Cornercap Investment Counsel Inc. Sells 5,299 Shares of Rapid7, Inc. (NASDAQ:RPD)

Cornercap Investment Counsel Inc. trimmed its position in Rapid7, Inc. (NASDAQ:RPD) by 50.4% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 5,207 shares of the technology company’s stock after selling 5,299 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Rapid7 were worth $208,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its stake in shares of Rapid7 by 3,888.2% during the 3rd quarter. International Assets Investment Management LLC now owns 678 shares of the technology company’s stock worth $27,000 after purchasing an additional 661 shares during the period. Quest Partners LLC bought a new stake in Rapid7 in the second quarter worth about $35,000. Summit Securities Group LLC purchased a new position in Rapid7 in the second quarter valued at about $43,000. Financial Connections Group Inc. bought a new position in shares of Rapid7 during the 2nd quarter valued at approximately $72,000. Finally, Point72 Hong Kong Ltd grew its position in shares of Rapid7 by 315.0% during the 2nd quarter. Point72 Hong Kong Ltd now owns 2,075 shares of the technology company’s stock valued at $90,000 after acquiring an additional 1,575 shares during the period. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Insider Activity

In other news, Director Reeny Sondhi sold 3,663 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $40.00, for a total transaction of $146,520.00. Following the completion of the transaction, the director now directly owns 17,460 shares of the company’s stock, valued at approximately $698,400. This represents a 17.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Rapid7 Stock Down 1.6 %

Shares of NASDAQ RPD opened at $39.33 on Tuesday. The stock’s 50-day simple moving average is $38.58 and its two-hundred day simple moving average is $38.46. Rapid7, Inc. has a twelve month low of $32.94 and a twelve month high of $61.88. The firm has a market capitalization of $2.49 billion, a P/E ratio of 62.43 and a beta of 0.96.

Rapid7 (NASDAQ:RPD) last posted 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. Rapid7 had a net margin of 5.65% and a negative return on equity of 128.95%. The company had revenue of $214.65 million during the quarter, compared to the consensus estimate of $210.04 million. During the same period in the previous year, the firm posted $0.11 EPS. The firm’s revenue was up 8.0% compared to the same quarter last year. As a group, research analysts anticipate that Rapid7, Inc. will post 0.98 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on RPD. Royal Bank of Canada downgraded Rapid7 from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $50.00 to $40.00 in a research note on Friday, September 20th. Canaccord Genuity Group raised Rapid7 from a “hold” rating to a “buy” rating and dropped their price target for the company from $52.00 to $43.00 in a research report on Wednesday, August 7th. Canaccord Genuity Group raised Rapid7 from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $52.00 to $43.00 in a report on Wednesday, August 7th. UBS Group dropped their price objective on shares of Rapid7 from $59.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, Jefferies Financial Group began coverage on shares of Rapid7 in a research report on Wednesday, October 16th. They set a “buy” rating and a $50.00 target price for the company. Fourteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $44.59.

Rapid7 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.