Rubrik (NYSE:RBRK) Stock Price Expected to Rise, CIBC Analyst Says

Rubrik (NYSE:RBRK) had its price objective hoisted by equities researchers at CIBC from $110.00 to $125.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “outperformer” rating on the stock. CIBC’s target price indicates a potential upside of 34.07% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Wedbush restated an “outperform” rating and issued a $120.00 price target (up previously from $80.00) on shares of Rubrik in a research report on Friday. Rosenblatt Securities lifted their price objective on shares of Rubrik from $82.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday. Roth Capital upped their target price on shares of Rubrik from $97.00 to $107.00 and gave the company a “buy” rating in a research report on Friday. KeyCorp lifted their price target on Rubrik from $98.00 to $113.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Guggenheim boosted their price objective on Rubrik from $105.00 to $108.00 and gave the stock a “buy” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $100.38.

Rubrik Stock Performance

Shares of RBRK stock traded down $4.67 during mid-day trading on Monday, reaching $93.24. 1,888,217 shares of the company’s stock traded hands, compared to its average volume of 2,163,531. The firm has a 50 day moving average price of $75.32 and a two-hundred day moving average price of $69.56. The firm has a market capitalization of $17.69 billion, a PE ratio of -32.96 and a beta of 0.87. Rubrik has a 12 month low of $28.34 and a 12 month high of $103.00.

Rubrik (NYSE:RBRK) last posted its quarterly earnings results on Thursday, June 5th. The company reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.17. The business had revenue of $278.48 million for the quarter, compared to the consensus estimate of $260.39 million. During the same period in the prior year, the business earned ($1.58) earnings per share. Rubrik’s revenue was up 48.7% compared to the same quarter last year. As a group, equities analysts expect that Rubrik will post -7.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Arvind Nithrakashyap sold 32,484 shares of the company’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $52.04, for a total transaction of $1,690,467.36. Following the transaction, the chief technology officer now owns 186,795 shares in the company, valued at $9,720,811.80. This represents a 14.81% 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, Director Yvonne Wassenaar sold 2,000 shares of the business’s stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $99.98, for a total transaction of $199,960.00. Following the sale, the director now directly owns 153 shares in the company, valued at $15,296.94. This trade represents a 92.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 632,609 shares of company stock worth $47,450,968. 32.38% of the stock is owned by corporate insiders.

Institutional Trading of Rubrik

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in Rubrik in the fourth quarter valued at $277,395,000. Vanguard Group Inc. lifted its holdings in Rubrik by 114.1% in the fourth quarter. Vanguard Group Inc. now owns 6,328,184 shares of the company’s stock valued at $413,610,000 after acquiring an additional 3,372,323 shares during the period. FMR LLC boosted its position in Rubrik by 172.6% in the 4th quarter. FMR LLC now owns 3,261,925 shares of the company’s stock worth $213,199,000 after purchasing an additional 2,065,444 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in shares of Rubrik during the 4th quarter worth approximately $85,331,000. Finally, Bank of America Corp DE boosted its holdings in Rubrik by 1,305.1% during the fourth quarter. Bank of America Corp DE now owns 1,116,804 shares of the company’s stock worth $72,994,000 after buying an additional 1,037,319 shares in the last quarter. Institutional investors and hedge funds 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.