Rubrik (NYSE:RBRK) Shares Down 7.3% – Here’s Why

Rubrik, Inc. (NYSE:RBRK) traded down 7.3% during trading on Monday . The company traded as low as $58.84 and last traded at $59.03. 952,033 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 1,992,379 shares. The stock had previously closed at $63.66.

Analysts Set New Price Targets

RBRK has been the subject of several recent research reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 target price on shares of Rubrik in a research note on Friday, March 14th. Piper Sandler lifted their target price on Rubrik from $83.00 to $87.00 and gave the company an “overweight” rating in a research note on Friday, March 14th. KeyCorp cut their price target on Rubrik from $87.00 to $82.00 and set an “overweight” rating for the company in a research note on Friday, March 14th. Rosenblatt Securities upgraded shares of Rubrik from a “neutral” rating to a “buy” rating and set a $77.00 price objective on the stock in a research report on Wednesday, March 12th. Finally, William Blair initiated coverage on shares of Rubrik in a research report on Friday, February 7th. They set a “market perform” rating for the company. Two investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Rubrik presently has a consensus rating of “Buy” and an average target price of $70.00.

Rubrik Stock Performance

The business has a 50-day moving average of $69.09 and a 200 day moving average of $56.36. The stock has a market cap of $11.13 billion and a PE ratio of -4.36.

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

Insider Buying and Selling at Rubrik

In other news, CFO Kiran Kumar Choudary sold 1,800 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $65.72, for a total transaction of $118,296.00. Following the completion of the sale, the chief financial officer now owns 342,974 shares in the company, valued at approximately $22,540,251.28. The trade was a 0.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Arvind Nithrakashyap sold 227,596 shares of the firm’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 transaction, the chief technology officer now owns 219,279 shares in the company, valued at $14,229,014.31. The trade was a 50.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 792,426 shares of company stock worth $53,187,894 in the last quarter.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in 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 acquiring an additional 3,372,323 shares in the last quarter. Norges Bank purchased a new stake in shares of Rubrik during the fourth quarter worth about $277,395,000. FMR LLC lifted its stake in shares of Rubrik by 172.6% in the fourth quarter. FMR LLC now owns 3,261,925 shares of the company’s stock worth $213,199,000 after acquiring an additional 2,065,444 shares in the last quarter. First Trust Advisors LP boosted its holdings in Rubrik by 26.6% in the fourth quarter. First Trust Advisors LP now owns 3,156,035 shares of the company’s stock valued at $206,278,000 after purchasing an additional 662,914 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Rubrik by 27.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,979,184 shares of the company’s stock valued at $129,359,000 after purchasing an additional 427,149 shares in the last quarter. Institutional investors and hedge funds 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.