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

Rubrik (NYSE:RBRK) had its price objective raised by Guggenheim from $48.00 to $52.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s target price indicates a potential upside of 18.72% from the stock’s previous close.

RBRK has been the topic of a number of other research reports. Truist Financial lifted their target price on Rubrik from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Monday. CIBC upped their target price on shares of Rubrik from $50.00 to $52.00 and gave the company an “outperformer” rating in a research report on Tuesday, September 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $50.00 price target on shares of Rubrik in a research report on Tuesday, September 10th. Piper Sandler initiated coverage on shares of Rubrik in a report on Monday, August 19th. They issued an “overweight” rating and a $42.00 price objective on the stock. Finally, Wells Fargo & Company lowered their price objective on shares of Rubrik from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $45.65.

Rubrik Price Performance

Rubrik stock traded down $0.03 during midday trading on Tuesday, hitting $43.80. 284,892 shares of the stock were exchanged, compared to its average volume of 1,476,401. The stock’s 50-day simple moving average is $37.41 and its 200 day simple moving average is $34.57. Rubrik has a fifty-two week low of $28.34 and a fifty-two week high of $45.90.

Rubrik (NYSE:RBRK) last announced its quarterly earnings results on Monday, September 9th. The company reported ($0.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.01). The firm had revenue of $204.95 million for the quarter, compared to analyst estimates of $195.58 million. Sell-side analysts anticipate that Rubrik will post -8.04 earnings per share for the current year.

Insider Activity

In other Rubrik news, CFO Kiran Kumar Choudary sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $44.48, for a total value of $444,800.00. Following the completion of the sale, the chief financial officer now owns 385,360 shares in the company, valued at approximately $17,140,812.80. The trade was a 2.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Barry Eggers sold 100,000 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $32.74, for a total transaction of $3,274,000.00. Following the completion of the sale, the insider now owns 56,736 shares of the company’s stock, valued at approximately $1,857,536.64. This trade represents a 63.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 454,512 shares of company stock worth $15,813,462.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RBRK. Dragoneer Investment Group LLC purchased a new position in shares of Rubrik during the second quarter worth about $47,523,000. Champlain Investment Partners LLC acquired a new stake in Rubrik during the 3rd quarter worth approximately $44,418,000. Point72 Asset Management L.P. purchased a new position in shares of Rubrik in the 3rd quarter valued at approximately $42,247,000. PointState Capital LP acquired a new position in shares of Rubrik in the third quarter valued at approximately $40,466,000. Finally, Institutional Venture Management XV LLC increased its holdings in shares of 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 valued at $37,378,000 after purchasing an additional 1,131,360 shares during the period.

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.