State of New Jersey Common Pension Fund D raised its stake in Rapid7, Inc. (NASDAQ:RPD – Get Rating) by 12.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,718 shares of the technology company's stock after buying an additional 4,168 shares during the quarter. State of New Jersey Common Pension Fund D owned about 0.07% of Rapid7 worth $1,661,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of RPD. Frontier Capital Management Co. LLC increased its stake in Rapid7 by 606.9% during the second quarter. Frontier Capital Management Co. LLC now owns 79,665 shares of the technology company's stock worth $5,322,000 after purchasing an additional 68,396 shares during the period. Aigen Investment Management LP purchased a new stake in shares of Rapid7 during the second quarter worth approximately $325,000. CWM LLC increased its stake in shares of Rapid7 by 96.7% during the third quarter. CWM LLC now owns 1,119 shares of the technology company's stock worth $48,000 after buying an additional 550 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Rapid7 by 1,235.3% during the third quarter. Assenagon Asset Management S.A. now owns 294,777 shares of the technology company's stock worth $12,646,000 after buying an additional 272,701 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in shares of Rapid7 by 1.7% during the second quarter. Envestnet Asset Management Inc. now owns 101,893 shares of the technology company's stock worth $6,806,000 after buying an additional 1,732 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.
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Insider Buying and Selling
In other Rapid7 news, CEO Corey E. Thomas sold 41,619 shares of the stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $29.19, for a total value of $1,214,858.61. Following the completion of the transaction, the chief executive officer now owns 428,074 shares in the company, valued at $12,495,480.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Rapid7 news, CEO Corey E. Thomas sold 41,619 shares of the stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $29.19, for a total value of $1,214,858.61. Following the completion of the transaction, the chief executive officer now owns 428,074 shares in the company, valued at $12,495,480.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Timothy M. Adams acquired 2,500 shares of the business's stock in a transaction on Monday, December 5th. The stock was acquired at an average price of $30.00 per share, with a total value of $75,000.00. Following the transaction, the chief financial officer now directly owns 109,294 shares of the company's stock, valued at approximately $3,278,820. The disclosure for this purchase can be found here. Insiders sold a total of 124,857 shares of company stock valued at $3,923,423 over the last three months. 2.80% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on RPD. Royal Bank of Canada cut their target price on shares of Rapid7 from $57.00 to $47.00 and set an "outperform" rating on the stock in a research note on Thursday, November 3rd. Morgan Stanley cut their target price on shares of Rapid7 from $55.00 to $44.00 and set an "equal weight" rating on the stock in a research note on Monday, December 19th. Robert W. Baird reaffirmed an "outperform" rating and issued a $90.00 price target on shares of Rapid7 in a report on Wednesday, October 19th. Truist Financial downgraded Rapid7 from a "buy" rating to a "hold" rating and lowered their price target for the company from $80.00 to $40.00 in a report on Thursday, November 3rd. Finally, Raymond James lowered their price target on Rapid7 from $85.00 to $50.00 and set an "outperform" rating for the company in a report on Thursday, November 3rd. Twelve investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $62.53.
Rapid7 Price Performance
Shares of NASDAQ RPD opened at $35.35 on Friday. The stock has a fifty day moving average price of $32.46 and a 200 day moving average price of $46.78. Rapid7, Inc. has a 1-year low of $26.49 and a 1-year high of $118.25. The company has a market cap of $2.09 billion, a PE ratio of -12.90 and a beta of 1.16.
Rapid7 (NASDAQ:RPD – Get Rating) last issued its quarterly earnings results on Wednesday, November 2nd. The technology company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.06. The company had revenue of $175.77 million for the quarter, compared to analyst estimates of $176.13 million. Analysts anticipate that Rapid7, Inc. will post -1.86 earnings per share for the current fiscal year.
Rapid7 Company Profile
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Rapid7, Inc provides cyber security solutions. The company offers a cloud-native insight platform that enables customers to create and manage analytics-driven cyber security risk management programs. Its platform includes InsightIDR, an incident detection and response solution; InsightCloudSec, a solution that integrates posture management, workload protection, infrastructure entitlements management, infrastructure-as-code security, and Kubernetes protection; InsightVM, a vulnerability risk management solution that is designed to provide a way to collect vulnerability data, prioritize risk, and automate remediation; InsightAppSec, which provides application security testing that analyzes web applications for security vulnerabilities; and InsightConnect, a security orchestration and automation response solution that is used by security professionals.
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