenue was up 47.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.59) EPS. As a group, equities research analysts anticipate that Rubrik, Inc. will post -7.66 EPS for the current fiscal year.

Insider Transactions at Rubrik

In related news, CRO Brian K. Mccarthy sold 25,000 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $60.22, for a total value of $1,505,500.00. Following the sale, the executive now owns 579,217 shares in the company, valued at $34,880,447.74. This represents a 4.14 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Arvind Nithrakashyap sold 227,596 shares of the firm's stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $64.89, for a total value of $14,768,704.44. Following the completion of the transaction, the chief technology officer now directly owns 219,279 shares of the company's stock, valued at $14,229,014.31. The trade was 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 799,635 shares of company stock valued at $53,440,849 in the last ninety days.

Institutional Investors Weigh In On Rubrik

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

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.