State of Michigan Retirement System Invests $2.98 Million in Rubrik, Inc. (NYSE:RBRK)

State of Michigan Retirement System bought a new position in Rubrik, Inc. (NYSE:RBRK) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 45,578 shares of the company’s stock, valued at approximately $2,979,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its position in Rubrik by 6.9% in the 3rd quarter. Janus Henderson Group PLC now owns 360,653 shares of the company’s stock valued at $11,595,000 after acquiring an additional 23,200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Rubrik during the third quarter valued at $323,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Rubrik by 24.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 248,772 shares of the company’s stock valued at $7,998,000 after acquiring an additional 49,372 shares during the period. Renaissance Capital LLC lifted its stake in Rubrik by 21.2% during the 4th quarter. Renaissance Capital LLC now owns 72,775 shares of the company’s stock valued at $4,757,000 after acquiring an additional 12,714 shares during the period. Finally, BNP Paribas Financial Markets bought a new position in Rubrik during the 3rd quarter valued at about $336,000. 49.54% of the stock is owned by institutional investors.

Rubrik Price Performance

NYSE:RBRK opened at $57.43 on Friday. The business’s 50-day simple moving average is $69.36 and its two-hundred day simple moving average is $52.60. Rubrik, Inc. has a 52 week low of $28.34 and a 52 week high of $80.00.

Insider Activity at Rubrik

In other news, CRO Brian K. Mccarthy sold 28,485 shares of Rubrik stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $72.34, for a total value of $2,060,604.90. Following the sale, the executive now directly owns 346,560 shares of the company’s stock, valued at approximately $25,070,150.40. The trade was a 7.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kiran Kumar Choudary sold 1,800 shares of Rubrik stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $69.70, for a total value of $125,460.00. Following the completion of the sale, the chief financial officer now directly owns 342,160 shares in the company, valued at $23,848,552. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 627,512 shares of company stock valued at $41,708,771.

Wall Street Analyst Weigh In

RBRK has been the topic of a number of research analyst reports. Citigroup increased their price objective on shares of Rubrik from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, January 17th. Barclays raised their price target on Rubrik from $51.00 to $70.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Rosenblatt Securities assumed coverage on Rubrik in a report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price objective for the company. Truist Financial increased their target price on Rubrik from $50.00 to $75.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Mizuho boosted their price target on Rubrik from $75.00 to $82.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Three analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Rubrik has an average rating of “Moderate Buy” and an average price target of $65.56.

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.