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

Rubrik (NYSE:RBRK) had its target price hoisted by analysts at Citigroup from $75.00 to $85.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 24.62% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Truist Financial increased their price target on Rubrik from $50.00 to $75.00 and gave the company a “buy” rating in a report on Friday, December 6th. KeyCorp increased their target price on 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 target on Rubrik from $40.00 to $76.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Piper Sandler upped their price target on shares of Rubrik from $72.00 to $83.00 and gave the company an “overweight” rating in a research report on Thursday, December 19th. Finally, Mizuho raised their price objective on shares of Rubrik from $75.00 to $82.00 and gave the stock an “outperform” rating in a report on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Rubrik presently has a consensus rating of “Buy” and a consensus price target of $64.67.

Rubrik Stock Down 0.1 %

Shares of RBRK traded down $0.04 during mid-day trading on Friday, hitting $68.21. 1,228,834 shares of the company traded hands, compared to its average volume of 2,312,990. Rubrik has a 1 year low of $28.34 and a 1 year high of $75.79. The stock has a 50-day moving average price of $59.71 and a two-hundred day moving average price of $43.40.

Insider Activity

In other Rubrik news, CTO Arvind Nithrakashyap sold 227,596 shares of the company’s stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $64.89, for a total transaction of $14,768,704.44. Following the sale, the chief technology officer now directly owns 219,279 shares in the company, valued at $14,229,014.31. This represents a 50.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CRO Brian K. Mccarthy sold 25,000 shares of Rubrik stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $41.39, for a total value of $1,034,750.00. Following the completion of the transaction, the executive now owns 387,545 shares of the company’s stock, valued at approximately $16,040,487.55. This trade represents a 6.06 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 626,055 shares of company stock worth $38,276,205 over the last quarter.

Institutional Investors Weigh In On Rubrik

Hedge funds and other institutional investors have recently made changes to their positions in the company. Brown Brothers Harriman & Co. purchased a new stake in Rubrik in the 3rd quarter worth about $25,000. KBC Group NV bought a new stake in shares of Rubrik during the 3rd quarter worth approximately $72,000. Quent Capital LLC purchased a new position in Rubrik during the 3rd quarter valued at $192,000. Shikiar Asset Management Inc. bought a new position in Rubrik in the 4th quarter valued at $203,000. Finally, Mount Yale Investment Advisors LLC purchased a new stake in Rubrik in the third quarter worth $208,000. Hedge funds and other 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.