Penserra Capital Management LLC Cuts Stake in Rapid7, Inc. (NASDAQ:RPD)

Penserra Capital Management LLC lessened its stake in shares of Rapid7, Inc. (NASDAQ:RPD) by 5.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,039,324 shares of the technology company’s stock after selling 57,466 shares during the quarter. Rapid7 accounts for 0.9% of Penserra Capital Management LLC’s investment portfolio, making the stock its 23rd biggest position. Penserra Capital Management LLC’s holdings in Rapid7 were worth $41,458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Point72 Asset Management L.P. grew its holdings in Rapid7 by 252.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company’s stock valued at $164,236,000 after purchasing an additional 2,719,791 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Rapid7 by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 511,088 shares of the technology company’s stock valued at $20,387,000 after buying an additional 9,190 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Rapid7 by 3.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 503,468 shares of the technology company’s stock valued at $24,691,000 after acquiring an additional 18,907 shares in the last quarter. Fred Alger Management LLC increased its position in shares of Rapid7 by 0.3% during the second quarter. Fred Alger Management LLC now owns 494,509 shares of the technology company’s stock worth $21,378,000 after acquiring an additional 1,297 shares during the last quarter. Finally, Cannae Holdings Inc. acquired a new position in shares of Rapid7 in the second quarter worth about $15,130,000. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Rapid7 Stock Up 1.0 %

Rapid7 stock opened at $42.86 on Friday. Rapid7, Inc. has a 52-week low of $32.94 and a 52-week high of $61.88. The firm has a market capitalization of $2.71 billion, a price-to-earnings ratio of 68.03 and a beta of 0.96. The firm has a 50-day moving average price of $39.18 and a two-hundred day moving average price of $38.44.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings data on Wednesday, November 6th. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. The business had revenue of $214.65 million during the quarter, compared to analyst estimates of $210.04 million. Rapid7 had a negative return on equity of 128.95% and a net margin of 5.65%. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.11 EPS. Research analysts expect that Rapid7, Inc. will post 0.98 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RPD. Royal Bank of Canada lowered Rapid7 from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $50.00 to $40.00 in a research note on Friday, September 20th. Truist Financial dropped their price target on shares of Rapid7 from $40.00 to $38.00 and set a “hold” rating for the company in a research note on Thursday, November 7th. JPMorgan Chase & Co. upped their price target on shares of Rapid7 from $40.00 to $42.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Needham & Company LLC reissued a “hold” rating on shares of Rapid7 in a report on Wednesday, August 7th. Finally, Canaccord Genuity Group upgraded shares of Rapid7 from a “hold” rating to a “buy” rating and cut their target price for the company from $52.00 to $43.00 in a research note on Wednesday, August 7th. Fifteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Rapid7 presently has an average rating of “Hold” and a consensus price target of $44.59.

Insider Transactions at Rapid7

In other news, Director Reeny Sondhi sold 3,663 shares of Rapid7 stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $40.00, for a total value of $146,520.00. Following the transaction, the director now owns 17,460 shares of the company’s stock, valued at $698,400. The trade was a 17.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.60% of the company’s stock.

About Rapid7

Rapid7, Inc provides cybersecurity solutions under the Rapid7, Nexpose, and Metasploit brand names. The company offers endpoint to cloud data collection and sharing applications, such as Rapid7 Insight Agent, a software-based agent that is used on assets across on-premises and cloud environments to centralize and monitor data on company's platform; Rapid7 Insight Network Sensor that analyzes raw end-to-end network traffic to increase visibility into user activity, pinpoint real threats, and investigations; Rapid7 Cloud Event Data Harvesting that offers visibility into changes made to cloud resources; and third-party integrations and ecosystem, as well as orchestration and automation solutions.