Massachusetts Financial Services Co. MA Has $20.61 Million Position in Rapid7, Inc. (NASDAQ:RPD)

Massachusetts Financial Services Co. MA cut its stake in Rapid7, Inc. (NASDAQ:RPD) by 65.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 476,642 shares of the technology company’s stock after selling 902,407 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.76% of Rapid7 worth $20,605,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. First Trust Advisors LP grew its stake in Rapid7 by 49.2% in the fourth quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock valued at $194,668,000 after purchasing an additional 1,124,429 shares in the last quarter. Norges Bank acquired a new stake in shares of Rapid7 during the 4th quarter valued at about $37,790,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Rapid7 by 46.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,254,323 shares of the technology company’s stock valued at $61,512,000 after buying an additional 397,968 shares in the last quarter. SG Americas Securities LLC increased its holdings in Rapid7 by 7,688.6% in the second quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company’s stock worth $7,141,000 after buying an additional 163,075 shares during the last quarter. Finally, Wasatch Advisors LP raised its position in Rapid7 by 12.8% during the fourth quarter. Wasatch Advisors LP now owns 1,410,051 shares of the technology company’s stock valued at $80,514,000 after acquiring an additional 160,531 shares in the last quarter. 95.66% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Morgan Stanley reissued an “equal weight” rating and issued a $46.00 target price on shares of Rapid7 in a research report on Wednesday, July 10th. Piper Sandler decreased their price objective on shares of Rapid7 from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. UBS Group cut their target price on Rapid7 from $65.00 to $59.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price target on Rapid7 from $46.00 to $39.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. Finally, Royal Bank of Canada downgraded Rapid7 from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $50.00 to $40.00 in a research note on Friday. Fourteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $46.13.

Rapid7 Price Performance

Shares of Rapid7 stock opened at $35.20 on Friday. The company has a market cap of $2.21 billion, a PE ratio of -17.17 and a beta of 0.96. The firm has a fifty day moving average price of $37.13 and a two-hundred day moving average price of $41.42. Rapid7, Inc. has a fifty-two week low of $32.94 and a fifty-two week high of $61.88.

Rapid7 (NASDAQ:RPD) last released its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.06. The business had revenue of $207.99 million for 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 for the quarter was up 9.2% compared to the same quarter last year. During the same period last year, the business earned ($0.33) earnings per share. 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.