Fred Alger Management LLC trimmed its holdings in Rapid7, Inc. (NASDAQ:RPD – Get Rating) by 0.1% during the third quarter, Holdings Channel reports. The institutional investor owned 397,231 shares of the technology company’s stock after selling 367 shares during the quarter. Fred Alger Management LLC’s holdings in Rapid7 were worth $17,041,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in RPD. Ellevest Inc. bought a new position in shares of Rapid7 during the third quarter valued at about $31,000. CWM LLC lifted its position in shares of Rapid7 by 96.7% during the third quarter. CWM LLC now owns 1,119 shares of the technology company’s stock valued at $48,000 after purchasing an additional 550 shares in the last quarter. Benjamin F. Edwards & Company Inc. bought a new position in shares of Rapid7 during the third quarter valued at about $54,000. Captrust Financial Advisors lifted its position in shares of Rapid7 by 57.7% during the second quarter. Captrust Financial Advisors now owns 2,333 shares of the technology company’s stock valued at $156,000 after purchasing an additional 854 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in Rapid7 during the third quarter worth about $163,000. 97.91% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on RPD. Royal Bank of Canada restated an “outperform” rating and set a $60.00 price objective on shares of Rapid7 in a report on Thursday, February 9th. Mizuho raised their price objective on shares of Rapid7 from $40.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, February 9th. Morgan Stanley raised their price objective on shares of Rapid7 from $44.00 to $48.00 and gave the stock an “equal weight” rating in a report on Thursday, February 9th. Canaccord Genuity Group downgraded shares of Rapid7 from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $55.00 to $52.00 in a report on Thursday, February 9th. Finally, Raymond James lifted their target price on shares of Rapid7 from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, February 9th. Fourteen research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $61.89.
Rapid7 Price Performance
Rapid7 (NASDAQ:RPD – Get Rating) last announced its earnings results on Wednesday, February 8th. The technology company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.19. The company had revenue of $184.48 million for the quarter, compared to the consensus estimate of $179.33 million. As a group, research analysts anticipate that Rapid7, Inc. will post -1.17 earnings per share for the current year.
Insider Buying and Selling at Rapid7
In other Rapid7 news, CEO Corey E. Thomas sold 41,619 shares of Rapid7 stock in a transaction that occurred on Thursday, December 15th. The shares were sold at an average price of $36.68, for a total transaction of $1,526,584.92. Following the completion of the sale, the chief executive officer now directly owns 428,074 shares in the company, valued at $15,701,754.32. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.80% of the stock is currently owned by company insiders.
Rapid7 Company Profile
Rapid7, Inc engages in the provision of cyber security analytics and automation services. Its products include Metasploit, Nexpose, AppSpider, tCell by Rapid7, as well as insight platforms such as InsightDR, InsightIVM, InsightAppSec, InsightConnect, and InsightOps. The firm also offers security and product consulting services.
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