Citigroup Forecasts Strong Price Appreciation for Rubrik (NYSE:RBRK) Stock

Rubrik (NYSE:RBRK) had its price objective increased by research analysts at Citigroup from $75.00 to $85.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price suggests a potential upside of 24.62% from the stock’s previous close.

A number of other equities analysts have also commented on the company. Wells Fargo & Company boosted their price objective on Rubrik from $40.00 to $76.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. FBN Securities started coverage on shares of Rubrik in a report on Monday, September 30th. They set an “outperform” rating and a $40.00 price objective on the stock. Rosenblatt Securities initiated coverage on shares of Rubrik in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 target price for the company. BMO Capital Markets upped their target price on shares of Rubrik from $38.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Finally, Wedbush increased their target price on shares of Rubrik from $44.00 to $48.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rubrik currently has an average rating of “Buy” and an average target price of $64.67.

Rubrik Stock Performance

Shares of NYSE RBRK traded down $0.04 during mid-day trading on Friday, hitting $68.21. 1,228,834 shares of the stock were exchanged, compared to its average volume of 2,312,990. Rubrik has a twelve month low of $28.34 and a twelve month high of $75.79. The stock’s fifty day simple moving average is $59.71 and its two-hundred day simple moving average is $43.40.

Insider Buying and Selling

In related news, CRO Brian K. Mccarthy sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $41.39, for a total transaction of $1,034,750.00. Following the completion of the transaction, the executive now owns 387,545 shares in the company, valued at $16,040,487.55. This represents a 6.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kiran Kumar Choudary sold 11,800 shares of Rubrik stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $38.49, for a total transaction of $454,182.00. Following the completion of the sale, the chief financial officer now owns 406,960 shares in the company, valued at approximately $15,663,890.40. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 626,055 shares of company stock valued at $38,276,205 over the last three months.

Hedge Funds Weigh In On Rubrik

Institutional investors and hedge funds have recently made changes to their positions in the business. Perpetual Ltd purchased a new position in shares of Rubrik in the 4th quarter worth about $281,000. Diversify Wealth Management LLC raised its holdings in Rubrik by 2.2% in the fourth quarter. Diversify Wealth Management LLC now owns 57,499 shares of the company’s stock worth $3,649,000 after buying an additional 1,249 shares during the last quarter. Jackson Square Capital LLC bought a new position in shares of Rubrik in the fourth quarter worth approximately $411,000. Shikiar Asset Management Inc. purchased a new stake in shares of Rubrik during the fourth quarter valued at approximately $203,000. Finally, Wealthcare Advisory Partners LLC increased its position in shares of Rubrik by 3.0% during the fourth quarter. Wealthcare Advisory Partners LLC now owns 10,450 shares of the company’s stock valued at $683,000 after acquiring an additional 300 shares in the last quarter. 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.