Principal Financial Group Inc. Raises Position in Rapid7, Inc. (NASDAQ:RPD)

Principal Financial Group Inc. boosted its position in Rapid7, Inc. (NASDAQ:RPD) by 9.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 47,661 shares of the technology company’s stock after purchasing an additional 4,214 shares during the period. Principal Financial Group Inc. owned about 0.08% of Rapid7 worth $1,901,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Algert Global LLC increased its stake in shares of Rapid7 by 158.6% in the second quarter. Algert Global LLC now owns 121,953 shares of the technology company’s stock worth $5,272,000 after purchasing an additional 74,793 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Rapid7 by 3.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 503,468 shares of the technology company’s stock valued at $24,691,000 after acquiring an additional 18,907 shares during the period. SG Americas Securities LLC boosted its holdings in shares of 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 acquiring an additional 163,075 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Rapid7 in the third quarter valued at $948,000. Finally, Point72 Asset Management L.P. raised its stake in shares of Rapid7 by 252.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company’s stock valued at $164,236,000 after purchasing an additional 2,719,791 shares during the period. 95.66% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

RPD has been the subject of several analyst reports. Scotiabank cut their target price on 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 objective on shares of Rapid7 from $59.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Canaccord Genuity Group raised shares of Rapid7 from a “hold” rating to a “buy” rating and decreased their target price for the stock from $52.00 to $43.00 in a report on Wednesday, August 7th. Jefferies Financial Group assumed coverage on shares of Rapid7 in a research note on Wednesday, October 16th. They issued a “buy” rating and a $50.00 target price on the stock. Finally, JPMorgan Chase & Co. boosted their price target on shares of Rapid7 from $40.00 to $42.00 and gave the company a “neutral” rating in a research 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $44.59.

Rapid7 Price Performance

Shares of NASDAQ RPD opened at $42.86 on Friday. Rapid7, Inc. has a one year low of $32.94 and a one year high of $61.88. The firm’s 50 day simple moving average is $39.01 and its two-hundred day simple moving average is $38.46. The stock has a market capitalization of $2.71 billion, a P/E ratio of 67.95 and a beta of 0.96.

Rapid7 (NASDAQ:RPD) last announced its quarterly earnings data on Wednesday, November 6th. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. Rapid7 had a negative return on equity of 128.95% and a net margin of 5.65%. The firm had revenue of $214.65 million for the quarter, compared to analysts’ expectations of $210.04 million. During the same period last year, the firm earned $0.11 earnings per share. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. As a group, equities analysts expect that Rapid7, Inc. will post 0.98 earnings per share for the current fiscal year.

Insider Transactions at Rapid7

In related news, Director Reeny Sondhi sold 3,663 shares of the business’s 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 owns 17,460 shares in the company, valued at $698,400. The trade was a 17.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.60% of the company’s stock.

Rapid7 Company Profile

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.