Altimeter Capital Management LP Sells 810,095 Shares of Rubrik, Inc. $RBRK

Key Points

• Altimeter Capital Management LP has reduced its stake in Rubrik, Inc. by 49.3%, selling 810,095 shares and leaving it with 832,003 shares in total.
• Institutional investors own 49.54% of Rubrik's stock, with notable transactions from PNC Financial Services, Summit Securities, and Comerica Bank in the first quarter.
• Rubrik's stock has seen a 1.7% decline recently, with new quarterly earnings reporting a revenue growth of 48.7% year-over-year despite posting negative earnings per share.

Altimeter Capital Management LP cut its position in shares of Rubrik, Inc. (NYSE:RBRK - Free Report) by 49.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 832,003 shares of the company's stock after selling 810,095 shares during the quarter. Rubrik makes up about 1.0% of Altimeter Capital Management LP's investment portfolio, making the stock its 17th largest position. Altimeter Capital Management LP owned 0.44% of Rubrik worth $50,736,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in RBRK. Dimensional Fund Advisors LP grew its holdings in shares of Rubrik by 3.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 36,741 shares of the company's stock worth $2,401,000 after purchasing an additional 1,363 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Rubrik by 355.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,026 shares of the company's stock valued at $198,000 after buying an additional 2,361 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Rubrik by 52.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 12,535 shares of the company's stock worth $819,000 after acquiring an additional 4,303 shares during the last quarter. Northern Trust Corp raised its stake in shares of Rubrik by 47.4% during the fourth quarter. Northern Trust Corp now owns 192,276 shares of the company's stock valued at $12,567,000 after acquiring an additional 61,857 shares during the last quarter. Finally, Algert Global LLC purchased a new stake in shares of Rubrik during the fourth quarter worth about $3,645,000. 49.54% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RBRK. KeyCorp reiterated an "overweight" rating and issued a $113.00 price objective (up previously from $98.00) on shares of Rubrik in a report on Friday, June 6th. Oppenheimer reaffirmed a "market perform" rating on shares of Rubrik in a research note on Friday, June 6th. Rosenblatt Securities lifted their price target on shares of Rubrik from $82.00 to $110.00 and gave the company a "buy" rating in a report on Friday, June 6th. Wall Street Zen lowered shares of Rubrik from a "buy" rating to a "hold" rating in a report on Friday, August 22nd. Finally, Wedbush lifted their target price on shares of Rubrik from $80.00 to $120.00 and gave the company an "outperform" rating in a research note on Thursday, June 12th. Fifteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $100.38.

Rubrik Trading Up 5.0%

NYSE:RBRK traded up $4.30 on Friday, reaching $90.85. 2,917,547 shares of the stock traded hands, compared to its average volume of 2,057,461. The company has a market capitalization of $17.58 billion, a price-to-earnings ratio of -32.10 and a beta of 0.43. Rubrik, Inc. has a 12 month low of $29.18 and a 12 month high of $103.00. The company's fifty day simple moving average is $87.76 and its 200 day simple moving average is $78.93.

Rubrik (NYSE:RBRK - Get Free Report) last issued its 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 for the quarter, compared to analysts' expectations of $260.39 million. During the same quarter in the prior year, the business posted ($1.58) earnings per share. The business's revenue for the quarter was up 48.7% on a year-over-year basis. Equities analysts anticipate that Rubrik, Inc. will post -7.66 EPS for the current fiscal year.

Insider Buying and Selling at Rubrik

In other news, major shareholder Lightspeed Management Company, sold 16,984 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $89.47, for a total transaction of $1,519,558.48. Following the completion of the transaction, the insider directly owned 59,182 shares of the company's stock, valued at $5,295,013.54. The trade was a 22.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Arvind Nithrakashyap sold 43,128 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $88.56, for a total transaction of $3,819,415.68. Following the completion of the sale, the chief technology officer owned 38,122 shares in the company, valued at $3,376,084.32. This represents a 53.08% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 914,086 shares of company stock worth $82,614,503. 32.38% of the stock is owned by company insiders.

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.