Exchange Traded Concepts LLC Increases Stake in Rapid7, Inc. (NASDAQ:RPD)

Exchange Traded Concepts LLC lifted its stake in shares of Rapid7, Inc. (NASDAQ:RPD - Free Report) by 56.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 107,996 shares of the technology company's stock after buying an additional 38,842 shares during the quarter. Exchange Traded Concepts LLC owned about 0.17% of Rapid7 worth $2,863,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Principal Financial Group Inc. raised its holdings in Rapid7 by 13.9% in the fourth quarter. Principal Financial Group Inc. now owns 54,306 shares of the technology company's stock worth $2,185,000 after purchasing an additional 6,645 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Rapid7 in the 4th quarter worth about $1,429,000. Versor Investments LP bought a new position in shares of Rapid7 in the 4th quarter worth about $266,000. Charles Schwab Investment Management Inc. lifted its position in 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 acquiring an additional 8,918 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Rapid7 during the 4th quarter valued at about $12,050,000. 95.66% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Raymond James Financial cut their price objective on shares of Rapid7 from $45.00 to $40.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Piper Sandler cut their price target on Rapid7 from $35.00 to $30.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 13th. JPMorgan Chase & Co. reduced their price objective on Rapid7 from $36.00 to $29.00 and set a "neutral" rating for the company in a research report on Monday, May 12th. Barclays dropped their target price on Rapid7 from $26.00 to $25.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 13th. Finally, Scotiabank cut their target price 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 research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $33.32.

Rapid7 Stock Performance

Rapid7 stock traded down $0.11 during mid-day trading on Friday, reaching $23.42. 747,112 shares of the stock traded hands, compared to its average volume of 830,012. Rapid7, Inc. has a 12-month low of $21.61 and a 12-month high of $44.48. The business's 50-day moving average is $23.59 and its 200-day moving average is $30.86. The company has a debt-to-equity ratio of 16.87, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $1.50 billion, a PE ratio of 60.01 and a beta of 1.02.

Rapid7 (NASDAQ:RPD - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The technology company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.37 by $0.12. The firm had revenue of $210.25 million during the quarter, compared to analyst estimates of $208.25 million. Rapid7 had a net margin of 3.42% and a return on equity of 2,043.18%. The business's revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.55 EPS. As a group, sell-side analysts predict that Rapid7, Inc. will post 0.35 EPS for the current fiscal year.

Insider Transactions at Rapid7

In other Rapid7 news, insider Christina Luconi sold 12,551 shares of the stock in a transaction on Monday, April 7th. The stock was sold at an average price of $23.12, for a total value of $290,179.12. Following the completion of the sale, the insider now owns 58,165 shares in the company, valued at approximately $1,344,774.80. This represents a 17.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.60% of the company's stock.

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.