Principal Financial Group Inc. Has $1.90 Million Stock Position in Rapid7, Inc. (NASDAQ:RPD)

Principal Financial Group Inc. increased its position in Rapid7, Inc. (NASDAQ:RPD) by 9.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,661 shares of the technology company’s stock after buying an additional 4,214 shares during the period. Principal Financial Group Inc.’s holdings in Rapid7 were worth $1,901,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Algert Global LLC lifted its position in Rapid7 by 158.6% in the 2nd quarter. Algert Global LLC now owns 121,953 shares of the technology company’s stock valued at $5,272,000 after acquiring an additional 74,793 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Rapid7 in the third quarter worth approximately $948,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Rapid7 by 36.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 85,951 shares of the technology company’s stock valued at $3,429,000 after purchasing an additional 22,734 shares in the last quarter. Point72 Asset Management L.P. boosted its position in shares of Rapid7 by 252.0% during 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 last quarter. Finally, Stifel Financial Corp bought a new stake in Rapid7 during the third quarter worth $1,006,000. 95.66% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on RPD shares. Truist Financial cut their price objective on shares of Rapid7 from $40.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, November 7th. Jefferies Financial Group started coverage on shares of Rapid7 in a report on Wednesday, October 16th. They set a “buy” rating and a $50.00 price target on the stock. Piper Sandler decreased their price objective on shares of Rapid7 from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. StockNews.com upgraded Rapid7 from a “hold” rating to a “buy” rating in a research note on Friday, December 6th. Finally, DA Davidson increased their price target on Rapid7 from $35.00 to $39.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Fourteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $44.59.

Rapid7 Stock Performance

NASDAQ:RPD opened at $39.62 on Friday. Rapid7, Inc. has a 52-week low of $32.94 and a 52-week high of $61.88. The stock has a fifty day moving average of $41.00 and a 200 day moving average of $39.12. The firm has a market capitalization of $2.50 billion, a price-to-earnings ratio of 62.89 and a beta of 0.95.

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

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.