ProShare Advisors LLC Sells 3,049 Shares of Rapid7, Inc. (NASDAQ:RPD)

ProShare Advisors LLC lessened its stake in shares of Rapid7, Inc. (NASDAQ:RPD) by 27.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 8,126 shares of the technology company’s stock after selling 3,049 shares during the quarter. ProShare Advisors LLC’s holdings in Rapid7 were worth $351,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RPD. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Rapid7 by 46.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,254,323 shares of the technology company’s stock worth $61,512,000 after buying an additional 397,968 shares during the last quarter. Cannae Holdings Inc. acquired a new position in shares of Rapid7 during the second quarter worth $15,130,000. SG Americas Securities LLC lifted its holdings in shares of Rapid7 by 7,688.6% during the second quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company’s stock worth $7,141,000 after purchasing an additional 163,075 shares during the period. Wasatch Advisors LP lifted its holdings in shares of Rapid7 by 12.8% during the fourth quarter. Wasatch Advisors LP now owns 1,410,051 shares of the technology company’s stock worth $80,514,000 after purchasing an additional 160,531 shares during the period. Finally, Bank of Nova Scotia acquired a new position in shares of Rapid7 during the fourth quarter worth $5,548,000. Institutional investors own 95.66% of the company’s stock.

Insiders Place Their Bets

In other Rapid7 news, Director Reeny Sondhi sold 3,663 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $40.00, for a total value of $146,520.00. Following the completion of the sale, the director now directly owns 17,460 shares of the company’s stock, valued at approximately $698,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on RPD. Robert W. Baird lowered shares of Rapid7 from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $56.00 to $45.00 in a report on Thursday, August 1st. Royal Bank of Canada lowered shares of Rapid7 from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $50.00 to $40.00 in a report on Friday, September 20th. Piper Sandler cut their price target on shares of Rapid7 from $45.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Baird R W lowered shares of Rapid7 from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Needham & Company LLC restated a “hold” rating on shares of Rapid7 in a report on Wednesday, August 7th. Fourteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Rapid7 presently has a consensus rating of “Hold” and a consensus target price of $46.13.

Rapid7 Price Performance

NASDAQ:RPD opened at $39.20 on Thursday. The firm has a 50-day moving average of $36.58 and a 200-day moving average of $40.28. The company has a market cap of $2.46 billion, a PE ratio of -19.12 and a beta of 0.96. Rapid7, Inc. has a one year low of $32.94 and a one year high of $61.88.

Rapid7 (NASDAQ:RPD) last posted its earnings results on Tuesday, August 6th. The technology company reported $0.58 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 net margin of 5.64% and a negative return on equity of 67.88%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.33) earnings per share. On average, equities research analysts expect that Rapid7, Inc. will post 0.8 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.