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Ravi Mhatre, a director and significant shareholder of Rubrik, Inc. (NASDAQ:RBRK), recently sold 13,213 shares of the company’s Class A common stock. The company, currently valued at $11.8 billion, has seen its stock surge 66.5% over the past year according to InvestingPro data. The shares were sold at an average price of $62.98, totaling approximately $832,154. Following this transaction, Mhatre holds various indirect positions in Rubrik through different entities, including Mhatre Investments LP - Fund 2 and Fund 3, as well as a trust. The sale was conducted on April 15, as disclosed in a recent SEC filing. With impressive revenue growth of 41.2% and trading above its InvestingPro Fair Value, the company shows strong momentum despite its current unprofitability. Discover 12 additional exclusive insights and detailed analysis available on InvestingPro.
In other recent news, Rubrik has made significant strides in enhancing its cyber resilience offerings for Google (NASDAQ:GOOGL) Cloud, introducing a cloud-based isolated recovery environment in collaboration with Mandiant. This initiative aims to secure business-critical data backups against cyber threats, ensuring swift recovery from incidents. Additionally, Rubrik has launched Rubrik Annapurna to improve AI data security on Google Cloud, focusing on secure data access and management for AI-driven applications. The company has also received favorable attention from analysts, with Guggenheim raising its stock target to $80 and maintaining a Buy rating, citing Rubrik’s innovative approach and strong financial performance. BMO Capital Markets followed suit, increasing their price target to $77 while keeping an Outperform rating, highlighting Rubrik’s impressive subscription Annual Recurring Revenue (ARR) growth. Truist Securities reaffirmed a $90 price target, noting Rubrik’s robust fourth-quarter performance and its unique market position in data security. These developments underscore Rubrik’s continued momentum and strategic focus on innovation and security.
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