Nikko Asset Management Americas Inc. Decreases Stock Position in Rubrik, Inc. (NYSE:RBRK)

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in Rubrik, Inc. by 6.0%, selling 33,058 shares and holding approximately 515,882 shares valued at $31.5 million.
• Equities research analysts have increased their price targets for Rubrik, with recommendations ranging from "buy" to "outperform," reflecting positive sentiment about the stock's potential.
• Rubrik reported quarterly earnings of ($0.15) per share, exceeding analysts’ expectations, with revenue up 48.7% year-over-year, indicating strong business growth.

Nikko Asset Management Americas Inc. decreased its stake in Rubrik, Inc. (NYSE:RBRK - Free Report) by 6.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 515,882 shares of the company's stock after selling 33,058 shares during the quarter. Nikko Asset Management Americas Inc. owned about 0.27% of Rubrik worth $31,458,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of RBRK. Russell Investments Group Ltd. purchased a new position in Rubrik during the 4th quarter valued at $28,000. Nemes Rush Group LLC purchased a new position in Rubrik during the 4th quarter valued at $39,000. KBC Group NV boosted its holdings in Rubrik by 24.6% during the 1st quarter. KBC Group NV now owns 3,337 shares of the company's stock valued at $203,000 after acquiring an additional 658 shares during the period. Point72 Hong Kong Ltd bought a new stake in Rubrik during the 4th quarter valued at $47,000. Finally, Quarry LP bought a new stake in Rubrik during the 4th quarter valued at $48,000. Hedge funds and other institutional investors own 49.54% of the company's stock.

Insiders Place Their Bets

In other Rubrik news, CFO Kiran Kumar Choudary sold 30,000 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $100.24, for a total transaction of $3,007,200.00. Following the completion of the sale, the chief financial officer owned 521,665 shares of the company's stock, valued at $52,291,699.60. This trade represents a 5.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Brian K. Mccarthy sold 25,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $90.10, for a total value of $2,252,500.00. Following the sale, the executive directly owned 504,584 shares of the company's stock, valued at approximately $45,463,018.40. This trade represents a 4.72% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,233,015 shares of company stock worth $110,293,527. Company insiders own 32.38% of the company's stock.

Rubrik Stock Up 2.6%

Rubrik stock traded up $2.20 during trading hours on Monday, hitting $87.20. 2,199,813 shares of the stock traded hands, compared to its average volume of 3,148,960. The firm's 50 day moving average price is $89.81 and its 200-day moving average price is $75.80. Rubrik, Inc. has a 1 year low of $28.60 and a 1 year high of $103.00.

Rubrik (NYSE:RBRK - Get Free Report) last posted its earnings results on Thursday, June 5th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.32) by $0.17. The company had revenue of $278.48 million for the quarter, compared to analyst estimates of $260.39 million. The firm's revenue was up 48.7% on a year-over-year basis. During the same period last year, the business earned ($1.58) earnings per share. Equities analysts anticipate that Rubrik, Inc. will post -7.66 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Wells Fargo & Company lifted 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. Robert W. Baird lifted their target price on Rubrik from $95.00 to $110.00 and gave the company an "outperform" rating in a research report on Friday, June 6th. CIBC lifted their target price on Rubrik from $110.00 to $125.00 and gave the company an "outperformer" rating in a research report on Monday, June 9th. Cantor Fitzgerald lifted 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. Finally, Roth Capital lifted their target price on Rubrik from $97.00 to $107.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $100.38.

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.