Rapid7, Inc. (NASDAQ:RPD) Holdings Lowered by Primecap Management Co. CA

Primecap Management Co. CA reduced its stake in Rapid7, Inc. (NASDAQ:RPD) by 2.0% in the third quarter, HoldingsChannel reports. The fund owned 95,830 shares of the technology company’s stock after selling 2,000 shares during the quarter. Primecap Management Co. CA’s holdings in Rapid7 were worth $3,823,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Russell Investments Group Ltd. boosted its stake in Rapid7 by 80.5% during the 1st quarter. Russell Investments Group Ltd. now owns 3,068 shares of the technology company’s stock valued at $150,000 after purchasing an additional 1,368 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in Rapid7 by 16.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 19,921 shares of the technology company’s stock valued at $915,000 after buying an additional 2,790 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in Rapid7 by 37.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 185,781 shares of the technology company’s stock worth $9,102,000 after acquiring an additional 50,603 shares during the period. Price T Rowe Associates Inc. MD raised its position in Rapid7 by 3.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 503,468 shares of the technology company’s stock worth $24,691,000 after acquiring an additional 18,907 shares in the last quarter. Finally, Comerica Bank lifted its holdings in Rapid7 by 1.1% in the 1st quarter. Comerica Bank now owns 25,356 shares of the technology company’s stock valued at $1,243,000 after acquiring an additional 281 shares during the last quarter. 95.66% of the stock is currently owned by institutional investors.

Rapid7 Stock Performance

Rapid7 stock opened at $42.86 on Friday. Rapid7, Inc. has a twelve month low of $32.94 and a twelve month high of $61.88. The firm has a market cap of $2.71 billion, a PE ratio of 68.03 and a beta of 0.96. The firm’s 50 day moving average price is $39.01 and its two-hundred day moving average price is $38.46.

Rapid7 (NASDAQ:RPD) last posted its quarterly earnings results on Wednesday, November 6th. The technology company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. The business had revenue of $214.65 million for the quarter, compared to the consensus estimate of $210.04 million. Rapid7 had a net margin of 5.65% and a negative return on equity of 128.95%. Rapid7’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 business posted $0.11 earnings per share. Equities analysts anticipate that Rapid7, Inc. will post 0.98 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. UBS Group cut their target price on shares of Rapid7 from $59.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Royal Bank of Canada downgraded Rapid7 from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $50.00 to $40.00 in a research report on Friday, September 20th. Piper Sandler cut their target price on Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Scotiabank decreased their price target on Rapid7 from $45.00 to $41.00 and set a “sector perform” rating for the company in a research report on Wednesday, August 7th. Finally, DA Davidson boosted their price objective on Rapid7 from $35.00 to $39.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Fifteen analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Rapid7 has an average rating of “Hold” and a consensus target price of $44.59.

Insider Transactions at Rapid7

In related news, Director Reeny Sondhi sold 3,663 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was 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 in the company, valued at approximately $698,400. This represents a 17.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.60% of the company’s stock.

Rapid7 Company Profile

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.