Rubrik (NYSE:RBRK) Shares Gap Up – Here’s Why

Rubrik, Inc. (NYSE:RBRK)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $53.82, but opened at $59.39. Rubrik shares last traded at $57.34, with a volume of 369,079 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Piper Sandler increased their price target on Rubrik from $72.00 to $83.00 and gave the stock an “overweight” rating in a report on Thursday, December 19th. William Blair started coverage on shares of Rubrik in a research note on Friday, February 7th. They issued a “market perform” rating for the company. Cantor Fitzgerald lifted their target price on shares of Rubrik from $58.00 to $70.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Oppenheimer assumed coverage on shares of Rubrik in a report on Wednesday, November 13th. They set a “market perform” rating for the company. Finally, Wells Fargo & Company lifted their price objective on Rubrik from $40.00 to $76.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Two research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $66.72.

Rubrik Trading Up 7.2 %

The company’s fifty day simple moving average is $68.59 and its two-hundred day simple moving average is $53.23.

Insider Transactions at Rubrik

In other Rubrik news, CTO Arvind Nithrakashyap sold 227,596 shares of the company’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $64.89, for a total value of $14,768,704.44. Following the transaction, the chief technology officer now directly owns 219,279 shares in the company, valued at approximately $14,229,014.31. This represents a 50.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kiran Kumar Choudary sold 3,973 shares of Rubrik stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $72.34, for a total transaction of $287,406.82. Following the sale, the chief financial officer now owns 345,374 shares of the company’s stock, 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. Insiders sold a total of 625,712 shares of company stock valued at $41,583,311 in the last ninety days.

Hedge Funds Weigh In On Rubrik

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank acquired a new position in Rubrik in the 4th quarter valued at $277,395,000. Vanguard Group Inc. grew its position in shares of Rubrik by 114.1% in the fourth quarter. Vanguard Group Inc. now owns 6,328,184 shares of the company’s stock valued at $413,610,000 after purchasing an additional 3,372,323 shares during the period. FMR LLC increased its stake in Rubrik by 172.6% in the fourth quarter. FMR LLC now owns 3,261,925 shares of the company’s stock valued at $213,199,000 after purchasing an additional 2,065,444 shares during the last quarter. Champlain Investment Partners LLC purchased a new position in Rubrik during the third quarter worth about $44,418,000. Finally, Point72 Asset Management L.P. acquired a new stake in Rubrik in the 3rd quarter worth about $42,247,000. 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.