Rubrik (NYSE:RBRK) Stock Price Down 9.2% - Here's What Happened

Key Points

• Rubrik, Inc. stock price fell by 9.2% in one trading session, dropping from a previous close of $94.95 to $86.26, with a significant decline in trading volume.
• Several analysts have revised their price targets for Rubrik, with ratings ranging from "buy" to "outperformer" and consensus target price set at $100.38.
• The company reported a 48.7% year-over-year revenue increase for the last quarter, with earnings per share of ($0.15), surpassing analyst expectations.

Rubrik, Inc. (NYSE:RBRK - Get Free Report)'s stock price dropped 9.2% on Friday . The company traded as low as $84.14 and last traded at $86.26. Approximately 1,524,232 shares were traded during trading, a decline of 50% from the average daily volume of 3,028,359 shares. The stock had previously closed at $94.95.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Wedbush raised their price objective on shares of Rubrik from $80.00 to $120.00 and gave the stock an "outperform" rating in a research note on Thursday, June 12th. Truist Financial lifted their target price on shares of Rubrik from $90.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Rosenblatt Securities raised their price target on shares of Rubrik from $82.00 to $110.00 and gave the company a "buy" rating in a report on Friday, June 6th. Cantor Fitzgerald raised their price target on shares of Rubrik from $95.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Finally, Wells Fargo & Company raised their price target on shares of Rubrik from $80.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Three research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Rubrik presently has an average rating of "Moderate Buy" and an average target price of $100.38.

Rubrik Price Performance

The company has a market capitalization of $17.43 billion, a price-to-earnings ratio of -31.84 and a beta of 0.45. The company's 50-day moving average price is $89.96 and its two-hundred day moving average price is $76.69.

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 firm had revenue of $278.48 million for the quarter, compared to the consensus estimate of $260.39 million. During the same period in the prior year, the business earned ($1.58) EPS. Rubrik's quarterly revenue was up 48.7% compared to the same quarter last year. On average, equities research analysts expect that Rubrik, Inc. will post -7.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rubrik news, Director John Wendell Thompson sold 9,009 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $87.29, for a total value of $786,395.61. Following the sale, the director directly owned 998 shares in the company, valued at $87,115.42. This represents a 90.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Yvonne Wassenaar sold 2,000 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $88.21, for a total transaction of $176,420.00. Following the completion of the transaction, the director directly owned 2,855 shares in the company, valued at $251,839.55. The trade was a 41.19% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,157,531 shares of company stock worth $105,143,830. Company insiders own 32.38% of the company's stock.

Institutional Investors Weigh In On Rubrik

Large investors have recently modified their holdings of the stock. Yong Rong HK Asset Management Ltd boosted its holdings in Rubrik by 17.2% in the second quarter. Yong Rong HK Asset Management Ltd now owns 125,300 shares of the company's stock worth $11,226,000 after purchasing an additional 18,400 shares during the last quarter. Longbow Finance SA purchased a new stake in Rubrik in the second quarter worth approximately $4,684,000. Pathway Capital Management LP purchased a new stake in Rubrik in the second quarter worth approximately $57,624,000. Strs Ohio purchased a new stake in Rubrik in the second quarter worth approximately $2,925,000. Finally, Amalgamated Bank purchased a new stake in Rubrik in the second quarter worth approximately $571,000. Institutional investors own 49.54% of the company's stock.

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.