Rapid7, Inc. (NASDAQ:RPD) Shares Sold by West Tower Group LLC

West Tower Group LLC cut its stake in Rapid7, Inc. (NASDAQ:RPD) by 25.0% in the third quarter, HoldingsChannel reports. The fund owned 3,000 shares of the technology company’s stock after selling 1,000 shares during the period. West Tower Group LLC’s holdings in Rapid7 were worth $120,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Point72 Asset Management L.P. lifted its holdings in 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 acquiring an additional 2,719,791 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Rapid7 by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 511,088 shares of the technology company’s stock valued at $20,387,000 after acquiring an additional 9,190 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings 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 valued at $24,691,000 after acquiring an additional 18,907 shares during the period. Fred Alger Management LLC increased its position in shares of Rapid7 by 0.3% in the second quarter. Fred Alger Management LLC now owns 494,509 shares of the technology company’s stock valued at $21,378,000 after buying an additional 1,297 shares in the last quarter. Finally, Cannae Holdings Inc. purchased a new stake in shares of Rapid7 in the second quarter valued at approximately $15,130,000. 95.66% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Reeny Sondhi sold 3,663 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $40.00, for a total transaction of $146,520.00. Following the transaction, the director now owns 17,460 shares of the company’s stock, valued at approximately $698,400. This represents a 17.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Rapid7 Stock Performance

NASDAQ RPD opened at $42.74 on Tuesday. The stock’s fifty day moving average is $39.18 and its two-hundred day moving average is $38.39. The firm has a market capitalization of $2.70 billion, a P/E ratio of 67.84 and a beta of 0.96. Rapid7, Inc. has a fifty-two week low of $32.94 and a fifty-two week high of $61.88.

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on RPD shares. Royal Bank of Canada cut 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. DA Davidson boosted their price objective on Rapid7 from $35.00 to $39.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Scotiabank cut their price objective 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. Baird R W cut Rapid7 from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Jefferies Financial Group started coverage on Rapid7 in a research report on Wednesday, October 16th. They set a “buy” rating and a $50.00 price target for the company. Fifteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $44.59.

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.