Cresset Asset Management LLC Lowers Stock Holdings in Rapid7, Inc. (NASDAQ:RPD)

Cresset Asset Management LLC lowered its stake in shares of Rapid7, Inc. (NASDAQ:RPD) by 25.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,287 shares of the technology company’s stock after selling 5,813 shares during the quarter. Cresset Asset Management LLC’s holdings in Rapid7 were worth $695,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. KLP Kapitalforvaltning AS purchased a new stake in Rapid7 in the 4th quarter valued at approximately $539,000. Raymond James Financial Inc. purchased a new stake in Rapid7 in the 4th quarter valued at approximately $12,050,000. Principal Financial Group Inc. boosted its holdings in Rapid7 by 13.9% in the 4th quarter. Principal Financial Group Inc. now owns 54,306 shares of the technology company’s stock valued at $2,185,000 after purchasing an additional 6,645 shares in the last quarter. Invesco Ltd. boosted its holdings in Rapid7 by 5.4% in the 4th quarter. Invesco Ltd. now owns 36,487 shares of the technology company’s stock valued at $1,468,000 after purchasing an additional 1,860 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Rapid7 by 17.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,900 shares of the technology company’s stock valued at $358,000 after purchasing an additional 1,335 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Morgan Stanley lifted their price objective on Rapid7 from $26.00 to $28.00 and gave the company an “equal weight” rating in a report on Tuesday. Mizuho set a $30.00 price target on Rapid7 in a research note on Wednesday, April 16th. Citigroup decreased their price target on Rapid7 from $46.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. JPMorgan Chase & Co. decreased their price target on Rapid7 from $36.00 to $29.00 and set a “neutral” rating on the stock in a research note on Monday. Finally, Barclays decreased their price target on Rapid7 from $26.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $33.53.

Rapid7 Stock Performance

Shares of RPD opened at $24.56 on Wednesday. The stock has a fifty day moving average of $25.52 and a two-hundred day moving average of $34.15. The company has a market capitalization of $1.58 billion, a PE ratio of 62.97 and a beta of 1.06. Rapid7, Inc. has a fifty-two week low of $21.61 and a fifty-two week high of $44.48.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings results on Monday, May 12th. The technology company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.12. The company had revenue of $210.25 million during the quarter, compared to the consensus estimate of $208.25 million. Rapid7 had a negative return on equity of 130.41% and a net margin of 3.46%. Rapid7’s revenue was up 2.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.55 EPS. As a group, equities research analysts forecast that Rapid7, Inc. will post 0.35 earnings per share for the current fiscal year.

Insider Buying and Selling at Rapid7

In other news, insider Christina Luconi sold 12,551 shares of the company’s stock in a transaction on Monday, April 7th. The stock was sold at an average price of $23.12, for a total transaction of $290,179.12. Following the completion of the sale, the insider now directly owns 58,165 shares in the company, valued at $1,344,774.80. This represents a 17.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.60% of the stock is currently owned by insiders.

Rapid7 Company Profile

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.