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

Rubrik, Inc. (NYSE:RBRK)’s stock price gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $66.73, but opened at $65.02. Rubrik shares last traded at $65.40, with a volume of 771,566 shares trading hands.

Specifically, CTO Arvind Nithrakashyap sold 227,596 shares of the company’s stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $64.89, for a total value of $14,768,704.44. Following the transaction, the chief technology officer now directly owns 219,279 shares in the company, valued at $14,229,014.31. This represents a 50.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Yvonne Wassenaar sold 2,500 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $67.60, for a total transaction of $169,000.00. Following the completion of the transaction, the director now owns 153 shares in the company, valued at $10,342.80. This represents a 94.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Barclays upped their price target on shares of Rubrik from $51.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Robert W. Baird increased their target price on shares of Rubrik from $48.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, December 5th. FBN Securities assumed coverage on shares of Rubrik in a report on Monday, September 30th. They issued an “outperform” rating and a $40.00 price target for the company. Guggenheim raised their price target on shares of Rubrik from $52.00 to $72.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, Rosenblatt Securities assumed coverage on shares of Rubrik in a report on Tuesday, December 17th. They issued a “neutral” rating and a $77.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $64.67.

Rubrik Trading Down 0.8 %

The company’s 50-day moving average is $60.17 and its 200 day moving average is $43.66.

Institutional Trading of Rubrik

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RBRK. Dragoneer Investment Group LLC purchased a new position in Rubrik during the second quarter valued at $47,523,000. Champlain Investment Partners LLC purchased a new position in Rubrik during the third quarter valued at $44,418,000. Point72 Asset Management L.P. purchased a new position in Rubrik during the third quarter valued at $42,247,000. PointState Capital LP purchased a new position in Rubrik during the third quarter valued at $40,466,000. Finally, Institutional Venture Management XV LLC lifted its holdings in Rubrik by 3,620.4% during the third quarter. Institutional Venture Management XV LLC now owns 1,162,610 shares of the company’s stock valued at $37,378,000 after purchasing an additional 1,131,360 shares in the last quarter. Institutional investors and hedge funds own 49.54% of the company’s stock.

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.