Rubrik (NYSE:RBRK) Price Target Raised to $83.00 at Piper Sandler

Rubrik (NYSE:RBRK - Free Report) had its price objective raised by Piper Sandler from $72.00 to $83.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

RBRK has been the topic of several other reports. Robert W. Baird lifted their target price on shares of Rubrik from $48.00 to $55.00 and gave the stock an "outperform" rating in a research report on Thursday, December 5th. Wells Fargo & Company raised their target price on Rubrik from $40.00 to $76.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. CIBC boosted their price objective on shares of Rubrik from $50.00 to $52.00 and gave the company an "outperformer" rating in a research report on Tuesday, September 10th. FBN Securities assumed coverage on shares of Rubrik in a research report on Monday, September 30th. They issued an "outperform" rating and a $40.00 target price for the company. Finally, Wedbush upped their price target on shares of Rubrik from $44.00 to $48.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 16th. Two investment 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 stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $64.11.

Rubrik Trading Down 1.6 %

Shares of NYSE:RBRK traded down $1.07 during midday trading on Thursday, reaching $66.98. The company had a trading volume of 5,119,443 shares, compared to its average volume of 1,738,181. The company has a fifty day simple moving average of $49.37 and a two-hundred day simple moving average of $38.56. Rubrik has a 1-year low of $28.34 and a 1-year high of $75.79.

Insider Activity

In related news, CFO Kiran Kumar Choudary sold 45,800 shares of the company's stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $39.22, for a total value of $1,796,276.00. Following the sale, the chief financial officer now owns 448,560 shares of the company's stock, valued at $17,592,523.20. The trade was a 9.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Brian K. Mccarthy sold 104,672 shares of the stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $31.32, for a total transaction of $3,278,327.04. Following the completion of the transaction, the executive now directly owns 462,545 shares of the company's stock, valued at $14,486,909.40. This trade represents a 18.45 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 460,779 shares of company stock valued at $19,043,557.

Hedge Funds Weigh In On Rubrik

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dragoneer Investment Group LLC acquired a new position in shares of Rubrik in the 2nd quarter worth approximately $47,523,000. Champlain Investment Partners LLC acquired a new position in Rubrik in the third quarter worth $44,418,000. Point72 Asset Management L.P. bought a new stake in shares of Rubrik during the third quarter worth $42,247,000. PointState Capital LP bought a new position in shares of Rubrik in the third quarter valued at about $40,466,000. Finally, Institutional Venture Management XV LLC raised its holdings in shares of Rubrik by 3,620.4% in the third quarter. Institutional Venture Management XV LLC now owns 1,162,610 shares of the company's stock valued at $37,378,000 after buying an additional 1,131,360 shares during the last quarter. 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.