Balyasny Asset Management L.P. Decreases Holdings in Rapid7, Inc. (NASDAQ:RPD)

Balyasny Asset Management L.P. trimmed its position in shares of Rapid7, Inc. (NASDAQ:RPD) by 81.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,877 shares of the technology company’s stock after selling 273,594 shares during the period. Balyasny Asset Management L.P. owned about 0.10% of Rapid7 worth $2,489,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. 13D Management LLC purchased a new position in shares of Rapid7 during the 4th quarter valued at about $5,455,000. Itau Unibanco Holding S.A. purchased a new position in Rapid7 in the 4th quarter worth approximately $225,000. One68 Global Capital LLC purchased a new position in Rapid7 in the 4th quarter worth approximately $201,000. JANA Partners Management LP increased its stake in Rapid7 by 0.9% in the 4th quarter. JANA Partners Management LP now owns 3,690,129 shares of the technology company’s stock worth $148,454,000 after purchasing an additional 34,589 shares during the period. Finally, Northern Trust Corp increased its stake in Rapid7 by 8.0% in the 4th quarter. Northern Trust Corp now owns 624,936 shares of the technology company’s stock worth $25,141,000 after purchasing an additional 46,351 shares during the period. 95.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on RPD shares. Scotiabank decreased their price target on Rapid7 from $42.00 to $38.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 13th. StockNews.com raised Rapid7 from a “hold” rating to a “buy” rating in a research note on Friday, February 21st. Stephens started coverage on Rapid7 in a research note on Tuesday, April 1st. They issued an “equal weight” rating and a $33.00 price target on the stock. 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. Finally, Mizuho set a $30.00 price target on Rapid7 in a research note on Wednesday, April 16th. Fourteen investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $36.74.

Rapid7 Stock Up 6.4%

Shares of RPD stock opened at $26.74 on Tuesday. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 68.56 and a beta of 1.06. The business’s fifty day moving average is $25.59 and its 200 day moving average is $34.21. Rapid7, Inc. has a twelve month low of $21.61 and a twelve month high of $44.48.

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

Insiders Place Their Bets

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 transaction, the insider now directly owns 58,165 shares of the company’s stock, valued at $1,344,774.80. This represents a 17.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.60% of the company’s stock.

Rapid7 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.