Concentric Capital Strategies LP Raises Stock Holdings in Rapid7, Inc. (NASDAQ:RPD)

Concentric Capital Strategies LP grew its holdings in Rapid7, Inc. (NASDAQ:RPD - Free Report) by 59.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,457 shares of the technology company's stock after purchasing an additional 16,277 shares during the period. Concentric Capital Strategies LP owned about 0.07% of Rapid7 worth $1,734,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Point72 Asset Management L.P. increased its position in shares of Rapid7 by 252.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company's stock valued at $164,236,000 after purchasing an additional 2,719,791 shares during the last quarter. Cannae Holdings Inc. purchased a new position in shares of Rapid7 during the 2nd quarter worth $15,130,000. SG Americas Securities LLC grew its position in shares of Rapid7 by 7,688.6% during the 2nd quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company's stock valued at $7,141,000 after acquiring an additional 163,075 shares during the period. 272 Capital LP purchased a new stake in shares of Rapid7 in the 2nd quarter worth $6,979,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in Rapid7 in the 2nd quarter worth $6,106,000. 95.66% of the stock is owned by institutional investors.

Rapid7 Stock Down 0.3 %

Shares of RPD traded down $0.12 during mid-day trading on Tuesday, hitting $42.43. 257,845 shares of the company traded hands, compared to its average volume of 836,802. The business has a 50 day moving average of $40.15 and a 200 day moving average of $38.58. The company has a market capitalization of $2.68 billion, a PE ratio of 67.78 and a beta of 0.95. Rapid7, Inc. has a 1-year low of $32.94 and a 1-year high of $61.88.

Rapid7 (NASDAQ:RPD - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $214.65 million during the quarter, compared to analysts' expectations of $210.04 million. During the same period last year, the business posted $0.11 earnings per share. The company's revenue for the quarter was up 8.0% compared to the same quarter last year. As a group, research analysts expect that Rapid7, Inc. will post 0.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on RPD shares. JPMorgan Chase & Co. upped their price objective on Rapid7 from $40.00 to $42.00 and gave the stock a "neutral" rating in a research note on Thursday, November 7th. Piper Sandler reduced their target price on Rapid7 from $42.00 to $40.00 and set a "neutral" rating on the stock in a report on Thursday, November 7th. StockNews.com upgraded Rapid7 from a "hold" rating to a "buy" rating in a report on Wednesday, November 27th. Royal Bank of Canada cut Rapid7 from an "outperform" rating to a "sector perform" rating and decreased their price objective for the stock from $50.00 to $40.00 in a report on Friday, September 20th. Finally, Truist Financial dropped their price objective on shares of Rapid7 from $40.00 to $38.00 and set a "hold" rating for the company in a research note on Thursday, November 7th. Fourteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $44.59.

Insider Activity

In other Rapid7 news, Director Reeny Sondhi sold 3,663 shares of the firm's stock in a transaction on Monday, September 30th. The stock was sold at an average price of $40.00, for a total value of $146,520.00. Following the transaction, the director now owns 17,460 shares in the company, valued at approximately $698,400. This trade represents a 17.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.60% of the company's stock.

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.