Primecap Management Co. CA Lowers Stock Holdings in Rapid7, Inc. (NASDAQ:RPD)

Primecap Management Co. CA decreased its position in shares of Rapid7, Inc. (NASDAQ:RPD) by 31.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 97,830 shares of the technology company’s stock after selling 44,970 shares during the period. Primecap Management Co. CA owned about 0.16% of Rapid7 worth $4,229,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of RPD. Victory Capital Management Inc. lifted its position in shares of Rapid7 by 25.7% during the fourth quarter. Victory Capital Management Inc. now owns 8,169 shares of the technology company’s stock worth $466,000 after purchasing an additional 1,670 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Rapid7 by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 479,575 shares of the technology company’s stock worth $27,384,000 after buying an additional 11,641 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Rapid7 in the fourth quarter worth $204,000. Principal Financial Group Inc. increased its position in shares of Rapid7 by 11.6% during the fourth quarter. Principal Financial Group Inc. now owns 6,998 shares of the technology company’s stock worth $400,000 after acquiring an additional 727 shares during the period. Finally, Norges Bank acquired a new stake in shares of Rapid7 in the fourth quarter valued at $37,790,000. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

Rapid7 Price Performance

Shares of NASDAQ:RPD opened at $33.83 on Thursday. Rapid7, Inc. has a 1-year low of $32.94 and a 1-year high of $61.88. The stock has a market cap of $2.11 billion, a P/E ratio of -16.50 and a beta of 0.96. The firm has a fifty day moving average price of $37.35 and a 200 day moving average price of $41.52.

Rapid7 (NASDAQ:RPD) last announced its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.06. The business 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 business’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.33) earnings per share. Sell-side analysts expect that Rapid7, Inc. will post 0.8 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on RPD shares. JPMorgan Chase & Co. lowered their target price on Rapid7 from $46.00 to $39.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. KeyCorp upgraded shares of Rapid7 to a “hold” rating in a research note on Monday, June 17th. Robert W. Baird downgraded shares of Rapid7 from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $56.00 to $45.00 in a research note on Thursday, August 1st. Piper Sandler dropped their price objective on shares of Rapid7 from $45.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Finally, Scotiabank decreased their price objective on shares of Rapid7 from $45.00 to $41.00 and set a “sector perform” rating for the company in a research report on Wednesday, August 7th. Thirteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $46.75.

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.