William Blair Initiates Coverage on Rubrik (NYSE:RBRK)

William Blair started coverage on shares of Rubrik (NYSE:RBRK) in a research report released on Friday, Marketbeat.com reports. The firm issued a market perform rating on the stock.

A number of other brokerages have also issued reports on RBRK. 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 report on Friday, December 6th. BMO Capital Markets increased their target price on Rubrik from $38.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Mizuho lifted their target price on Rubrik from $75.00 to $82.00 and gave the company an “outperform” rating in a research report on Tuesday, December 17th. Wedbush increased their price target on shares of Rubrik from $44.00 to $48.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Truist Financial lifted their price objective on shares of Rubrik from $50.00 to $75.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $64.67.

Rubrik Stock Down 1.1 %

Shares of RBRK stock opened at $74.52 on Friday. The company has a 50-day moving average of $67.78 and a two-hundred day moving average of $47.78. Rubrik has a 1-year low of $28.34 and a 1-year high of $79.05.

Insiders Place Their Bets

In other news, CTO Arvind Nithrakashyap sold 32,485 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $74.85, for a total transaction of $2,431,502.25. Following the completion of the sale, the chief technology officer now owns 219,279 shares in the company, valued at approximately $16,413,033.15. This represents a 12.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kiran Kumar Choudary sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $44.48, for a total value of $444,800.00. Following the sale, the chief financial officer now directly owns 385,360 shares of the company’s stock, valued at approximately $17,140,812.80. This represents a 2.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 659,104 shares of company stock valued at $42,720,088 over the last quarter.

Institutional Trading of Rubrik

Several hedge funds have recently made changes to their positions in RBRK. Janus Henderson Group PLC boosted its holdings in Rubrik by 6.9% in the 3rd quarter. Janus Henderson Group PLC now owns 360,653 shares of the company’s stock valued at $11,595,000 after purchasing an additional 23,200 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Rubrik in the third quarter worth $323,000. Diversified Trust Co purchased a new position in Rubrik in the third quarter worth $432,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Rubrik by 24.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 248,772 shares of the company’s stock valued at $7,998,000 after acquiring an additional 49,372 shares during the period. Finally, Renaissance Capital LLC grew its stake in shares of Rubrik by 21.2% during the 4th quarter. Renaissance Capital LLC now owns 72,775 shares of the company’s stock worth $4,757,000 after purchasing an additional 12,714 shares during the period. 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.