Quest Partners LLC Purchases 7,508 Shares of Rapid7, Inc. (NASDAQ:RPD)

Quest Partners LLC boosted its holdings in Rapid7, Inc. (NASDAQ:RPD) by 924.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 8,320 shares of the technology company’s stock after acquiring an additional 7,508 shares during the period. Quest Partners LLC’s holdings in Rapid7 were worth $332,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Point72 Asset Management L.P. boosted its stake in shares of Rapid7 by 252.0% in the second quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company’s stock valued at $164,236,000 after buying an additional 2,719,791 shares during the period. Cannae Holdings Inc. bought a new position in shares of Rapid7 in the second quarter worth $15,130,000. SG Americas Securities LLC raised its stake in Rapid7 by 7,688.6% in the second quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company’s stock valued at $7,141,000 after purchasing an additional 163,075 shares in the last quarter. 272 Capital LP bought a new stake in Rapid7 during the second quarter worth about $6,979,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Rapid7 during the second quarter worth about $6,106,000. Institutional investors and hedge funds own 95.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on RPD shares. Canaccord Genuity Group upgraded shares of Rapid7 from a “hold” rating to a “buy” rating and reduced their price target for the stock from $52.00 to $43.00 in a research report on Wednesday, August 7th. Scotiabank decreased their price target on Rapid7 from $45.00 to $41.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. Jefferies Financial Group began coverage on Rapid7 in a research report on Wednesday, October 16th. They set a “buy” rating and a $50.00 price objective for the company. Royal Bank of Canada cut Rapid7 from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $50.00 to $40.00 in a research report on Friday, September 20th. Finally, Truist Financial dropped their target price on shares of Rapid7 from $40.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, November 7th. Fifteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Rapid7 currently has a consensus rating of “Hold” and a consensus target price of $44.59.

Rapid7 Price Performance

Shares of RPD stock opened at $42.74 on Tuesday. The stock has a market capitalization of $2.70 billion, a PE ratio of 67.84 and a beta of 0.96. The business’s 50 day simple moving average is $39.18 and its 200 day simple moving average is $38.39. Rapid7, Inc. has a one year low of $32.94 and a one year high of $61.88.

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

Insider Buying and Selling

In related news, Director Reeny Sondhi sold 3,663 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $40.00, for a total transaction of $146,520.00. Following the transaction, the director now directly owns 17,460 shares of the company’s stock, valued at $698,400. This represents a 17.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is currently owned by insiders.

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.