Rubrik (NYSE:RBRK) Sets New 1-Year High – Here’s Why

Rubrik, Inc. (NYSE:RBRK)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $80.10 and last traded at $76.93, with a volume of 29802 shares changing hands. The stock had previously closed at $76.88.

Wall Street Analysts Forecast Growth

RBRK has been the topic of several research reports. UBS Group reiterated a “buy” rating on shares of Rubrik in a research report on Tuesday, April 29th. BMO Capital Markets upped their target price on Rubrik from $72.00 to $77.00 and gave the company an “outperform” rating in a report on Friday, March 14th. Wedbush boosted their price objective on shares of Rubrik from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, March 14th. Guggenheim lifted their price target on Rubrik from $76.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Finally, Piper Sandler cut their target price on Rubrik from $87.00 to $72.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Rubrik currently has an average rating of “Buy” and a consensus target price of $68.83.

Rubrik Stock Performance

The firm has a market capitalization of $14.76 billion and a price-to-earnings ratio of -5.66. The company has a 50-day moving average price of $64.44 and a 200-day moving average price of $62.83.

Rubrik (NYSE:RBRK) 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 business had revenue of $258.10 million during the quarter, compared to the consensus estimate of $233.13 million. The firm’s revenue for the quarter was up 47.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.59) earnings per share. On average, research analysts expect that Rubrik, Inc. will post -7.66 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Kiran Kumar Choudary sold 2,000 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $62.03, for a total value of $124,060.00. Following the completion of the sale, the chief financial officer now directly owns 614,798 shares of the company’s stock, valued at approximately $38,135,919.94. This represents a 0.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Lightspeed Management Company, sold 13,213 shares of the company’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $62.98, for a total value of $832,154.74. Following the completion of the transaction, the insider now owns 21,221 shares of the company’s stock, valued at $1,336,498.58. The trade was a 38.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 546,117 shares of company stock worth $36,491,888.

Institutional Investors Weigh In On Rubrik

Several large investors have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new stake in shares of Rubrik in the 4th quarter valued at $28,000. PNC Financial Services Group Inc. acquired a new position in shares of Rubrik during the 1st quarter worth approximately $30,000. Global Retirement Partners LLC grew its holdings in Rubrik by 8,333.3% in the 4th quarter. Global Retirement Partners LLC now owns 506 shares of the company’s stock valued at $33,000 after buying an additional 500 shares in the last quarter. Nemes Rush Group LLC acquired a new stake in shares of Rubrik in the fourth quarter valued at approximately $39,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Rubrik in the 4th quarter valued at approximately $47,000. 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.