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

Bank of Nova Scotia reduced its position 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 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 reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RPD. New York State Teachers Retirement System purchased a new stake in shares of Rapid7 in the first quarter valued at approximately $29,000. Versant Capital Management Inc boosted its stake in Rapid7 by 5,311.1% during the first quarter. Versant Capital Management Inc now owns 1,461 shares of the technology company's stock worth $39,000 after buying an additional 1,434 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in Rapid7 in the 1st quarter valued at $74,000. Ostrum Asset Management increased its stake in shares of Rapid7 by 45.3% in the 4th quarter. Ostrum Asset Management now owns 2,478 shares of the technology company's stock worth $100,000 after acquiring an additional 772 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Rapid7 by 2,069.2% during 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. Hedge funds and other institutional investors own 95.66% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on RPD shares. DA Davidson restated an "underperform" rating and set a $21.00 price objective (down from $29.00) on shares of Rapid7 in a research report on Tuesday, May 13th. Morgan Stanley raised their price target on shares of Rapid7 from $26.00 to $28.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 13th. Mizuho decreased their price objective on Rapid7 from $27.00 to $25.00 and set a "neutral" rating on the stock in a report on Friday. Piper Sandler cut their target price on Rapid7 from $35.00 to $30.00 and set a "neutral" rating for the company in a research note on Tuesday, May 13th. Finally, Scotiabank decreased their price target on Rapid7 from $38.00 to $29.00 and set a "sector perform" rating on the stock in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $29.22.

Rapid7 Stock Down 9.8%

Shares of NASDAQ:RPD traded down $1.94 during trading hours on Friday, reaching $17.88. The stock had a trading volume of 2,167,037 shares, compared to its average volume of 750,106. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 43.61 and a beta of 0.96. The firm's 50 day moving average is $22.87 and its 200-day moving average is $26.40. Rapid7, Inc. has a 1 year low of $17.83 and a 1 year high of $44.48. The company has a debt-to-equity ratio of 16.87, a quick ratio of 1.24 and a current ratio of 1.24.

Rapid7 (NASDAQ:RPD - Get Free Report) last posted its earnings results on Thursday, August 7th. The technology company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.44 by $0.14. The firm had revenue of $214.19 million for the quarter, compared to analyst estimates of $212.17 million. Rapid7 had a return on equity of 269.59% and a net margin of 3.41%. Rapid7's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.58 earnings per share. Research analysts predict 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.