Franklin Resources Inc. Reduces Stock Position in Rapid7, Inc. (NASDAQ:RPD)

Franklin Resources Inc. decreased its stake in shares of Rapid7, Inc. (NASDAQ:RPD) by 47.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 35,078 shares of the technology company’s stock after selling 31,229 shares during the quarter. Franklin Resources Inc.’s holdings in Rapid7 were worth $1,423,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC grew its stake in shares of Rapid7 by 3,888.2% in the 3rd quarter. International Assets Investment Management LLC now owns 678 shares of the technology company’s stock valued at $27,000 after buying an additional 661 shares during the period. Quest Partners LLC purchased a new position in Rapid7 in the second quarter worth approximately $35,000. RPg Family Wealth Advisory LLC acquired a new stake in Rapid7 during the third quarter worth $69,000. Point72 Hong Kong Ltd raised its position in Rapid7 by 315.0% in the second quarter. Point72 Hong Kong Ltd now owns 2,075 shares of the technology company’s stock valued at $90,000 after purchasing an additional 1,575 shares during the period. Finally, 1620 Investment Advisors Inc. raised its position in Rapid7 by 14.5% in the third quarter. 1620 Investment Advisors Inc. now owns 2,783 shares of the technology company’s stock valued at $111,000 after purchasing an additional 352 shares during the period. Institutional investors and hedge funds own 95.66% of the company’s stock.

Rapid7 Stock Down 0.3 %

Shares of NASDAQ:RPD opened at $40.19 on Friday. Rapid7, Inc. has a fifty-two week low of $32.94 and a fifty-two week high of $61.88. The firm’s 50 day moving average price is $40.86 and its 200 day moving average price is $39.02. The stock has a market cap of $2.54 billion, a price-to-earnings ratio of 63.79 and a beta of 0.95.

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RPD. Jefferies Financial Group started coverage on shares of Rapid7 in a report on Wednesday, October 16th. They issued a “buy” rating and a $50.00 price objective on the stock. Piper Sandler reduced their price target on shares of Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Truist Financial lowered their price objective on shares of Rapid7 from $40.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday, November 7th. UBS Group cut their target price on Rapid7 from $59.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Finally, DA Davidson raised their price target on Rapid7 from $35.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Fourteen research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Rapid7 has a consensus rating of “Hold” and a consensus price target of $44.59.

Insiders Place Their Bets

In other Rapid7 news, Director Reeny Sondhi sold 3,663 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $40.00, for a total value of $146,520.00. Following the transaction, the director now directly owns 17,460 shares in the company, valued at $698,400. This represents a 17.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.60% of the stock is owned by company insiders.

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.