Rubrik (NYSE:RBRK) Shares Down 2% After Insider Selling

Rubrik, Inc. (NYSE:RBRK)’s share price fell 2% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $31.59 and last traded at $31.59. 63,397 shares were traded during trading, a decline of 95% from the average session volume of 1,261,109 shares. The stock had previously closed at $32.24.

Specifically, Director Ravi Mhatre sold 15,933 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $30.19, for a total value of $481,017.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analysts Set New Price Targets

Several research analysts have commented on RBRK shares. KeyCorp lifted their price target on shares of Rubrik from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 12th. Baird R W upgraded shares of Rubrik to a “strong-buy” rating in a research report on Monday, July 15th. Truist Financial restated a “buy” rating and set a $43.00 price target on shares of Rubrik in a research report on Tuesday, September 10th. Guggenheim reiterated a “buy” rating and issued a $48.00 price objective on shares of Rubrik in a report on Tuesday, June 25th. Finally, Piper Sandler initiated coverage on Rubrik in a report on Monday, August 19th. They set an “overweight” rating and a $42.00 target price for the company. Fifteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $44.69.

Rubrik Stock Down 0.9 %

The company’s 50 day moving average is $33.52.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Ghisallo Capital Management LLC purchased a new position in shares of Rubrik during the second quarter valued at about $5,366,000. Clearbridge Investments LLC purchased a new position in shares of Rubrik during the 2nd quarter worth approximately $32,888,000. Millennium Management LLC bought a new position in shares of Rubrik in the 2nd quarter worth approximately $6,272,000. Maverick Capital Ltd. purchased a new position in shares of Rubrik in the 2nd quarter valued at approximately $6,132,000. Finally, Dragoneer Investment Group LLC purchased a new position in shares of Rubrik in the 2nd quarter valued at approximately $47,523,000.

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.