AlphaCore Capital LLC Purchases New Position in Rubrik, Inc. (NYSE:RBRK)

Key Points

• AlphaCore Capital LLC has invested $671,000 by acquiring 11,005 shares of Rubrik, Inc. (NYSE:RBRK) in the first quarter of the year.
• Rubrik has received multiple analyst upgrades, with a new target price raised to $125.00 from CIBC, and a consensus rating of "Moderate Buy" across various analysts.
• Insider activity includes significant share sales by top executives, with a combined 1,128,547 shares sold worth over $103 million in the last quarter.

AlphaCore Capital LLC bought a new stake in Rubrik, Inc. (NYSE:RBRK - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 11,005 shares of the company's stock, valued at approximately $671,000.

Several other hedge funds have also recently made changes to their positions in RBRK. FMR LLC boosted its holdings 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 buying an additional 2,065,444 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Rubrik during the fourth quarter valued at approximately $85,331,000. Bank of America Corp DE lifted its position in shares of Rubrik by 1,305.1% in the fourth quarter. Bank of America Corp DE now owns 1,116,804 shares of the company's stock valued at $72,994,000 after acquiring an additional 1,037,319 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Rubrik in the first quarter valued at approximately $52,092,000. Finally, First Trust Advisors LP lifted its position in shares of Rubrik by 26.6% in the fourth quarter. First Trust Advisors LP now owns 3,156,035 shares of the company's stock valued at $206,278,000 after acquiring an additional 662,914 shares in the last quarter. 49.54% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Rubrik

In other news, CRO Brian K. Mccarthy sold 12,500 shares of Rubrik stock in a transaction on Friday, August 1st. The shares were sold at an average price of $87.29, for a total transaction of $1,091,125.00. Following the completion of the sale, the executive directly owned 418,552 shares of the company's stock, valued at approximately $36,535,404.08. The trade was a 2.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ravi Mhatre sold 16,984 shares of Rubrik stock in a transaction on Monday, June 30th. The stock was sold at an average price of $89.47, for a total transaction of $1,519,558.48. Following the sale, the director directly owned 81,842 shares of the company's stock, valued at approximately $7,322,403.74. This trade represents a 17.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,128,547 shares of company stock worth $103,010,329. 32.38% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wells Fargo & Company raised their target price on Rubrik from $80.00 to $125.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Cantor Fitzgerald raised their target price on Rubrik from $95.00 to $115.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Wedbush increased their price objective on shares of Rubrik from $80.00 to $120.00 and gave the company an "outperform" rating in a report on Thursday, June 12th. Robert W. Baird increased their price objective on shares of Rubrik from $95.00 to $110.00 and gave the company an "outperform" rating in a report on Friday, June 6th. Finally, CIBC increased their price objective on shares of Rubrik from $110.00 to $125.00 and gave the company an "outperformer" rating in a report on Monday, June 9th. Three analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $100.38.

Rubrik Stock Down 2.0%

RBRK stock traded down $1.73 during midday trading on Monday, hitting $85.69. The company's stock had a trading volume of 1,999,915 shares, compared to its average volume of 3,045,806. Rubrik, Inc. has a 52-week low of $29.18 and a 52-week high of $103.00. The firm has a market capitalization of $16.58 billion, a P/E ratio of -30.28 and a beta of 0.45. The firm has a 50-day simple moving average of $89.49 and a 200-day simple moving average of $77.22.

Rubrik (NYSE:RBRK - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.32) by $0.17. The business had revenue of $278.48 million during the quarter, compared to analysts' expectations of $260.39 million. During the same period in the prior year, the business earned ($1.58) EPS. The business's quarterly revenue was up 48.7% on a year-over-year basis. On average, sell-side analysts expect that Rubrik, Inc. will post -7.66 earnings per share for the current fiscal year.

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.