Bank of America Corp DE Has $50.03 Million Stake in Rubrik, Inc. $RBRK

Key Points

• Bank of America reduced its Rubrik stake by 10.5% in the first quarter, selling 119,848 shares but retaining 1.02 million shares worth approximately $50.03 million, or 0.51% of the company.
• Rubrik insiders sold approximately $26.4 million in stock over the past three months, while institutional investors collectively own 49.54% of the company.
• Wall Street remains broadly positive, with 29 analysts rating Rubrik a Buy and one issuing a Sell rating. The stock has an average “Moderate Buy” rating and a consensus price target of $94.20, while quarterly revenue rose 39% year over year to $387.07 million.

Bank of America Corp DE lessened its position in Rubrik, Inc. (NYSE:RBRK - Free Report) by 10.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,021,621 shares of the company's stock after selling 119,848 shares during the period. Bank of America Corp DE owned about 0.51% of Rubrik worth $50,029,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Atlantic Union Bankshares Corp boosted its stake in Rubrik by 100.0% during the 4th quarter. Atlantic Union Bankshares Corp now owns 400 shares of the company's stock worth $31,000 after acquiring an additional 200 shares during the last quarter. Triumph Capital Management bought a new stake in Rubrik in the 4th quarter valued at $33,000. Banque Cantonale Vaudoise bought a new position in Rubrik during the 3rd quarter worth $34,000. Los Angeles Capital Management LLC bought a new position in Rubrik in the fourth quarter valued at approximately $35,000. Finally, Comerica Bank lifted its stake in Rubrik by 209.0% in the 1st quarter. Comerica Bank now owns 584 shares of the company's stock valued at $36,000 after purchasing an additional 395 shares during the last quarter. Institutional investors own 49.54% of the company's stock.

Insider Activity at Rubrik

In other Rubrik news, Director Ravi Mhatre sold 3,979 shares of the business's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $71.49, for a total value of $284,458.71. Following the completion of the transaction, the director directly owned 113,477 shares of the company's stock, valued at approximately $8,112,470.73. The trade was a 3.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John Wendell Thompson sold 11,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $82.65, for a total transaction of $909,150.00. Following the sale, the director directly owned 8,362 shares in the company, valued at $691,119.30. This trade represents a 56.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 317,682 shares of company stock valued at $26,402,176 in the last three months. 13.66% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. UBS Group reiterated a "buy" rating on shares of Rubrik in a report on Monday, June 1st. Piper Sandler reiterated an "overweight" rating and set a $91.00 target price (up from $84.00) on shares of Rubrik in a research report on Friday, June 5th. BMO Capital Markets upped their price target on Rubrik from $87.00 to $98.00 and gave the company an "outperform" rating in a research report on Friday, July 10th. DA Davidson reissued a "buy" rating and issued a $90.00 price target (up from $70.00) on shares of Rubrik in a research report on Thursday, June 11th. Finally, Scotiabank reissued an "outperform" rating on shares of Rubrik in a report on Friday, June 5th. Twenty-nine research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Rubrik has an average rating of "Moderate Buy" and an average target price of $94.20.

Rubrik Stock Down 0.8%

Shares of NYSE RBRK opened at $97.08 on Wednesday. The business has a fifty day simple moving average of $77.79 and a two-hundred day simple moving average of $63.72. The firm has a market cap of $19.98 billion, a PE ratio of -66.95 and a beta of 1.17. Rubrik, Inc. has a twelve month low of $42.25 and a twelve month high of $99.95.

Rubrik (NYSE:RBRK - Get Free Report) last issued its quarterly earnings data on Thursday, June 4th. The company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of ($0.03) by $0.19. The business had revenue of $387.07 million during the quarter, compared to the consensus estimate of $366.31 million. During the same period last year, the firm earned ($0.15) EPS. The business's quarterly revenue was up 39.0% on a year-over-year basis. Rubrik has set its FY 2027 guidance at 0.250-0.350 EPS and its Q2 2027 guidance at 0.030-0.050 EPS. On average, research analysts expect that Rubrik, Inc. will post -1.16 earnings per share for the current year.

About Rubrik

Rubrik, Inc is a cloud data management and security company that delivers a unified platform for data protection, disaster recovery, compliance and intelligent data governance. Its flagship offering, the Rubrik Security Cloud, enables organizations to automate backup and recovery workflows across on-premises, edge and multi-cloud environments. By combining policy-driven orchestration with real-time threat detection, Rubrik helps clients guard against ransomware, ensure business continuity and enforce data retention requirements.

The company's platform supports a range of services including backup and restore, long-term data archiving, replication, and disaster recovery as a service (DRaaS).

Want to see what other hedge funds are holding RBRK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rubrik, Inc. (NYSE:RBRK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source