Bank of Nova Scotia Lowers Stock Holdings in Rapid7, Inc. (NASDAQ:RPD)

Bank of Nova Scotia decreased its holdings in Rapid7, Inc. (NASDAQ:RPD - Free Report) by 33.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 86,587 shares of the technology company's stock after selling 42,563 shares during the quarter. Bank of Nova Scotia owned about 0.13% of Rapid7 worth $2,295,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. New York State Teachers Retirement System acquired a new position in shares of Rapid7 in the first quarter valued at approximately $29,000. Versant Capital Management Inc increased its stake in Rapid7 by 5,311.1% in the 1st quarter. Versant Capital Management Inc now owns 1,461 shares of the technology company's stock valued at $39,000 after buying an additional 1,434 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in Rapid7 during the 1st quarter worth $74,000. Ostrum Asset Management raised its position in Rapid7 by 45.3% during the 4th quarter. Ostrum Asset Management now owns 2,478 shares of the technology company's stock worth $100,000 after buying an additional 772 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Rapid7 by 2,069.2% in the 1st quarter. GAMMA Investing LLC now owns 5,488 shares of the technology company's stock worth $145,000 after acquiring an additional 5,235 shares during the period. Institutional investors and hedge funds own 95.66% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Barclays dropped their price target on shares of Rapid7 from $26.00 to $25.00 and set an "equal weight" rating on the stock in a research note on Tuesday, May 13th. Susquehanna dropped their target price on Rapid7 from $40.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Royal Bank Of Canada cut their target price on Rapid7 from $27.00 to $23.00 and set a "sector perform" rating for the company in a research note on Friday. Scotiabank reduced their price target on Rapid7 from $38.00 to $29.00 and set a "sector perform" rating for the company in a report on Tuesday, May 13th. Finally, Stifel Nicolaus decreased their price target on Rapid7 from $29.00 to $22.00 and set a "hold" rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Rapid7 currently has a consensus rating of "Hold" and an average price target of $29.22.

Rapid7 Price Performance

Shares of Rapid7 stock traded down $1.94 during trading on Friday, hitting $17.88. 2,167,037 shares of the company were exchanged, compared to its average volume of 858,850. The firm has a 50 day moving average price of $22.97 and a 200 day moving average price of $26.63. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 45.85 and a beta of 0.96. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 16.87. Rapid7, Inc. has a fifty-two week low of $17.83 and a fifty-two week high of $44.48.

Rapid7 (NASDAQ:RPD - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The technology company reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.14. Rapid7 had a return on equity of 2,043.18% and a net margin of 3.42%. The company had revenue of $214.19 million during the quarter, compared to analysts' expectations of $212.17 million. During the same period in the previous year, the firm posted $0.58 earnings per share. The business's revenue for the quarter was up 3.0% compared to the same quarter last year. On average, equities analysts expect that Rapid7, Inc. will post 0.35 earnings per share for the current fiscal year.

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.