Rubrik (NYSE:RBRK) Shares Gap Down After Insider Selling

Rubrik, Inc. (NYSE:RBRK)’s share price gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $66.73, but opened at $65.02. Rubrik shares last traded at $65.40, with a volume of 771,566 shares trading hands.

Specifically, CTO Arvind Nithrakashyap sold 227,596 shares of the company’s stock in a transaction on Tuesday, January 14th. The shares were sold at an average price of $64.89, for a total value of $14,768,704.44. Following the completion of the sale, the chief technology officer now owns 219,279 shares of the company’s stock, valued at approximately $14,229,014.31. This represents a 50.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Yvonne Wassenaar sold 2,500 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $67.60, for a total value of $169,000.00. Following the transaction, the director now owns 153 shares in the company, valued at approximately $10,342.80. This represents a 94.23 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

RBRK has been the topic of a number of research analyst reports. Oppenheimer initiated coverage on Rubrik in a report on Wednesday, November 13th. They set a “market perform” rating on the stock. KeyCorp lifted their price objective on Rubrik from $57.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Barclays lifted their price objective on Rubrik from $51.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. FBN Securities started coverage on Rubrik in a research report on Monday, September 30th. They set an “outperform” rating and a $40.00 price objective on the stock. Finally, Cantor Fitzgerald boosted their price target on Rubrik from $58.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Rubrik has an average rating of “Buy” and an average price target of $64.67.

Rubrik Price Performance

The stock’s 50-day moving average is $60.17 and its two-hundred day moving average is $43.66.

Institutional Trading of Rubrik

Several institutional investors and hedge funds have recently modified their holdings of RBRK. Dragoneer Investment Group LLC bought a new stake in shares of Rubrik during the second quarter valued at approximately $47,523,000. Champlain Investment Partners LLC bought a new position in Rubrik in the third quarter worth approximately $44,418,000. Point72 Asset Management L.P. bought a new position in Rubrik in the third quarter worth approximately $42,247,000. PointState Capital LP bought a new position in Rubrik in the third quarter worth approximately $40,466,000. Finally, Institutional Venture Management XV LLC raised its stake in Rubrik by 3,620.4% in the third quarter. Institutional Venture Management XV LLC now owns 1,162,610 shares of the company’s stock worth $37,378,000 after buying an additional 1,131,360 shares in the last quarter. 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.