Scalar Gauge Management LLC Acquires New Holdings in Rapid7, Inc. (NASDAQ:RPD)

Scalar Gauge Management LLC bought a new position in shares of Rapid7, Inc. (NASDAQ:RPD) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 45,000 shares of the technology company’s stock, valued at approximately $1,945,000. Rapid7 comprises 1.1% of Scalar Gauge Management LLC’s portfolio, making the stock its 24th largest holding. Scalar Gauge Management LLC owned about 0.07% of Rapid7 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. First Trust Advisors LP grew its stake in Rapid7 by 49.2% in the 4th quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock worth $194,668,000 after acquiring an additional 1,124,429 shares during the period. Norges Bank purchased a new stake in shares of Rapid7 in the fourth quarter valued at $37,790,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Rapid7 by 46.5% in the first 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 purchasing an additional 397,968 shares during the last quarter. Cannae Holdings Inc. purchased a new position in Rapid7 during the second quarter worth about $15,130,000. Finally, SG Americas Securities LLC boosted its stake in Rapid7 by 7,688.6% in the 2nd 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. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Rapid7 Stock Performance

NASDAQ:RPD opened at $35.78 on Tuesday. Rapid7, Inc. has a one year low of $32.94 and a one year high of $61.88. The business’s 50-day simple moving average is $36.94 and its 200 day simple moving average is $40.93. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of -17.45 and a beta of 0.96.

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RPD shares. Scotiabank dropped 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 note on Wednesday, August 7th. UBS Group cut their price target on shares of Rapid7 from $65.00 to $59.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Piper Sandler dropped their price objective on Rapid7 from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. cut their target price on Rapid7 from $46.00 to $39.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group raised Rapid7 from a “hold” rating to a “buy” rating and lowered their price target for the company from $52.00 to $43.00 in a research report on Wednesday, August 7th. 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.com, the stock has a consensus rating of “Hold” and an average target price of $46.13.

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.