Billionaire Paul Singer’s Top 12 Long-Term Stock Picks

6. Rapid7, Inc. (NASDAQ:RPD)

Elliott Management’s Stake Value: $37.86 Million

Elliott Management First Major Purchase: 2022

Number of Hedge Fund Holders: 31

Rapid7, Inc. (NASDAQ:RPD) is a cybersecurity company that provides security analytics and automation solutions. It offers tools like the Rapid7 Insight Agent for cloud data collection.

According to Grand View Research, the global cybersecurity market was valued at $222.66 billion in 2023 and is expected to grow at 12.3% annually until 2030. This growth highlights the strong long-term prospects for cybersecurity companies. As companies seek to become tech heavyweights, they face rising cybersecurity risks. Consequently, most are ending at Rapid7, Inc. (NASDAQ:RPD) as they look to safeguard their networks and data. Strong demand was the catalyst behind Rapid7, which delivered an 8% revenue increase in Q3 of $214.7 million.

New product offerings are increasingly strengthening Rapid7, Inc.’s (NASDAQ:RPD) competitive edge in the cybersecurity and cloud computing spaces. Similarly, significant changes have been made to the company’s go-to-market (GTM) strategy in an effort to increase sales effectiveness and market penetration. These modifications imply that Rapid7 seeks to broaden its market reach and fortify its position against rivals.