Rapid7, Inc. $RPD Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon cut its Rapid7 stake by 38.4% in the first quarter, selling 285,615 shares and retaining 457,536 shares worth approximately $2.52 million.
• Institutional investors and hedge funds own 95.66% of Rapid7’s outstanding stock, with several firms recently initiating or increasing positions.
• Rapid7 shares opened at $11.57, above the analyst consensus price target of $9.03; analysts maintain a consensus “Reduce” rating, based on 17 Holds and four Sells.

Bank of New York Mellon Corp decreased its holdings in shares of Rapid7, Inc. (NASDAQ:RPD - Free Report) by 38.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 457,536 shares of the technology company's stock after selling 285,615 shares during the period. Bank of New York Mellon Corp owned about 0.69% of Rapid7 worth $2,521,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Headlands Technologies LLC acquired a new position in shares of Rapid7 in the 2nd quarter valued at about $44,000. Sound Income Strategies LLC acquired a new stake in Rapid7 during the fourth quarter worth about $40,000. Parallel Advisors LLC lifted its holdings in Rapid7 by 81.6% in the fourth quarter. Parallel Advisors LLC now owns 3,036 shares of the technology company's stock worth $46,000 after acquiring an additional 1,364 shares during the last quarter. KBC Group NV lifted its holdings in Rapid7 by 124.0% in the fourth quarter. KBC Group NV now owns 3,310 shares of the technology company's stock worth $50,000 after acquiring an additional 1,832 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Rapid7 in the fourth quarter valued at approximately $71,000. 95.66% of the stock is owned by institutional investors and hedge funds.

Rapid7 Price Performance

Shares of NASDAQ:RPD opened at $11.57 on Friday. The firm's 50 day moving average is $9.18 and its two-hundred day moving average is $7.99. Rapid7, Inc. has a 52 week low of $4.97 and a 52 week high of $21.78. The firm has a market capitalization of $773.22 million, a P/E ratio of 33.06 and a beta of 0.97. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 1.69.

Analysts Set New Price Targets

Several equities analysts have recently commented on RPD shares. Truist Financial upped their target price on Rapid7 from $6.00 to $10.00 and gave the company a "hold" rating in a report on Tuesday, July 21st. Scotiabank cut their price target on Rapid7 from $9.00 to $7.00 and set a "sector perform" rating on the stock in a report on Wednesday, May 6th. Raymond James Financial set a $8.00 price objective on Rapid7 in a research report on Wednesday, May 6th. Stifel Nicolaus lowered their price objective on Rapid7 from $9.00 to $7.00 and set a "hold" rating for the company in a research note on Wednesday, May 6th. Finally, Barclays dropped their target price on Rapid7 from $8.00 to $6.50 and set an "underweight" rating on the stock in a research report on Thursday, May 7th. Seventeen investment analysts have rated the stock with a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Rapid7 currently has a consensus rating of "Reduce" and an average price target of $9.03.

About Rapid7

Rapid7, Inc is a publicly traded cybersecurity company headquartered in Boston, Massachusetts. Since its founding in 2000, the company has specialized in delivering cloud-based security data and analytics solutions designed to help organizations detect, investigate, and remediate cyber threats. Rapid7 operates under the NASDAQ symbol “RPD” and serves a broad range of industries, including technology, financial services, healthcare, retail, and the public sector.

The core of Rapid7's offering is its Insight platform, a unified, cloud-native security operations and analytics suite.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source