Rubrik (NYSE:RBRK) Shares Gap Up Following Strong Earnings

Rubrik, Inc. (NYSE:RBRK - Get Free Report) shares gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $98.57, but opened at $102.80. Rubrik shares last traded at $97.63, with a volume of 1,502,098 shares.

The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.32) by $0.17. The business had revenue of $278.48 million for the quarter, compared to analyst estimates of $260.39 million. During the same quarter last year, the company earned ($1.58) earnings per share. Rubrik's quarterly revenue was up 48.7% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on RBRK shares. Piper Sandler reduced their target price on shares of Rubrik from $87.00 to $72.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. UBS Group reissued a "buy" rating on shares of Rubrik in a research note on Tuesday, April 29th. Wells Fargo & Company upped their price target on shares of Rubrik from $76.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, March 14th. Wedbush upped their price objective on shares of Rubrik from $75.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday, March 14th. Finally, KeyCorp boosted their target price on shares of Rubrik from $98.00 to $113.00 and gave the company an "overweight" rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Rubrik currently has an average rating of "Moderate Buy" and an average price target of $82.06.

Insider Buying and Selling

In other news, Director Yvonne Wassenaar sold 2,000 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $99.98, for a total value of $199,960.00. Following the completion of the sale, the director now directly owns 153 shares of the company's stock, valued at approximately $15,296.94. This represents a 92.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Lightspeed Management Company, sold 13,213 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $62.98, for a total value of $832,154.74. Following the completion of the sale, the insider now directly owns 21,221 shares of the company's stock, valued at $1,336,498.58. This represents a 38.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 632,609 shares of company stock worth $47,450,968. Insiders own 32.38% of the company's stock.

Institutional Investors Weigh In On Rubrik

Hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. bought a new stake in shares of Rubrik in the fourth quarter valued at approximately $28,000. PNC Financial Services Group Inc. bought a new stake in shares of Rubrik in the 1st quarter worth approximately $30,000. Summit Securities Group LLC bought a new stake in shares of Rubrik in the 1st quarter worth approximately $31,000. Global Retirement Partners LLC lifted its position in shares of Rubrik by 8,333.3% in the 4th quarter. Global Retirement Partners LLC now owns 506 shares of the company's stock worth $33,000 after acquiring an additional 500 shares during the period. Finally, Comerica Bank lifted its position in shares of Rubrik by 209.0% in the 1st quarter. Comerica Bank now owns 584 shares of the company's stock worth $36,000 after acquiring an additional 395 shares during the period. 49.54% of the stock is owned by institutional investors.

Rubrik Stock Performance

The stock has a 50-day simple moving average of $74.56 and a 200 day simple moving average of $68.88. The company has a market cap of $18.53 billion and a P/E ratio of -7.11.

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.

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