Connor Clark & Lunn Investment Management Ltd. Buys 22,734 Shares of Rapid7, Inc. (NASDAQ:RPD)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Rapid7, Inc. (NASDAQ:RPD) by 36.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 85,951 shares of the technology company’s stock after buying an additional 22,734 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.14% of Rapid7 worth $3,429,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. International Assets Investment Management LLC lifted its position in Rapid7 by 3,888.2% during the 3rd quarter. International Assets Investment Management LLC now owns 678 shares of the technology company’s stock valued at $27,000 after purchasing an additional 661 shares during the period. Quest Partners LLC acquired a new stake in Rapid7 in the second quarter valued at $35,000. Summit Securities Group LLC bought a new position in shares of Rapid7 during the 2nd quarter worth approximately $43,000. Financial Connections Group Inc. acquired a new position in Rapid7 in the 2nd quarter valued at about $72,000. Finally, Point72 Hong Kong Ltd increased its position in Rapid7 by 315.0% during the 2nd quarter. Point72 Hong Kong Ltd now owns 2,075 shares of the technology company’s stock worth $90,000 after buying an additional 1,575 shares during the period. Institutional investors and hedge funds own 95.66% of the company’s stock.

Insiders Place Their Bets

In other news, Director Reeny Sondhi sold 3,663 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $40.00, for a total transaction of $146,520.00. Following the transaction, the director now directly owns 17,460 shares in the company, valued at approximately $698,400. This represents a 17.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.60% of the company’s stock.

Rapid7 Stock Performance

Shares of RPD opened at $42.86 on Monday. The stock’s 50-day simple moving average is $39.18 and its 200 day simple moving average is $38.39. Rapid7, Inc. has a 52-week low of $32.94 and a 52-week high of $61.88. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of 68.03 and a beta of 0.96.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings data on Wednesday, November 6th. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. The company had revenue of $214.65 million for the quarter, compared to the consensus estimate of $210.04 million. Rapid7 had a negative return on equity of 128.95% and a net margin of 5.65%. The firm’s revenue was up 8.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.11 earnings per share. On average, research analysts forecast that Rapid7, Inc. will post 0.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RPD. Piper Sandler decreased their price target on Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. DA Davidson increased their price objective on shares of Rapid7 from $35.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Baird R W lowered shares of Rapid7 from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 1st. Robert W. Baird downgraded Rapid7 from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $56.00 to $45.00 in a research note on Thursday, August 1st. Finally, UBS Group lowered their target price on shares of Rapid7 from $59.00 to $52.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Fifteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $44.59.

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.