Birnam Oak Advisors LP Invests $4.43 Million in Rapid7, Inc. (NASDAQ:RPD)

Birnam Oak Advisors LP bought a new position in shares of Rapid7, Inc. (NASDAQ:RPD) in the fourth quarter, Holdings Channel reports. The institutional investor bought 110,000 shares of the technology company’s stock, valued at approximately $4,425,000. Rapid7 accounts for approximately 2.1% of Birnam Oak Advisors LP’s holdings, making the stock its 13th largest position.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Cibc World Markets Corp purchased a new stake in shares of Rapid7 during the fourth quarter worth about $233,000. Skandinaviska Enskilda Banken AB publ grew its stake in Rapid7 by 68.8% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 1,116 shares of the technology company’s stock valued at $46,000 after acquiring an additional 455 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Rapid7 during the 4th quarter valued at about $12,050,000. Proficio Capital Partners LLC purchased a new stake in Rapid7 during the 4th quarter valued at about $1,429,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Rapid7 by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 520,006 shares of the technology company’s stock valued at $20,920,000 after acquiring an additional 8,918 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Corey E. Thomas sold 100,000 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $39.38, for a total value of $3,938,000.00. Following the sale, the chief executive officer now directly owns 431,469 shares in the company, valued at approximately $16,991,249.22. This trade represents a 18.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on RPD shares. Stifel Nicolaus dropped their price objective on shares of Rapid7 from $42.00 to $38.00 and set a “hold” rating for the company in a research note on Thursday, February 13th. Scotiabank dropped their price objective on shares of Rapid7 from $42.00 to $38.00 and set a “sector perform” rating for the company in a research note on Thursday, February 13th. UBS Group dropped their price objective on shares of Rapid7 from $52.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. JPMorgan Chase & Co. dropped their price objective on shares of Rapid7 from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday, February 11th. Finally, Truist Financial dropped their price target on shares of Rapid7 from $38.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, February 13th. Fifteen investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Rapid7 presently has a consensus rating of “Hold” and an average target price of $41.22.

Rapid7 Stock Up 4.0 %

Rapid7 stock opened at $29.10 on Tuesday. The firm has a market cap of $1.86 billion, a PE ratio of 74.62 and a beta of 0.92. Rapid7, Inc. has a 52-week low of $26.77 and a 52-week high of $51.99. The company’s 50 day moving average is $34.96 and its two-hundred day moving average is $37.82.

Rapid7 (NASDAQ:RPD) last released its earnings results on Wednesday, February 12th. The technology company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.38). Rapid7 had a negative return on equity of 130.41% and a net margin of 3.46%. On average, equities research analysts anticipate that Rapid7, Inc. will post 0.35 earnings per share for the current fiscal year.

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.