Rubrik (NYSE:RBRK) Shares Gap Down on Insider Selling

Shares of Rubrik, Inc. (NYSE:RBRK) gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $74.28, but opened at $70.06. Rubrik shares last traded at $69.06, with a volume of 867,509 shares.

Specifically, CFO Kiran Kumar Choudary sold 87,971 shares of Rubrik stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $70.04, for a total transaction of $6,161,488.84. Following the sale, the chief financial officer now owns 413,458 shares in the company, valued at $28,958,598.32. This trade represents a 17.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Brian K. Mccarthy sold 85,001 shares of the business’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $70.04, for a total transaction of $5,953,470.04. Following the completion of the transaction, the executive now owns 433,909 shares in the company, valued at $30,390,986.36. This represents a 16.38 % decrease in their position. The disclosure for this sale can be found here. In other Rubrik news, Director Yvonne Wassenaar sold 3,000 shares of Rubrik stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $70.03, for a total transaction of $210,090.00. Following the sale, the director now directly owns 153 shares in the company, valued at $10,714.59. The trade was a 95.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RBRK. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price objective on shares of Rubrik in a report on Friday, March 14th. BMO Capital Markets raised their price target on shares of Rubrik from $72.00 to $77.00 and gave the stock an “outperform” rating in a research report on Friday, March 14th. Guggenheim boosted their price objective on shares of Rubrik from $76.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. William Blair initiated coverage on shares of Rubrik in a research note on Friday, February 7th. They set a “market perform” rating on the stock. Finally, Mizuho lifted their target price on Rubrik from $75.00 to $82.00 and gave the company an “outperform” rating in a research note on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $70.00.

Rubrik Stock Down 7.0 %

The firm has a market capitalization of $12.80 billion and a price-to-earnings ratio of -5.01. The firm’s 50 day moving average is $69.18 and its 200 day moving average is $55.65.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Natixis Advisors LLC lifted its position in shares of Rubrik by 302.5% in the 3rd quarter. Natixis Advisors LLC now owns 53,271 shares of the company’s stock valued at $1,713,000 after acquiring an additional 40,036 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rubrik by 134.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 325,420 shares of the company’s stock valued at $10,462,000 after purchasing an additional 186,485 shares in the last quarter. Summit Trail Advisors LLC acquired a new stake in shares of Rubrik in the third quarter worth $625,000. Brown Brothers Harriman & Co. purchased a new position in shares of Rubrik during the third quarter valued at $25,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Rubrik during the third quarter valued at $265,000. 49.54% of the stock is currently owned by institutional investors and hedge funds.

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.