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

Rubrik (NYSE:RBRK) had its target price raised by stock analysts at Guggenheim from $52.00 to $72.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price objective suggests a potential upside of 0.21% from the company’s current price.

Several other research firms also recently weighed in on RBRK. KeyCorp boosted their target price on shares of Rubrik from $57.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday. CIBC boosted their target price on shares of Rubrik from $50.00 to $52.00 and gave the stock an “outperformer” rating in a research report on Tuesday, September 10th. Robert W. Baird boosted 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. Oppenheimer began coverage on shares of Rubrik in a report on Wednesday, November 13th. They issued a “market perform” rating for the company. Finally, Barclays lifted their price target on shares of Rubrik from $42.00 to $51.00 and gave the company an “overweight” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $57.88.

Rubrik Stock Performance

Rubrik stock traded up $18.19 during midday trading on Friday, hitting $71.85. 8,777,912 shares of the stock were exchanged, compared to its average volume of 1,529,480. Rubrik has a 1 year low of $28.34 and a 1 year high of $72.34. The company has a 50 day moving average price of $42.00 and a two-hundred day moving average price of $35.98.

Rubrik (NYSE:RBRK) last released its earnings results on Monday, September 9th. The company reported ($0.97) earnings per share for the quarter, missing the consensus estimate of ($0.96) by ($0.01). The firm had revenue of $204.95 million for the quarter, compared to the consensus estimate of $195.58 million. On average, research analysts forecast that Rubrik will post -8.04 EPS for the current fiscal year.

Insider Transactions at Rubrik

In other news, major shareholder Barry Eggers sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $32.74, for a total value of $3,274,000.00. Following the completion of the sale, the insider now directly owns 56,736 shares of the company’s stock, valued at approximately $1,857,536.64. This represents a 63.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Brian K. Mccarthy sold 104,672 shares of the company’s stock in a transaction that occurred on 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 sale, the executive now directly owns 462,545 shares of the company’s stock, valued at approximately $14,486,909.40. This represents a 18.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 518,112 shares of company stock valued at $18,997,746.

Institutional Trading of Rubrik

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Dragoneer Investment Group LLC bought a new stake in shares of Rubrik in the 2nd quarter worth approximately $47,523,000. Champlain Investment Partners LLC bought a new stake in shares of Rubrik in the 3rd quarter worth approximately $44,418,000. Point72 Asset Management L.P. bought a new stake in shares of Rubrik in the 3rd quarter worth approximately $42,247,000. PointState Capital LP bought a new stake in shares of Rubrik in the 3rd quarter worth approximately $40,466,000. Finally, Institutional Venture Management XV LLC raised its holdings in shares of Rubrik by 3,620.4% in the 3rd quarter. Institutional Venture Management XV LLC now owns 1,162,610 shares of the company’s stock worth $37,378,000 after purchasing an additional 1,131,360 shares in the last quarter.

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.