Redwood Investment Management LLC Purchases 45,990 Shares of Rapid7, Inc. (NASDAQ:RPD)

Redwood Investment Management LLC raised its stake in Rapid7, Inc. (NASDAQ:RPD - Free Report) by 353.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 59,011 shares of the technology company's stock after acquiring an additional 45,990 shares during the quarter. Redwood Investment Management LLC owned approximately 0.09% of Rapid7 worth $2,374,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its holdings in shares of Rapid7 by 30.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,487 shares of the technology company's stock valued at $60,000 after purchasing an additional 347 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in Rapid7 by 0.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 69,154 shares of the technology company's stock worth $2,782,000 after buying an additional 446 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its holdings in Rapid7 by 68.8% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 1,116 shares of the technology company's stock valued at $46,000 after purchasing an additional 455 shares during the period. Ostrum Asset Management boosted 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 valued at $100,000 after buying an additional 772 shares during the period. Finally, KBC Group NV increased its position in shares of Rapid7 by 47.7% in the 4th quarter. KBC Group NV now owns 2,686 shares of the technology company's stock valued at $108,000 after purchasing an additional 867 shares during the last quarter. 95.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RPD has been the subject of several research analyst reports. Morgan Stanley upped their price objective on shares of Rapid7 from $26.00 to $28.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 13th. Scotiabank reduced their target price on shares of Rapid7 from $38.00 to $29.00 and set a "sector perform" rating for the company in a research note on Tuesday, May 13th. Robert W. Baird increased their price objective on Rapid7 from $26.00 to $28.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Truist Financial lowered their price target on Rapid7 from $38.00 to $35.00 and set a "hold" rating on the stock in a report on Thursday, February 13th. Finally, Raymond James reduced their price target 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. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $33.32.

Insider Activity

In other news, insider Christina Luconi sold 12,551 shares of Rapid7 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 directly owns 58,165 shares of the company's stock, valued at approximately $1,344,774.80. This trade represents a 17.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Rapid7 Trading Up 1.2%

RPD traded up $0.29 during trading on Tuesday, hitting $23.43. The stock had a trading volume of 225,405 shares, compared to its average volume of 886,674. The firm has a market cap of $1.50 billion, a PE ratio of 59.92 and a beta of 1.06. Rapid7, Inc. has a 12 month low of $21.61 and a 12 month high of $44.48. The company has a 50 day simple moving average of $25.14 and a 200-day simple moving average of $33.62.

Rapid7 (NASDAQ:RPD - Get Free Report) last announced its quarterly earnings data on Monday, May 12th. The technology company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.12. Rapid7 had a net margin of 3.46% and a negative return on equity of 130.41%. The business had revenue of $210.25 million for the quarter, compared to the consensus estimate of $208.25 million. During the same quarter last year, the company posted $0.55 earnings per share. Rapid7's quarterly revenue was up 2.5% on a year-over-year basis. As a group, sell-side analysts anticipate 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.