Connor Clark & Lunn Investment Management Ltd. Purchases 87,438 Shares of Rapid7, Inc. (NASDAQ:RPD)

Connor Clark & Lunn Investment Management Ltd. raised its position in Rapid7, Inc. (NASDAQ:RPD – Get Rating) by 66.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 218,405 shares of the technology company’s stock after buying an additional 87,438 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.37% of Rapid7 worth $7,421,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of RPD. Valmark Advisers Inc. grew its holdings in shares of Rapid7 by 33.3% during the 4th quarter. Valmark Advisers Inc. now owns 9,743 shares of the technology company’s stock valued at $331,000 after purchasing an additional 2,433 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Rapid7 during the 3rd quarter valued at approximately $390,000. Blair William & Co. IL grew its holdings in shares of Rapid7 by 0.5% during the 3rd quarter. Blair William & Co. IL now owns 97,839 shares of the technology company’s stock valued at $4,197,000 after purchasing an additional 493 shares during the last quarter. California Public Employees Retirement System grew its holdings in shares of Rapid7 by 15.1% during the 3rd quarter. California Public Employees Retirement System now owns 133,673 shares of the technology company’s stock valued at $5,735,000 after purchasing an additional 17,533 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Rapid7 during the 3rd quarter valued at approximately $163,000. 97.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RPD has been the topic of several research reports. Barclays decreased their price target on shares of Rapid7 from $58.00 to $47.00 in a report on Wednesday, May 10th. Morgan Stanley lifted their target price on shares of Rapid7 from $44.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 9th. Piper Sandler cut their target price on shares of Rapid7 from $52.00 to $48.00 in a research report on Wednesday, May 10th. Mizuho lifted their target price on shares of Rapid7 from $40.00 to $45.00 and gave the stock a “neutral” rating in a research report on Thursday, February 9th. Finally, Raymond James lifted their target price on shares of Rapid7 from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, February 9th. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $53.18.

Rapid7 Trading Up 4.3 %

RPD stock opened at $46.93 on Friday. The firm has a 50 day moving average of $45.52 and a 200-day moving average of $40.56. Rapid7, Inc. has a 12 month low of $26.49 and a 12 month high of $74.88. The firm has a market capitalization of $2.83 billion, a P/E ratio of -26.22 and a beta of 1.12.

Rapid7 (NASDAQ:RPD – Get Rating) last announced its earnings results on Tuesday, May 9th. The technology company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.08. The company had revenue of $183.17 million for the quarter, compared to the consensus estimate of $181.34 million. Sell-side analysts predict that Rapid7, Inc. will post -1.2 EPS for the current year.

About Rapid7

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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. The firm also offers security and product consulting services.