Rubrik (NYSE:RBRK) Sets New 52-Week High – What’s Next?

Shares of Rubrik, Inc. (NYSE:RBRK) reached a new 52-week high during trading on Monday . The stock traded as high as $75.29 and last traded at $75.22, with a volume of 2041492 shares changing hands. The stock had previously closed at $72.18.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. KeyCorp lifted their target price on shares of Rubrik from $57.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Wells Fargo & Company boosted their price objective on Rubrik from $40.00 to $76.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Wedbush raised their target price on Rubrik from $44.00 to $48.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Citigroup increased their price target on shares of Rubrik from $48.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Guggenheim lifted their price objective on shares of Rubrik from $52.00 to $72.00 and gave the company a “buy” rating in a report on Friday, December 6th. One research analyst has rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Rubrik has an average rating of “Buy” and an average target price of $61.88.

Rubrik Stock Performance

The business has a 50-day simple moving average of $46.55 and a two-hundred day simple moving average of $37.54.

Insider Activity

In other Rubrik news, major shareholder Barry Eggers sold 100,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $32.74, for a total value 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kiran Kumar Choudary sold 1,500 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $39.40, for a total transaction of $59,100.00. Following the sale, the chief financial officer now directly owns 423,060 shares in the company, valued at approximately $16,668,564. This represents a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 560,779 shares of company stock valued at $22,317,557 over the last quarter.

Hedge Funds Weigh In On Rubrik

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Dragoneer Investment Group LLC acquired a new stake in Rubrik in the second quarter valued at $47,523,000. Champlain Investment Partners LLC acquired a new stake in Rubrik in the 3rd quarter valued at about $44,418,000. Point72 Asset Management L.P. purchased a new position in Rubrik during the 3rd quarter valued at about $42,247,000. PointState Capital LP purchased a new position in Rubrik during the 3rd quarter valued at about $40,466,000. Finally, Institutional Venture Management XV LLC raised its position 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 acquiring an additional 1,131,360 shares during the last quarter. 49.54% of the stock is owned by institutional investors and hedge funds.

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.