Rubrik, Inc. (NYSE:RBRK) Sees Large Decrease in Short Interest

Rubrik, Inc. (NYSE:RBRK) saw a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 3,550,000 shares, a drop of 16.5% from the November 15th total of 4,250,000 shares. Currently, 6.2% of the shares of the company are short sold. Based on an average daily volume of 2,400,000 shares, the days-to-cover ratio is currently 1.5 days.

Rubrik Trading Down 2.8 %

NYSE:RBRK opened at $72.12 on Friday. The business’s 50-day moving average is $46.55 and its 200 day moving average is $37.47. Rubrik has a 12 month low of $28.34 and a 12 month high of $74.99.

Analyst Ratings Changes

RBRK has been the topic of several analyst reports. Citigroup lifted their price target on shares of Rubrik from $48.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Piper Sandler reissued an “overweight” rating and set a $72.00 price target (up previously from $42.00) on shares of Rubrik in a report on Friday, December 6th. KeyCorp raised their price objective on Rubrik from $57.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Barclays boosted their price objective on Rubrik from $51.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Robert W. Baird raised their target price on shares of Rubrik from $48.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, December 5th. One equities research analyst has rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $61.88.

Insiders Place Their Bets

In other news, CRO Brian K. Mccarthy sold 25,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $64.37, for a total value of $1,609,250.00. Following the transaction, the executive now owns 312,545 shares in the company, valued at $20,118,521.65. This represents a 7.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kiran Kumar Choudary sold 1,800 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $69.70, for a total transaction of $125,460.00. Following the sale, the chief financial officer now owns 342,160 shares of the company’s stock, valued at $23,848,552. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 560,779 shares of company stock valued at $22,317,557.

Institutional Trading of Rubrik

Several hedge funds have recently modified their holdings of the company. Zweig DiMenna Associates LLC bought a new stake in Rubrik in the second quarter worth $6,730,000. EFG Asset Management North America Corp. purchased a new stake in shares of Rubrik during the 2nd quarter valued at about $925,000. ARK Investment Management LLC bought a new position in shares of Rubrik in the 2nd quarter valued at about $6,043,000. Cisco Systems Inc. bought a new position in shares of Rubrik in the 2nd quarter valued at about $5,613,000. Finally, Commonwealth Equity Services LLC purchased a new position in Rubrik in the second quarter worth about $503,000. 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.