Rubrik (NYSE:RBRK) Trading Up 4.3% – Still a Buy?

Rubrik, Inc. (NYSE:RBRK)’s share price shot up 4.3% during mid-day trading on Thursday . The company traded as high as $73.80 and last traded at $73.46. 1,074,518 shares were traded during trading, a decline of 34% from the average session volume of 1,630,962 shares. The stock had previously closed at $70.42.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Truist Financial raised their target price on shares of Rubrik from $50.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Robert W. Baird raised their price objective on shares of Rubrik from $48.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, December 5th. BMO Capital Markets raised their price objective on Rubrik from $38.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Barclays raised 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. Finally, FBN Securities initiated coverage on Rubrik in a research note on Monday, September 30th. They issued an “outperform” rating and a $40.00 target price on the stock. One investment analyst has rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $61.88.

Rubrik Price Performance

The firm has a 50 day moving average price of $46.55 and a 200 day moving average price of $37.47.

Insiders Place Their Bets

In other Rubrik news, CRO Brian K. Mccarthy sold 104,672 shares of the stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of $31.32, for a total transaction of $3,278,327.04. Following the completion of the transaction, the executive now owns 462,545 shares of the company’s stock, valued at $14,486,909.40. This represents a 18.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kiran Kumar Choudary sold 1,800 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $69.70, for a total value of $125,460.00. Following the transaction, the chief financial officer now owns 342,160 shares of the company’s stock, valued at $23,848,552. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 560,779 shares of company stock worth $22,317,557 over the last three months.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Dragoneer Investment Group LLC purchased a new position in shares of Rubrik in the 2nd quarter worth $47,523,000. Champlain Investment Partners LLC bought a new stake in shares of Rubrik in the 3rd quarter valued at approximately $44,418,000. Point72 Asset Management L.P. bought a new position in shares of Rubrik during the 3rd quarter valued at approximately $42,247,000. PointState Capital LP bought a new stake in Rubrik in the third quarter worth $40,466,000. Finally, Institutional Venture Management XV LLC boosted its stake in Rubrik by 3,620.4% during 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 during the period. 49.54% of the stock is currently owned by institutional investors.

About Rubrik

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.