State of Michigan Retirement System Invests $2.98 Million in Rubrik, Inc. (NYSE:RBRK)

State of Michigan Retirement System bought a new position in Rubrik, Inc. (NYSE:RBRK) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund bought 45,578 shares of the company’s stock, valued at approximately $2,979,000.

A number of other large investors have also recently made changes to their positions in the business. Janus Henderson Group PLC increased its stake in Rubrik by 6.9% during the third quarter. Janus Henderson Group PLC now owns 360,653 shares of the company’s stock worth $11,595,000 after acquiring an additional 23,200 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Rubrik during the 3rd quarter valued at approximately $323,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Rubrik by 24.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 248,772 shares of the company’s stock valued at $7,998,000 after purchasing an additional 49,372 shares during the last quarter. Renaissance Capital LLC increased its position in shares of Rubrik by 21.2% during the 4th quarter. Renaissance Capital LLC now owns 72,775 shares of the company’s stock valued at $4,757,000 after purchasing an additional 12,714 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of Rubrik during the 3rd quarter valued at approximately $336,000. 49.54% of the stock is currently owned by institutional investors.

Rubrik Price Performance

Shares of RBRK stock opened at $57.43 on Friday. Rubrik, Inc. has a 52-week low of $28.34 and a 52-week high of $80.00. The company’s 50 day moving average is $69.36 and its 200 day moving average is $52.60.

Insider Buying and Selling at Rubrik

In other Rubrik news, CFO Kiran Kumar Choudary sold 1,800 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $69.70, for a total transaction of $125,460.00. Following the sale, the chief financial officer now owns 342,160 shares of the company’s stock, valued at approximately $23,848,552. This trade represents a 0.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Brian K. Mccarthy sold 28,485 shares of Rubrik stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $72.34, for a total value of $2,060,604.90. Following the completion of the transaction, the executive now owns 346,560 shares in the company, valued at $25,070,150.40. This trade represents a 7.60 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 627,512 shares of company stock valued at $41,708,771.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Piper Sandler boosted their price objective on shares of Rubrik from $72.00 to $83.00 and gave the company an “overweight” rating in a research report on Thursday, December 19th. Truist Financial upped their price target on shares of Rubrik from $50.00 to $75.00 and gave the company a “buy” rating in a report on Friday, December 6th. Mizuho upped their price target on shares of Rubrik from $75.00 to $82.00 and gave the company an “outperform” rating in a report on Tuesday, December 17th. Oppenheimer assumed coverage on Rubrik in a research note on Wednesday, November 13th. They set a “market perform” rating on the stock. Finally, KeyCorp upped their target price on Rubrik from $75.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, February 11th. Three equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Rubrik presently has a consensus rating of “Moderate Buy” and an average price target of $65.56.

Rubrik 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.