Point72 Asset Management L.P. Cuts Stake in Rapid7, Inc. (NASDAQ:RPD)

Point72 Asset Management L.P. lowered its stake in Rapid7, Inc. (NASDAQ:RPD) by 54.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,485,477 shares of the technology company’s stock after selling 1,758,147 shares during the quarter. Point72 Asset Management L.P. owned 2.35% of Rapid7 worth $59,761,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Estuary Capital Management LP bought a new stake in Rapid7 during the 4th quarter valued at approximately $20,714,000. Dendur Capital LP purchased a new stake in shares of Rapid7 during the 4th quarter valued at about $19,190,000. Raymond James Financial Inc. purchased a new stake in shares of Rapid7 in the 4th quarter worth $12,050,000. Marshall Wace LLP raised its stake in Rapid7 by 144.2% during the 4th quarter. Marshall Wace LLP now owns 475,695 shares of the technology company’s stock worth $19,137,000 after acquiring an additional 280,913 shares during the period. Finally, Nuveen Asset Management LLC lifted its position in shares of Rapid7 by 158.0% in the fourth quarter. Nuveen Asset Management LLC now owns 428,423 shares of the technology company’s stock valued at $17,235,000 after acquiring an additional 262,382 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Rapid7 Trading Down 1.2%

RPD opened at $23.55 on Friday. Rapid7, Inc. has a 12-month low of $21.61 and a 12-month high of $44.48. The firm has a 50 day moving average of $25.32 and a two-hundred day moving average of $33.96. The firm has a market capitalization of $1.51 billion, a PE ratio of 60.38 and a beta of 1.06.

Rapid7 (NASDAQ:RPD) last issued its earnings results on Monday, May 12th. The technology company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.12. Rapid7 had a net margin of 3.46% and a negative return on equity of 130.41%. The firm had revenue of $210.25 million during the quarter, compared to analysts’ expectations of $208.25 million. During the same quarter last year, the company posted $0.55 earnings per share. The firm’s revenue was up 2.5% compared to the same quarter last year. As a group, analysts predict that Rapid7, Inc. will post 0.35 EPS for the current fiscal year.

Insider Buying and Selling

In other Rapid7 news, insider Christina Luconi sold 12,551 shares of the company’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $23.12, for a total value of $290,179.12. Following the completion of the transaction, the insider now owns 58,165 shares in the company, valued at approximately $1,344,774.80. This represents a 17.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on RPD. Piper Sandler reduced their target price on Rapid7 from $35.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday. Stifel Nicolaus dropped their target price on shares of Rapid7 from $38.00 to $29.00 and set a “hold” rating on the stock in a research note on Tuesday. DA Davidson reissued an “underperform” rating and set a $21.00 target price (down previously from $29.00) on shares of Rapid7 in a research report on Tuesday. UBS Group decreased their price objective on Rapid7 from $52.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Finally, Barclays decreased their price target on shares of Rapid7 from $26.00 to $25.00 and set an “equal weight” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $33.32.

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.