BMO Capital Markets Forecasts Strong Price Appreciation for Rubrik (NYSE:RBRK) Stock

Rubrik (NYSE:RBRK) had its price objective raised by equities researchers at BMO Capital Markets from $72.00 to $77.00 in a report issued on Friday,Briefing.com Automated Import reports. The firm presently has an “outperform” rating on the stock. BMO Capital Markets’ price target points to a potential upside of 39.53% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the stock. Guggenheim reissued a “buy” rating and set a $76.00 price target on shares of Rubrik in a research report on Wednesday, February 26th. Wells Fargo & Company boosted their target price on Rubrik from $40.00 to $76.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. William Blair assumed coverage on Rubrik in a research note on Friday, February 7th. They issued a “market perform” rating for the company. Piper Sandler lifted their price target on shares of Rubrik from $72.00 to $83.00 and gave the company an “overweight” rating in a report on Thursday, December 19th. Finally, Mizuho upped 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 analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $67.00.

Rubrik Stock Down 3.4 %

Shares of NYSE:RBRK opened at $55.19 on Friday. The stock’s 50-day moving average price is $68.42 and its 200-day moving average price is $53.26. Rubrik has a 12-month low of $28.34 and a 12-month high of $80.00.

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

Insider Activity at Rubrik

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 shares were sold at an average price of $64.89, for a total transaction of $14,768,704.44. Following the completion of the sale, the chief technology officer now directly owns 219,279 shares of the company’s stock, valued at approximately $14,229,014.31. This represents a 50.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Yvonne Wassenaar sold 2,500 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $77.31, for a total transaction of $193,275.00. Following the completion of the transaction, the director now owns 153 shares in the company, valued at $11,828.43. The trade was a 94.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 625,712 shares of company stock worth $41,583,311.

Institutional Trading of Rubrik

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Wealthcare Advisory Partners LLC lifted its position in shares of Rubrik by 3.0% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 10,450 shares of the company’s stock valued at $683,000 after acquiring an additional 300 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Rubrik during the fourth quarter valued at about $28,000. KBC Group NV grew its position in shares of Rubrik by 19.1% during the fourth quarter. KBC Group NV now owns 2,679 shares of the company’s stock valued at $175,000 after purchasing an additional 430 shares in the last quarter. Global Retirement Partners LLC increased its holdings in shares of Rubrik by 8,333.3% in the fourth quarter. Global Retirement Partners LLC now owns 506 shares of the company’s stock worth $33,000 after purchasing an additional 500 shares during the last quarter. Finally, Nemes Rush Group LLC purchased a new stake in shares of Rubrik in the fourth quarter worth about $39,000. 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.