Rapid7 rallies after WSJ reports Jana Partners took stake

Rapid7

26/06/2024 17:25

** Shares of Rapid7  RPD.O  jumps 8.5% to $41.22 following a
Wall Street Journal report that activist investor Jana Partners
owns a stake in the U.S. cybersecurity firm 
    ** RPD is on track for biggest daily pct gain since Nov
2023, with stock down ~28% YTD
    ** Jana managing partner Scott Ostfeld unveiled its RPD
stake at a Monaco conference, saying it is "significant"
although the actual size couldn't be learned, WSJ reports
    ** Jana plans to push RPD to sell itself and is working with
investment bank Cannae Holdings, according to the report
    ** Among the 23 analysts that cover RPD, their median PT is
$50 and avg rating is "BUY" and the breakdown of recommendations
are 9 "strong buy" or "buy," 14 "hold" and no "sell" or "strong
sell"

 (Reporting by Chibuike Oguh in New York)
 ((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))