PALO ALTO, Calif.—Brian K. McCarthy, Chief Revenue Officer of Rubrik, Inc. (NASDAQ:RBRK), recently sold shares worth approximately $1.25 million, according to a recent SEC filing. The transactions, executed on December 2, 2024, involved the sale of 24,000 shares of Class A common stock. The sale comes as Rubrik, currently valued at $9.25 billion, trades near its 52-week high of $54.00. According to InvestingPro analysis, the stock has shown remarkable momentum with a 71% gain over the past six months.
The sale was conducted in multiple transactions at prices ranging from $49.70 to $51.55 per share. Following these sales, McCarthy holds 337,545 shares in Rubrik.
These transactions were made under a Rule 10b5-1 trading plan, which McCarthy adopted on June 27, 2024. Such plans allow insiders to set up a predetermined schedule for buying or selling company stock to avoid potential conflicts of interest.
In other recent news, Rubrik Inc. has made substantial progress in both its financial performance and strategic initiatives. The company's annual recurring revenue has exceeded expectations, leading to an upward revision of the fiscal year 2025 ARR and margin guidance. Rubrik has also expanded its market presence by acquiring a company specializing in cyber resilience and AI-driven recovery.
In addition, Rubrik recently launched a new cyber resilience service for Microsoft (NASDAQ:MSFT) Azure Blob Storage, aiming to enhance security for cloud data. This service is part of Rubrik's broader mission to secure the world's data through its Zero Trust Data Security™ platform.
Analyst firms such as Truist Securities, Citi, Oppenheimer, and Piper Sandler have been closely monitoring these developments. Truist Securities raised its price target on Rubrik from $43.00 to $50.00, while Citi reaffirmed a Buy rating on Rubrik. Oppenheimer initiated coverage on Rubrik with a Perform rating, citing the company's potential but expressing concerns about its current operating loss due to heavy investment. Piper Sandler maintained an Overweight rating despite recent market underperformance linked to a Department of Justice subpoena and troubling news involving a former employee. These are the recent developments for Rubrik Inc.
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