Piper Sandler Initiates Coverage on Rubrik (NYSE:RBRK)

Piper Sandler began coverage on shares of Rubrik (NYSE:RBRK) in a research note published on Monday morning, Marketbeat.com reports. The brokerage issued an overweight rating and a $42.00 price objective on the stock.

Other equities research analysts also recently issued reports about the company. The Goldman Sachs Group assumed coverage on Rubrik in a research report on Monday, May 20th. They issued a buy rating and a $48.00 target price for the company. Citigroup upped their target price on Rubrik from $46.00 to $47.00 and gave the stock a buy rating in a research report on Thursday, June 13th. Wedbush restated an outperform rating and issued a $50.00 target price on shares of Rubrik in a research report on Wednesday, June 12th. Baird R W upgraded Rubrik to a strong-buy rating in a research report on Monday, July 15th. Finally, Wells Fargo & Company began coverage on Rubrik in a research report on Monday, May 20th. They set an overweight rating and a $42.00 price objective for the company. Fifteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Rubrik presently has an average rating of Buy and a consensus price target of $45.13.

Rubrik Price Performance

Shares of RBRK stock opened at $36.17 on Monday. Rubrik has a 12-month low of $28.34 and a 12-month high of $40.00. The business has a 50 day simple moving average of $32.58.

Rubrik (NYSE:RBRK) last released its earnings results on Tuesday, June 11th. The company reported ($11.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($10.88) by ($0.59). The business had revenue of $187.32 million during the quarter, compared to analysts’ expectations of $171.60 million. Equities research analysts forecast that Rubrik will post -7.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Rubrik

A number of hedge funds have recently modified their holdings of RBRK. Dragoneer Investment Group LLC acquired a new position in shares of Rubrik in the second quarter worth $47,523,000. EPIQ Capital Group LLC acquired a new position in shares of Rubrik in the second quarter worth $15,111,000. Zweig DiMenna Associates LLC acquired a new position in shares of Rubrik in the second quarter worth $6,730,000. Ensign Peak Advisors Inc acquired a new position in shares of Rubrik in the second quarter worth $6,287,000. Finally, Millennium Management LLC acquired a new position in Rubrik during the second quarter worth $6,272,000.

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.