Piper Sandler Initiates Coverage on Rubrik (NYSE:RBRK)

Equities researchers at Piper Sandler started coverage on shares of Rubrik (NYSE:RBRK) in a research note issued on Monday, MarketBeat Ratings reports. The brokerage set an “overweight” rating and a $42.00 price target on the stock. Piper Sandler’s target price indicates a potential upside of 16.86% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Wedbush reiterated an “outperform” rating and set a $50.00 price target on shares of Rubrik in a report on Wednesday, June 12th. Cantor Fitzgerald reiterated an “overweight” rating and set a $50.00 price target on shares of Rubrik in a report on Friday, June 21st. Truist Financial began coverage on Rubrik in a research report on Monday, May 20th. They issued a “buy” rating and a $43.00 price objective for the company. Cibc World Mkts raised Rubrik to a “strong-buy” rating in a research report on Tuesday, May 21st. Finally, The Goldman Sachs Group began coverage on Rubrik in a research report on Monday, May 20th. They issued a “buy” rating and a $48.00 price objective for the company. Fifteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $45.13.

Rubrik Stock Performance

NYSE:RBRK opened at $35.94 on Monday. The stock has a 50 day moving average price of $32.49. Rubrik has a 52 week low of $28.34 and a 52 week high of $40.00.

Rubrik (NYSE:RBRK) last announced its quarterly earnings results on Tuesday, June 11th. The company reported ($11.47) EPS for the quarter, missing the consensus estimate of ($10.88) by ($0.59). The business had revenue of $187.32 million during the quarter, compared to the consensus estimate of $171.60 million. On average, sell-side analysts anticipate that Rubrik will post -7.68 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Register Financial Advisors LLC bought a new position in shares of Rubrik during the second quarter valued at $227,000. Sei Investments Co. bought a new position in shares of Rubrik during the second quarter valued at $235,000. PFG Investments LLC bought a new position in shares of Rubrik during the second quarter valued at $242,000. Natixis Advisors LLC bought a new position in shares of Rubrik during the second quarter valued at $406,000. Finally, Bank of Montreal Can bought a new position in shares of Rubrik during the second quarter valued at $427,000.

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.