Rubrik (NYSE:RBRK) Price Target Increased to $55.00

On December 8, 2024, Rubrik (NYSE:RBRK) received a price target increase from Robert W. Baird, raising it from $48.00 to $55.00. The firm maintains an outperform rating on the stock, signaling confidence in Rubrik's performance.

Other analysts have also recently evaluated Rubrik's stock. Piper Sandler began coverage on Rubrik on August 19, setting an "overweight" rating with a target of $42.00. Similarly, Guggenheim raised its price target from $48.00 to $52.00 and assigned a "buy" rating on November 19. Meanwhile, Wells Fargo cut its target from $42.00 to $40.00 but still holds an "overweight" rating. BMO Capital Markets also reduced its target from $40.00 to $38.00 while keeping an "outperform" rating. In addition, Truist Financial adjusted their price target from $43.00 to $50.00, labeling it a "buy". Currently, one analyst rates the stock as a hold, while sixteen analysts have a buy rating, and two analysts give it a strong buy rating. According to data from MarketBeat.com, Rubrik boasts a consensus rating of "Buy" with an average price target of approximately $60.59.

Rubrik's Stock Performance

On the morning of the announcement, Rubrik's stock opened at $64.63. The company has a fifty-day simple moving average of $42.65 and a two-hundred-day simple moving average of $36.18. Over the past year, Rubrik's stock has reached a low of $28.34 and a high of $72.66.

In its last quarterly earnings report released on September 9, 2024, Rubrik reported earnings of ($0.97) per share, which fell short of the consensus estimate of ($0.96) by $0.01. The company's revenue for that quarter was $204.95 million, compared to the consensus prediction of $195.58 million. Analysts estimate that Rubrik will record a loss of -$8.04 earnings per share for the current fiscal year.

Insider Transactions

In related news, Director Ravi Mhatre sold 15,933 shares on September 13 at an average price of $30.19, totaling approximately $481,017.27. This transaction was filed with the Securities & Exchange Commission. More recently, on December 6, CRO Brian K. McCarthy sold 25,000 shares at an average price of $64.37, which amounted to around $1,609,250. Following the sale, McCarthy held 312,545 shares valued at approximately $20.12 million. Insiders have collectively sold 574,912 shares of Rubrik in the last ninety days, totaling about $22.67 million.

Institutional Trading Activity

Various hedge funds and institutional investors have altered their positions in Rubrik recently. Brown Brothers Harriman & Co. acquired a new position in Rubrik during the third quarter, valuing about $25,000. KBC Group NV also purchased a new stake worth approximately $72,000. Other institutional investors like Quent Capital LLC and Mount Yale Investment Advisors LLC have similarly invested in Rubrik during the third quarter.

Company Overview

Rubrik, Inc. provides comprehensive data security solutions globally to both individuals and businesses. The company specializes in enterprise data protection, cloud data protection, unstructured data protection, and SaaS data protection, as well as offering data threat analytics and recovery solutions. Rubrik serves various sectors including finance, healthcare, retail, technology, and public services.

Conclusion

Overall, Rubrik's upward revision in its price target reflects a broad positive sentiment from analysts and market observers. With various institutions taking new positions and insider trades occurring, the company's future growth potential continues to attract investor interest.

Rubrik, Price, Target