Rubrik (NYSE:RBRK) Hits New 1-Year High – Here’s Why

Shares of Rubrik, Inc. (NYSE:RBRK) hit a new 52-week high during trading on Monday . The stock traded as high as $98.10 and last traded at $97.62, with a volume of 765295 shares changing hands. The stock had previously closed at $95.35.

Wall Street Analyst Weigh In

Several brokerages recently commented on RBRK. Guggenheim reiterated a “buy” rating and issued a $105.00 target price (up from $80.00) on shares of Rubrik in a report on Wednesday, May 28th. Cantor Fitzgerald increased their price target on Rubrik from $85.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, May 15th. William Blair started coverage on Rubrik in a report on Friday, February 7th. They set a “market perform” rating on the stock. Wells Fargo & Company increased their price target on Rubrik from $76.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, March 14th. Finally, Wedbush increased their price target on Rubrik from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, March 14th. Four analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $77.69.

Rubrik Stock Performance

The firm has a 50 day simple moving average of $71.84 and a 200 day simple moving average of $67.69. The firm has a market cap of $18.81 billion and a P/E ratio of -7.19.

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

Insider Activity

In other Rubrik news, Director Yvonne Wassenaar sold 3,000 shares of Rubrik stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $70.03, for a total value of $210,090.00. Following the transaction, the director now directly owns 153 shares of the company’s stock, valued at $10,714.59. The trade was a 95.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Arvind Nithrakashyap sold 32,484 shares of Rubrik stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $61.59, for a total value of $2,000,689.56. Following the completion of the transaction, the chief technology officer now directly owns 219,279 shares in the company, valued at $13,505,393.61. This trade represents a 12.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 564,123 shares of company stock worth $39,458,701. 32.38% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rubrik

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Rubrik by 9.7% during the first quarter. Vanguard Group Inc. now owns 6,945,101 shares of the company’s stock valued at $423,512,000 after buying an additional 616,917 shares during the period. Norges Bank purchased a new position in shares of Rubrik during the fourth quarter valued at approximately $277,395,000. FMR LLC increased its stake in shares of Rubrik by 172.6% during the fourth quarter. FMR LLC now owns 3,261,925 shares of the company’s stock valued at $213,199,000 after buying an additional 2,065,444 shares during the period. First Trust Advisors LP increased its stake in shares of Rubrik by 26.6% during the fourth quarter. First Trust Advisors LP now owns 3,156,035 shares of the company’s stock valued at $206,278,000 after buying an additional 662,914 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Rubrik by 27.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,979,184 shares of the company’s stock worth $129,359,000 after purchasing an additional 427,149 shares during the period. 49.54% of the stock is owned by hedge funds and other 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.