Rubrik (NYSE:RBRK) Stock Price Down 2.5% Following Insider Selling

Shares of Rubrik, Inc. (NYSE:RBRK) fell 2.5% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $65.05 and last traded at $66.53. 435,912 shares were traded during mid-day trading, a decline of 76% from the average session volume of 1,786,413 shares. The stock had previously closed at $68.27.

Specifically, CFO Kiran Kumar Choudary sold 1,800 shares of Rubrik stock in a transaction that occurred on Friday, December 27th. The stock was sold at an average price of $68.03, for a total transaction of $122,454.00. Following the completion of the sale, the chief financial officer now directly owns 343,774 shares of the company’s stock, valued at approximately $23,386,945.22. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RBRK. KeyCorp increased their price objective on Rubrik from $57.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Truist Financial raised their target price on shares of Rubrik from $50.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Rosenblatt Securities began coverage on shares of Rubrik in a research report on Tuesday, December 17th. They set a “neutral” rating and a $77.00 price objective on the stock. Robert W. Baird lifted their price target on shares of Rubrik from $48.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, December 5th. Finally, Guggenheim lifted their target price on Rubrik from $52.00 to $72.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Two 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $64.11.

Rubrik Trading Down 4.3 %

The business has a 50 day simple moving average of $54.45 and a two-hundred day simple moving average of $40.78.

Hedge Funds Weigh In On Rubrik

Several large investors have recently added to or reduced their stakes in RBRK. Dragoneer Investment Group LLC acquired a new position in Rubrik during the second quarter worth approximately $47,523,000. Champlain Investment Partners LLC acquired a new stake in shares of Rubrik during the 3rd quarter worth $44,418,000. Point72 Asset Management L.P. purchased a new position in shares of Rubrik in the 3rd quarter worth $42,247,000. PointState Capital LP acquired a new position in Rubrik in the third quarter valued at $40,466,000. Finally, Institutional Venture Management XV LLC boosted its holdings in Rubrik by 3,620.4% in 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 acquiring an additional 1,131,360 shares during the last quarter. 49.54% of the stock is currently owned by hedge funds and other institutional investors.

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.