Lazard Asset Management LLC Decreases Holdings in Rapid7, Inc. (NASDAQ:RPD)

Lazard Asset Management LLC trimmed its position in shares of Rapid7, Inc. (NASDAQ:RPD) by 97.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 2,059 shares of the technology company’s stock after selling 94,841 shares during the quarter. Lazard Asset Management LLC’s holdings in Rapid7 were worth $194,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. O Shaughnessy Asset Management LLC bought a new position in Rapid7 during the 1st quarter worth approximately $32,000. Covington Capital Management grew its position in Rapid7 by 100.0% during the 1st quarter. Covington Capital Management now owns 500 shares of the technology company’s stock worth $37,000 after acquiring an additional 250 shares during the last quarter. Corsicana & Co. bought a new stake in shares of Rapid7 in the 2nd quarter worth approximately $47,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Rapid7 by 26.4% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,279 shares of the technology company’s stock worth $95,000 after buying an additional 267 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Rapid7 in the 1st quarter worth approximately $154,000.

In other Rapid7 news, Director Thomas E. Schodorf sold 270 shares of the company’s stock in a transaction that occurred on Friday, September 3rd. The stock was sold at an average price of $123.50, for a total transaction of $33,345.00. Following the sale, the director now directly owns 22,275 shares in the company, valued at $2,750,962.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Peter Kaes sold 9,629 shares of the company’s stock in a transaction that occurred on Monday, October 4th. The shares were sold at an average price of $110.81, for a total value of $1,066,989.49. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,883 shares of company stock worth $4,045,688. Company insiders own 3.60% of the company’s stock.

RPD has been the topic of a number of recent analyst reports. FBN Securities initiated coverage on Rapid7 in a research report on Thursday, September 23rd. They issued an “outperform” rating and a $140.00 price objective on the stock. Robert W. Baird lifted their price target on Rapid7 from $95.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, August 5th. Mizuho lifted their price objective on Rapid7 from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, August 5th. Barclays lifted their price objective on Rapid7 from $115.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, August 5th. Finally, Piper Sandler lifted their price objective on Rapid7 from $100.00 to $110.00 and gave the company an “overweight” rating in a research note on Friday, July 9th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rapid7 currently has an average rating of “Buy” and an average price target of $122.60.

NASDAQ RPD opened at $119.77 on Thursday. The firm has a market cap of $6.68 billion, a price-to-earnings ratio of -53.47 and a beta of 1.34. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 5.29. The business has a 50-day moving average price of $116.77 and a 200-day moving average price of $99.31. Rapid7, Inc. has a twelve month low of $61.09 and a twelve month high of $125.32.

Rapid7 (NASDAQ:RPD) last posted its earnings results on Wednesday, August 4th. The technology company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.04. The company had revenue of $126.42 million for the quarter, compared to the consensus estimate of $123.09 million. Rapid7 had a negative return on equity of 177.30% and a negative net margin of 25.64%. The firm’s revenue for the quarter was up 27.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.06 earnings per share. Research analysts expect that Rapid7, Inc. will post -1.92 EPS for the current fiscal year.

Rapid7 Profile

Rapid7, Inc engages in the provision of cyber security analytics and automation services. Its products include Metasploit, Nexpose, AppSpider, tCell by Rapid7, as well as insight platforms such as InsightDR, InsightIVM, InsightAppSec, InsightConnect, and InsightOps. It also offers security and product consulting services.

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Institutional Ownership by Quarter for Rapid7 (NASDAQ:RPD)

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