Assenagon Asset Management S.A. Invests $948,000 in Rapid7, Inc. (NASDAQ:RPD)

Assenagon Asset Management S.A. bought a new position in shares of Rapid7, Inc. (NASDAQ:RPD) during the third quarter, Holdings Channel reports. The fund bought 23,757 shares of the technology company’s stock, valued at approximately $948,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Point72 Asset Management L.P. raised its position in shares of Rapid7 by 252.0% during the second quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company’s stock worth $164,236,000 after purchasing an additional 2,719,791 shares during the period. Price T Rowe Associates Inc. MD raised its position in Rapid7 by 3.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 503,468 shares of the technology company’s stock valued at $24,691,000 after buying an additional 18,907 shares during the period. Fred Alger Management LLC raised its position in Rapid7 by 0.3% during the second quarter. Fred Alger Management LLC now owns 494,509 shares of the technology company’s stock valued at $21,378,000 after buying an additional 1,297 shares during the period. Cannae Holdings Inc. acquired a new position in Rapid7 during the second quarter valued at $15,130,000. Finally, CANADA LIFE ASSURANCE Co raised its position in Rapid7 by 37.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 185,781 shares of the technology company’s stock valued at $9,102,000 after buying an additional 50,603 shares during the period. 95.66% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Rapid7

In related news, Director Reeny Sondhi sold 3,663 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $40.00, for a total transaction of $146,520.00. Following the completion of the sale, the director now owns 17,460 shares in the company, valued at $698,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on RPD shares. Truist Financial dropped their price target on Rapid7 from $45.00 to $40.00 and set a “hold” rating on the stock in a research report on Wednesday, October 23rd. Canaccord Genuity Group raised Rapid7 from a “hold” rating to a “buy” rating and dropped their price target for the company from $52.00 to $43.00 in a research report on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price target on Rapid7 from $46.00 to $39.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Canaccord Genuity Group raised Rapid7 from a “hold” rating to a “buy” rating and dropped their price target for the company from $52.00 to $43.00 in a research report on Wednesday, August 7th. Finally, Robert W. Baird lowered Rapid7 from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $56.00 to $45.00 in a research report on Thursday, August 1st. Fourteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $46.06.

Rapid7 Stock Performance

RPD opened at $39.95 on Friday. The company has a market cap of $2.51 billion, a PE ratio of -47.56 and a beta of 0.96. The stock has a 50-day moving average of $37.74 and a 200-day moving average of $38.88. Rapid7, Inc. has a 52-week low of $32.94 and a 52-week high of $61.88.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.06. The company had revenue of $207.99 million during the quarter, compared to the consensus estimate of $204.04 million. Rapid7 had a negative return on equity of 67.88% and a negative net margin of 5.64%. The firm’s revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.33) EPS. On average, research analysts predict that Rapid7, Inc. will post 0.8 earnings per share for the current year.

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.