Piper Sandler Issues Pessimistic Forecast for Rubrik (NYSE:RBRK) Stock Price

Rubrik (NYSE:RBRK) had its target price cut by investment analysts at Piper Sandler from $87.00 to $72.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price would indicate a potential upside of 26.30% from the company’s current price.

A number of other research analysts also recently commented on the stock. Guggenheim increased their target price on shares of Rubrik from $76.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Rosenblatt Securities raised shares of Rubrik from a “neutral” rating to a “buy” rating and set a $77.00 price objective on the stock in a research report on Wednesday, March 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 target price on shares of Rubrik in a research note on Friday, March 14th. Robert W. Baird dropped their target price on Rubrik from $83.00 to $76.00 and set an “outperform” rating on the stock in a report on Wednesday, March 12th. Finally, KeyCorp lowered their price objective on shares of Rubrik from $87.00 to $82.00 and set an “overweight” rating on the stock in a research report on Friday, March 14th. Two research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $69.17.

Rubrik Stock Up 7.5 %

NYSE:RBRK traded up $3.99 on Tuesday, reaching $57.01. The company’s stock had a trading volume of 1,047,409 shares, compared to its average volume of 2,343,797. The firm has a market cap of $10.82 billion and a price-to-earnings ratio of -4.14. Rubrik has a 12-month low of $28.34 and a 12-month high of $80.00. The stock has a 50 day moving average price of $67.59 and a 200 day moving average price of $57.46.

Rubrik (NYSE:RBRK) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.39) by ($0.22). The business had revenue of $258.10 million for the quarter, compared to analyst estimates of $233.13 million. During the same period last year, the business posted ($1.59) EPS. The firm’s quarterly revenue was up 47.5% on a year-over-year basis. Equities research analysts expect that Rubrik will post -7.66 EPS for the current fiscal year.

Insider Buying and Selling

In other Rubrik news, Director Yvonne Wassenaar sold 2,500 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $67.60, for a total transaction of $169,000.00. Following the transaction, the director now owns 153 shares in the company, valued at $10,342.80. This trade represents a 94.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John Wendell Thompson sold 9,009 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $60.19, for a total transaction of $542,251.71. Following the completion of the sale, the director now owns 998 shares of the company’s stock, valued at $60,069.62. The trade was a 90.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 701,619 shares of company stock worth $46,913,914 in the last three months.

Hedge Funds Weigh In On Rubrik

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Rubrik during the 4th quarter worth about $277,395,000. Vanguard Group Inc. lifted its holdings in shares of Rubrik by 114.1% during the 4th quarter. Vanguard Group Inc. now owns 6,328,184 shares of the company’s stock worth $413,610,000 after acquiring an additional 3,372,323 shares during the period. FMR LLC increased its stake in Rubrik by 172.6% in the fourth quarter. FMR LLC now owns 3,261,925 shares of the company’s stock valued at $213,199,000 after acquiring an additional 2,065,444 shares during the period. Voloridge Investment Management LLC acquired a new position in Rubrik in the fourth quarter worth about $85,331,000. Finally, Bank of America Corp DE lifted its stake in Rubrik by 1,305.1% during the fourth quarter. Bank of America Corp DE now owns 1,116,804 shares of the company’s stock worth $72,994,000 after purchasing an additional 1,037,319 shares during the period. Institutional investors own 49.54% of the company’s stock.

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.