Canada Pension Plan Investment Board Increases Stake in Rapid7, Inc. (NASDAQ:RPD)

Canada Pension Plan Investment Board grew its stake in shares of Rapid7, Inc. (NASDAQ:RPD - Free Report) by 31.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 89,300 shares of the technology company's stock after acquiring an additional 21,500 shares during the period. Canada Pension Plan Investment Board owned 0.14% of Rapid7 worth $3,593,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Rapid7 by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 8,618,480 shares of the technology company's stock worth $346,721,000 after acquiring an additional 60,095 shares in the last quarter. Legal & General Group Plc boosted its stake in Rapid7 by 0.9% during the fourth quarter. Legal & General Group Plc now owns 707,556 shares of the technology company's stock valued at $28,465,000 after buying an additional 6,269 shares during the period. Charles Schwab Investment Management Inc. grew its position in Rapid7 by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 520,006 shares of the technology company's stock worth $20,920,000 after buying an additional 8,918 shares in the last quarter. Marshall Wace LLP increased its stake in Rapid7 by 144.2% in the 4th quarter. Marshall Wace LLP now owns 475,695 shares of the technology company's stock worth $19,137,000 after acquiring an additional 280,913 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Rapid7 in the 4th quarter valued at about $12,050,000. Hedge funds and other institutional investors own 95.66% of the company's stock.

Insider Buying and Selling

In related news, insider Christina Luconi sold 12,551 shares of the stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $23.12, for a total transaction of $290,179.12. Following the sale, the insider now directly owns 58,165 shares of the company's stock, valued at approximately $1,344,774.80. This represents a 17.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.60% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RPD. Jefferies Financial Group cut their price objective on Rapid7 from $45.00 to $35.00 and set a "buy" rating for the company in a report on Monday, March 31st. DA Davidson cut their price objective on Rapid7 from $35.00 to $29.00 and set a "neutral" rating for the company in a report on Tuesday, March 25th. Mizuho set a $30.00 price objective on Rapid7 in a report on Wednesday, April 16th. Morgan Stanley cut their price objective on Rapid7 from $33.00 to $26.00 and set an "equal weight" rating for the company in a report on Wednesday, April 16th. Finally, Truist Financial cut their price objective on Rapid7 from $38.00 to $35.00 and set a "hold" rating for the company in a report on Thursday, February 13th. Fifteen investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Rapid7 has a consensus rating of "Hold" and an average target price of $37.32.

Rapid7 Price Performance

RPD stock traded up $0.16 during midday trading on Monday, hitting $24.23. The stock had a trading volume of 500,163 shares, compared to its average volume of 886,295. The firm has a market cap of $1.55 billion, a price-to-earnings ratio of 62.13 and a beta of 0.99. The business has a 50-day moving average of $26.71 and a two-hundred day moving average of $35.26. Rapid7, Inc. has a 52-week low of $21.61 and a 52-week high of $46.84.

Rapid7 (NASDAQ:RPD - Get Free Report) last issued its quarterly 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 negative return on equity of 130.41% and a net margin of 3.46%. Research analysts predict that Rapid7, Inc. will post 0.35 earnings per share for the current year.

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.