Connor Clark & Lunn Investment Management Ltd. Reduces Stake in Rapid7, Inc. (NASDAQ:RPD)

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in shares of Rapid7, Inc. (NASDAQ:RPD - Free Report) by 47.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 45,556 shares of the technology company's stock after selling 40,395 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.07% of Rapid7 worth $1,833,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Raymond James Financial Inc. bought a new stake in shares of Rapid7 during the 4th quarter valued at $12,050,000. Proficio Capital Partners LLC bought a new stake in shares of Rapid7 during the 4th quarter valued at $1,429,000. Charles Schwab Investment Management Inc. raised its stake in shares of Rapid7 by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 520,006 shares of the technology company's stock valued at $20,920,000 after purchasing an additional 8,918 shares during the period. Versor Investments LP bought a new stake in shares of Rapid7 during the 4th quarter valued at $266,000. Finally, Principal Financial Group Inc. raised its stake in shares of Rapid7 by 13.9% during the 4th quarter. Principal Financial Group Inc. now owns 54,306 shares of the technology company's stock valued at $2,185,000 after purchasing an additional 6,645 shares during the period. 95.66% of the stock is currently owned by institutional investors.

Insider Activity at Rapid7

In other Rapid7 news, CEO Corey E. Thomas sold 100,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $39.38, for a total value of $3,938,000.00. Following the completion of the sale, the chief executive officer now owns 431,469 shares in the company, valued at approximately $16,991,249.22. This trade represents a 18.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.60% of the stock is currently owned by company insiders.

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Rapid7 Stock Performance

RPD stock traded down $0.06 during trading on Friday, hitting $28.29. 2,233,037 shares of the company traded hands, compared to its average volume of 830,534. The firm has a market capitalization of $1.81 billion, a PE ratio of 72.54 and a beta of 0.92. Rapid7, Inc. has a 1 year low of $26.77 and a 1 year high of $50.69. The company has a 50-day moving average of $34.13 and a 200-day moving average of $37.56.

Rapid7 (NASDAQ:RPD - Get Free Report) last issued its earnings results on Wednesday, February 12th. The technology company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.38). Rapid7 had a net margin of 3.46% and a negative return on equity of 130.41%. Sell-side analysts expect that Rapid7, Inc. will post 0.35 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on RPD. Citigroup decreased their price objective on Rapid7 from $46.00 to $44.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. UBS Group decreased their target price on Rapid7 from $52.00 to $45.00 and set a "buy" rating on the stock in a research note on Thursday, February 13th. Needham & Company LLC restated a "hold" rating on shares of Rapid7 in a research note on Thursday, February 13th. JPMorgan Chase & Co. decreased their target price on Rapid7 from $42.00 to $40.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 11th. Finally, Morgan Stanley started coverage on Rapid7 in a research note on Tuesday. They issued an "equal weight" rating and a $33.00 target price on the stock. Fifteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Rapid7 currently has a consensus rating of "Hold" and a consensus price target of $40.50.

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.