Summit Partners Public Asset Management LLC Purchases New Stake in Rubrik, Inc. (NYSE:RBRK)

Summit Partners Public Asset Management LLC acquired a new position in shares of Rubrik, Inc. (NYSE:RBRK) during the third quarter, Holdings Channel.com reports. The institutional investor acquired 1,031,028 shares of the company’s stock, valued at approximately $33,148,000. Rubrik makes up about 1.0% of Summit Partners Public Asset Management LLC’s investment portfolio, making the stock its 22nd biggest position.

Several other large investors also recently added to or reduced their stakes in the stock. Dragoneer Investment Group LLC acquired a new stake in shares of Rubrik during the 2nd quarter worth approximately $47,523,000. Champlain Investment Partners LLC purchased a new position in Rubrik in the third quarter worth approximately $44,418,000. Penserra Capital Management LLC acquired a new stake in Rubrik during the third quarter worth $35,359,000. Clearbridge Investments LLC acquired a new stake in Rubrik during the second quarter worth $32,888,000. Finally, Pathway Capital Management LP purchased a new stake in Rubrik in the third quarter valued at $23,527,000.

Insiders Place Their Bets

In related news, major shareholder Barry Eggers sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $32.74, for a total transaction of $3,274,000.00. Following the completion of the sale, the insider now owns 56,736 shares in the company, valued at $1,857,536.64. The trade was a 63.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kiran Kumar Choudary sold 1,800 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $50.38, for a total value of $90,684.00. Following the completion of the transaction, the chief financial officer now directly owns 373,760 shares of the company’s stock, valued at $18,830,028.80. This trade represents a 0.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 493,112 shares of company stock valued at $17,747,746 in the last ninety days.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Truist Financial increased their price target on Rubrik from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Cantor Fitzgerald raised shares of Rubrik to a “strong-buy” rating in a research note on Wednesday, November 20th. Wedbush boosted their price target on shares of Rubrik from $44.00 to $48.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Barclays increased their price objective on shares of Rubrik from $42.00 to $51.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 20th. Finally, Robert W. Baird boosted their target price on Rubrik from $42.00 to $48.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $46.71.

Rubrik Stock Down 0.7 %

Shares of NYSE:RBRK opened at $49.66 on Friday. Rubrik, Inc. has a fifty-two week low of $28.34 and a fifty-two week high of $52.75. The firm’s 50 day moving average price is $39.78 and its 200 day moving average price is $35.29.

Rubrik (NYSE:RBRK) last announced its quarterly earnings data on Monday, September 9th. The company reported ($0.97) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.01). The firm had revenue of $204.95 million for the quarter, compared to analyst estimates of $195.58 million. Analysts expect that Rubrik, Inc. will post -8.04 EPS for the current fiscal year.

Rubrik Company Profile

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.