Rapid7, Inc. (NASDAQ:RPD) Position Reduced by Truist Financial Corp

Truist Financial Corp lowered its stake in Rapid7, Inc. (NASDAQ:RPD) by 3.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 47,020 shares of the technology company’s stock after selling 1,456 shares during the period. Truist Financial Corp owned 0.08% of Rapid7 worth $2,685,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of RPD. Duality Advisers LP acquired a new position in Rapid7 in the fourth quarter worth $235,000. Tudor Investment Corp Et Al lifted its holdings in Rapid7 by 46.5% in the third quarter. Tudor Investment Corp Et Al now owns 145,102 shares of the technology company’s stock worth $6,643,000 after acquiring an additional 46,053 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in Rapid7 by 34.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 42,448 shares of the technology company’s stock valued at $2,424,000 after acquiring an additional 10,798 shares during the period. Canada Pension Plan Investment Board grew its holdings in shares of Rapid7 by 47.8% during the third quarter. Canada Pension Plan Investment Board now owns 68,300 shares of the technology company’s stock valued at $3,127,000 after purchasing an additional 22,100 shares during the last quarter. Finally, Raymond James & Associates raised its position in shares of Rapid7 by 41.5% during the 3rd quarter. Raymond James & Associates now owns 100,806 shares of the technology company’s stock worth $4,615,000 after purchasing an additional 29,543 shares during the period. Institutional investors and hedge funds own 95.66% of the company’s stock.

Rapid7 Trading Down 17.0 %

NASDAQ:RPD opened at $38.00 on Thursday. The company has a 50-day moving average of $49.04 and a 200-day moving average of $52.71. Rapid7, Inc. has a twelve month low of $35.22 and a twelve month high of $61.88. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of -15.14 and a beta of 1.01.

Rapid7 (NASDAQ:RPD) last posted its quarterly earnings results on Wednesday, February 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.27. Rapid7 had a negative net margin of 19.19% and a negative return on equity of 1.36%. The firm had revenue of $205.27 million for the quarter, compared to analyst estimates of $201.52 million. On average, research analysts forecast that Rapid7, Inc. will post 0.86 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on RPD shares. Scotiabank began coverage on Rapid7 in a research note on Friday, April 26th. They set a “sector perform” rating and a $46.00 price objective for the company. Citigroup dropped their price objective on shares of Rapid7 from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday. Robert W. Baird reduced their target price on shares of Rapid7 from $62.00 to $56.00 and set an “outperform” rating for the company in a research note on Wednesday. Piper Sandler dropped their price target on shares of Rapid7 from $56.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. reduced their price objective on Rapid7 from $61.00 to $60.00 and set a “neutral” rating for the company in a research report on Thursday, February 8th. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $52.13.

Insider Buying and Selling

In other news, COO Andrew F. Burton sold 20,653 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the completion of the sale, the chief operating officer now directly owns 236,841 shares of the company’s stock, valued at $11,541,261.93. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, COO Andrew F. Burton sold 20,653 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $48.73, for a total value of $1,006,420.69. Following the completion of the sale, the chief operating officer now owns 236,841 shares in the company, valued at $11,541,261.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Andrew F. Burton sold 31,727 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $53.07, for a total value of $1,683,751.89. Following the transaction, the chief operating officer now directly owns 257,494 shares in the company, valued at $13,665,206.58. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

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.