Wedbush Forecasts Strong Price Appreciation for Rubrik (NYSE:RBRK) Stock

Rubrik (NYSE:RBRK - Get Free Report) had its price objective increased by research analysts at Wedbush from $80.00 to $120.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Wedbush's price target indicates a potential upside of 35.20% from the company's previous close.

Several other research analysts also recently commented on RBRK. KeyCorp reissued an "overweight" rating and set a $113.00 target price (up previously from $98.00) on shares of Rubrik in a research note on Friday, June 6th. Oppenheimer reiterated a "market perform" rating on shares of Rubrik in a research report on Friday, June 6th. BMO Capital Markets restated an "outperform" rating and issued a $110.00 target price (up previously from $77.00) on shares of Rubrik in a research report on Friday, June 6th. Mizuho cut shares of Rubrik from an "outperform" rating to a "neutral" rating and boosted their target price for the stock from $75.00 to $86.00 in a research note on Thursday, May 15th. Finally, Wall Street Zen upgraded Rubrik from a "hold" rating to a "buy" rating in a research note on Saturday, June 7th. Three research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $100.38.

Rubrik Stock Performance

Shares of NYSE RBRK traded down $0.10 during trading hours on Thursday, hitting $88.76. 2,147,501 shares of the stock were exchanged, compared to its average volume of 2,226,971. The company's fifty day simple moving average is $78.00 and its two-hundred day simple moving average is $70.37. The company has a market cap of $16.84 billion, a PE ratio of -31.36 and a beta of 0.87. Rubrik has a 1-year low of $28.34 and a 1-year high of $103.00.

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

Insider Buying and Selling

In related news, CRO Brian K. Mccarthy sold 25,000 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $100.18, for a total transaction of $2,504,500.00. Following the transaction, the executive now directly owns 454,584 shares of the company's stock, valued at $45,540,225.12. This represents a 5.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Arvind Nithrakashyap sold 32,484 shares of Rubrik stock in a transaction on Monday, April 7th. The shares were sold at an average price of $52.04, for a total transaction of $1,690,467.36. Following the completion of the sale, the chief technology officer now directly owns 186,795 shares of the company's stock, valued at approximately $9,720,811.80. This trade represents a 14.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 687,609 shares of company stock valued at $52,962,668 over the last 90 days. Company insiders own 32.38% of the company's stock.

Institutional Trading of Rubrik

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RBRK. Norges Bank acquired a new stake in Rubrik in the fourth quarter valued at approximately $277,395,000. Vanguard Group Inc. lifted its holdings 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 worth $413,610,000 after purchasing an additional 3,372,323 shares in the last quarter. FMR LLC grew its position in 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 during the period. Voloridge Investment Management LLC acquired a new stake in Rubrik in the 4th quarter valued at $85,331,000. Finally, Bank of America Corp DE increased its stake in Rubrik by 1,305.1% during 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. 49.54% of the stock is owned by institutional investors.

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.