Assetmark Inc. Takes $886,000 Position in Rubrik, Inc. (NYSE:RBRK)

Key Points

• Assetmark Inc. acquired a new stake in Rubrik, Inc. worth approximately $886,000 by purchasing 14,529 shares during the first quarter, according to a recent SEC filing.
• Rubrik's recent earnings report indicated a significant revenue increase of 48.7% year-over-year, with quarterly revenue of $278.48 million, surpassing analysts' expectations.
• Institutional investors and hedge funds currently hold 49.54% of Rubrik's stock, with several major firms, including Vanguard and Bank of America, making substantial increases to their holdings in the last quarter.

Assetmark Inc. bought a new stake in Rubrik, Inc. (NYSE:RBRK - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 14,529 shares of the company's stock, valued at approximately $886,000.

Several other institutional investors and hedge funds also recently made changes to their positions in RBRK. Vanguard Group Inc. boosted its stake in shares of Rubrik by 114.1% in the 4th quarter. Vanguard Group Inc. now owns 6,328,184 shares of the company's stock valued at $413,610,000 after purchasing an additional 3,372,323 shares in the last quarter. FMR LLC boosted its stake in shares of Rubrik by 172.6% in the 4th quarter. FMR LLC now owns 3,261,925 shares of the company's stock valued at $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 in the 4th quarter valued at $85,331,000. Bank of America Corp DE boosted its stake in shares of Rubrik by 1,305.1% in the 4th quarter. Bank of America Corp DE now owns 1,116,804 shares of the company's stock valued at $72,994,000 after purchasing an additional 1,037,319 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Rubrik in the 4th quarter valued at $64,530,000. Institutional investors and hedge funds own 49.54% of the company's stock.

Rubrik Price Performance

RBRK opened at $95.07 on Friday. The company has a market cap of $18.39 billion, a price-to-earnings ratio of -33.59 and a beta of 0.46. The firm has a 50 day simple moving average of $90.05 and a 200 day simple moving average of $76.23. Rubrik, Inc. has a fifty-two week low of $28.60 and a fifty-two week high of $103.00.

Rubrik (NYSE:RBRK - Get Free Report) last announced 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 company had revenue of $278.48 million during the quarter, compared to the consensus estimate of $260.39 million. The business's revenue was up 48.7% compared to the same quarter last year. During the same period last year, the company earned ($1.58) earnings per share. As a group, analysts expect that Rubrik, Inc. will post -7.66 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. BMO Capital Markets reiterated an "outperform" rating and set a $110.00 price target (up previously from $77.00) on shares of Rubrik in a research report on Friday, June 6th. Oppenheimer reiterated a "market perform" rating on shares of Rubrik in a research report on Friday, June 6th. Wells Fargo & Company upped their price target on shares of Rubrik from $80.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Wedbush upped their price target on shares of Rubrik from $80.00 to $120.00 and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Finally, Mizuho downgraded shares of Rubrik from an "outperform" rating to a "neutral" rating and upped their price target for the stock from $75.00 to $86.00 in a research report on Thursday, May 15th. Three research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $100.38.

Insider Buying and Selling

In other news, Director Ravi Mhatre sold 16,984 shares of the company's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $89.47, for a total value of $1,519,558.48. Following the completion of the sale, the director directly owned 81,842 shares of the company's stock, valued at $7,322,403.74. This represents a 17.19% decrease in their position. The sale 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 company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $88.21, for a total value of $176,420.00. Following the completion of the sale, the director directly owned 2,855 shares of the company's stock, valued at approximately $251,839.55. This trade represents a 41.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,175,506 shares of company stock worth $106,223,064 over the last quarter. Insiders own 32.38% of the company's stock.

Rubrik 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.