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

Rubrik (NYSE:RBRK) had its price objective lifted by Piper Sandler from $83.00 to $87.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 23.34% from the company’s previous close.

Other research analysts have also issued research reports about the stock. Guggenheim reaffirmed a “buy” rating and set a $76.00 price objective on shares of Rubrik in a research report on Wednesday, February 26th. Robert W. Baird cut their price objective on shares of Rubrik from $83.00 to $76.00 and set an “outperform” rating for the company in a research report on Wednesday. Truist Financial upped their price objective on shares of Rubrik from $50.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, December 6th. KeyCorp increased their price target on shares of Rubrik from $75.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 11th. Finally, Wedbush increased their price target on shares of Rubrik from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday. 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 company’s stock. According to MarketBeat, Rubrik currently has an average rating of “Buy” and a consensus target price of $69.78.

Rubrik Stock Performance

RBRK stock opened at $70.54 on Friday. Rubrik has a 52-week low of $28.34 and a 52-week high of $80.00. The company has a 50-day moving average of $68.27 and a two-hundred day moving average of $53.64.

Rubrik (NYSE:RBRK) last announced its quarterly earnings data on Thursday, March 13th. The company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.39) by ($0.22). The firm had revenue of $258.10 million for the quarter, compared to analyst estimates of $233.13 million. The business’s revenue was up 47.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.59) earnings per share. Equities analysts anticipate that Rubrik will post -7.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rubrik news, CTO Arvind Nithrakashyap sold 32,484 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $61.59, for a total value of $2,000,689.56. Following the sale, the chief technology officer now directly owns 219,279 shares in the company, valued at approximately $13,505,393.61. This trade represents a 12.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kiran Kumar Choudary sold 3,973 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $72.34, for a total transaction of $287,406.82. Following the completion of the sale, the chief financial officer now owns 345,374 shares in the company, valued at approximately $24,984,355.16. This trade represents a 1.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 625,712 shares of company stock worth $41,583,311.

Institutional Investors Weigh In On Rubrik

Several hedge funds have recently bought and sold shares of RBRK. Wealthcare Advisory Partners LLC raised its holdings in shares of Rubrik by 3.0% during the fourth quarter. Wealthcare Advisory Partners LLC now owns 10,450 shares of the company’s stock worth $683,000 after acquiring an additional 300 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of Rubrik during the fourth quarter worth $28,000. KBC Group NV raised its holdings in shares of Rubrik by 19.1% during the fourth quarter. KBC Group NV now owns 2,679 shares of the company’s stock worth $175,000 after acquiring an additional 430 shares during the period. Global Retirement Partners LLC raised its holdings in shares of Rubrik by 8,333.3% during the fourth quarter. Global Retirement Partners LLC now owns 506 shares of the company’s stock worth $33,000 after acquiring an additional 500 shares during the period. Finally, Nemes Rush Group LLC acquired a new stake in shares of Rubrik during the fourth quarter worth $39,000. 49.54% of the stock is currently 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.