Zurcher Kantonalbank Acquires Stake in Rubrik, Inc.

In the third quarter, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Rubrik, Inc. (NYSE:RBRK), according to HoldingsChannel. The bank purchased 10,059 shares, valued at around $323,000.

Other institutional investors have also recently adjusted their positions in Rubrik. For example, Dragoneer Investment Group LLC acquired a new stake during the second quarter valued at about $47.5 million. Champlain Investment Partners LLC made a significant purchase in the third quarter, totaling approximately $44.4 million. Additionally, Penserra Capital Management LLC bought shares worth around $35.4 million in the third quarter. Clearbridge Investments LLC also secured a new stake during the second quarter, valued at roughly $32.9 million, while Pathway Capital Management LP purchased a new stake in the third quarter valued at about $23.5 million.

Price Targets Set by Analysts

Several analysts have recently reviewed Rubrik's stock. On September 30, FBN Securities initiated coverage with an “outperform” rating and set a price target of $40.00. CIBC increased its price target from $50.00 to $52.00 on September 10, also rating the stock as an “outperformer.” Truist Financial raised its target from $50.00 to $75.00, giving the stock a “buy” rating. KeyCorp also boosted its target from $57.00 to $75.00, rating it as “overweight.” Citigroup's analysts increased their target from $48.00 to $75.00, designating the stock as a “buy.” Overall, one analyst rated the stock as a hold, while sixteen provided a buy rating, and two rated it as a strong buy. According to MarketBeat, Rubrik’s consensus rating stands at “Buy” with a target price of $60.59.

Rubrik's Stock Performance

On Monday, Rubrik's shares traded at $64.63. The company has reported a twelve-month low of $28.34 and a high of $72.66. Its 50-day moving average stands at $42.65, while the 200-day moving average is at $36.20.

Rubrik last released its earnings results on September 9, reporting an earnings per share (EPS) of ($0.97). This missed analysts’ expectations of ($0.96) by a slight margin. Revenue for the quarter amounted to $204.95 million, exceeding expectations of approximately $195.58 million. Analysts forecast an EPS of -8.04 for Rubrik for the current fiscal year.

Insider Trading Activities

Recently, insider trading activities have been notable. Director Ravi Mhatre sold 15,933 shares on September 13 at an average price of $30.19, totaling about $481,017.27. This transaction was revealed in a legal filing with the SEC. Similarly, CFO Kiran Kumar Choudary sold 51,924 shares on September 26 at an average price of $31.41, amounting to approximately $1.63 million. Following this sale, the CFO’s total holdings stood at 493,360 shares, valued at about $15.5 million, reflecting a decrease of 9.52% in their position. Over the past ninety days, insiders have sold a total of 574,912 shares, valued at $22.67 million.

About Rubrik, Inc.

Rubrik, Inc. specializes in providing data security solutions to businesses and individuals globally. Its offerings include enterprise data protection, unstructured and cloud data protection, SaaS data protection solutions, data threat analytics, and cyber recovery solutions, serving various sectors such as finance, healthcare, education, and technology.

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