West Tower Group LLC Trims Holdings in Rapid7, Inc. (NASDAQ:RPD)

West Tower Group LLC trimmed its position in Rapid7, Inc. (NASDAQ:RPD) by 25.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,000 shares of the technology company’s stock after selling 1,000 shares during the quarter. West Tower Group LLC’s holdings in Rapid7 were worth $120,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RPD. Point72 Asset Management L.P. grew its holdings in 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 buying an additional 2,719,791 shares in the last quarter. Cannae Holdings Inc. purchased a new stake in Rapid7 during the 2nd quarter valued at approximately $15,130,000. SG Americas Securities LLC grew its holdings in 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 buying an additional 163,075 shares in the last quarter. 272 Capital LP purchased a new stake in Rapid7 during the 2nd quarter valued at approximately $6,979,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Rapid7 during the 2nd quarter valued at approximately $6,106,000. 95.66% of the stock is owned by hedge funds and other institutional investors.

Rapid7 Price Performance

RPD opened at $42.74 on Tuesday. The business’s 50-day moving average is $39.18 and its two-hundred day moving average is $38.39. Rapid7, Inc. has a 1 year low of $32.94 and a 1 year high of $61.88. The firm has a market capitalization of $2.70 billion, a PE ratio of 67.84 and a beta of 0.96.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings results on Wednesday, November 6th. The technology company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.14. The business had revenue of $214.65 million during the quarter, compared to the consensus estimate of $210.04 million. Rapid7 had a negative return on equity of 128.95% and a net margin of 5.65%. The company’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter last year, the company earned $0.11 earnings per share. As a group, sell-side analysts expect that Rapid7, Inc. will post 0.98 EPS for the current year.

Insiders Place Their Bets

In related news, Director Reeny Sondhi sold 3,663 shares of Rapid7 stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $40.00, for a total transaction of $146,520.00. Following the completion of the sale, the director now owns 17,460 shares of the company’s stock, valued at $698,400. The trade was a 17.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Analyst Ratings Changes

RPD has been the subject of a number of research reports. Royal Bank of Canada downgraded Rapid7 from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $50.00 to $40.00 in a research report on Friday, September 20th. Scotiabank lowered their price target on Rapid7 from $45.00 to $41.00 and set a “sector perform” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised their price target on Rapid7 from $40.00 to $42.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Jefferies Financial Group assumed coverage on Rapid7 in a research report on Wednesday, October 16th. They issued a “buy” rating and a $50.00 price target for the company. Finally, DA Davidson raised their price target on Rapid7 from $35.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Fifteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Rapid7 currently has an average rating of “Hold” and an average target price of $44.59.

Rapid7 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.