Rapid7 (NASDAQ:RPD) Given New $85.00 Price Target at Royal Bank of Canada

Rapid7 (NASDAQ:RPD – Get Rating) had its price objective trimmed by Royal Bank of Canada from $140.00 to $85.00 in a research note published on Monday morning, The Fly reports.

Several other analysts also recently weighed in on the company. Wolfe Research assumed coverage on Rapid7 in a report on Monday, April 11th. They issued an outperform rating and a $122.00 target price for the company. Barclays reduced their target price on Rapid7 from $110.00 to $92.00 and set an overweight rating for the company in a report on Tuesday, July 12th. William Blair reissued an outperform rating on shares of Rapid7 in a report on Thursday, May 5th. Citigroup reduced their target price on Rapid7 from $100.00 to $80.00 and set a maintains rating for the company in a report on Friday, July 22nd. Finally, Piper Sandler reduced their target price on Rapid7 from $120.00 to $95.00 in a report on Wednesday, July 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Rapid7 currently has an average rating of Moderate Buy and an average target price of $115.60.

Rapid7 Stock Performance

NASDAQ:RPD opened at $65.50 on Monday. The stock has a 50-day simple moving average of $68.87 and a 200-day simple moving average of $87.14. The stock has a market cap of $3.82 billion, a P/E ratio of -22.90 and a beta of 1.28. Rapid7 has a 1 year low of $60.42 and a 1 year high of $145.00.

Rapid7 (NASDAQ:RPD – Get Rating) last released its quarterly earnings data on Wednesday, May 4th. The technology company reported ($0.66) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.71) by $0.05. The business had revenue of $157.00 million for the quarter, compared to analyst estimates of $154.15 million. The company’s revenue was up 33.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.42) earnings per share. On average, equities research analysts predict that Rapid7 will post -2.02 EPS for the current year.

Insider Transactions at Rapid7

In other Rapid7 news, CFO Timothy M. Adams bought 5,000 shares of the business’s stock in a transaction dated Monday, May 9th. The stock was acquired at an average cost of $65.50 per share, with a total value of $327,500.00. Following the purchase, the chief financial officer now owns 106,540 shares in the company, valued at approximately $6,978,370. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.80% of the company’s stock.

Hedge Funds Weigh In On Rapid7

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Camden Capital LLC raised its holdings in Rapid7 by 4.0% during the fourth quarter. Camden Capital LLC now owns 2,600 shares of the technology company’s stock worth $306,000 after purchasing an additional 100 shares during the last quarter. Hanseatic Management Services Inc. increased its position in Rapid7 by 2.2% during the fourth quarter. Hanseatic Management Services Inc. now owns 5,137 shares of the technology company’s stock worth $605,000 after buying an additional 110 shares in the last quarter. Signaturefd LLC increased its position in Rapid7 by 37.1% during the first quarter. Signaturefd LLC now owns 421 shares of the technology company’s stock worth $47,000 after buying an additional 114 shares in the last quarter. CIBC Asset Management Inc increased its position in Rapid7 by 6.1% during the fourth quarter. CIBC Asset Management Inc now owns 2,374 shares of the technology company’s stock worth $279,000 after buying an additional 136 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Rapid7 by 2.3% during the fourth quarter. American Century Companies Inc. now owns 7,240 shares of the technology company’s stock worth $852,000 after buying an additional 161 shares in the last quarter. 98.03% of the stock is owned by institutional investors and hedge funds.

About Rapid7

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Rapid7, Inc provides cyber security solutions. The company offers a cloud-native insight platform that enables customers to create and manage analytics-driven cyber security risk management programs. Its platform includes InsightIDR, an incident detection and response solution; InsightCloudSec, a solution that integrates posture management, workload protection, infrastructure entitlements management, infrastructure-as-code security, and Kubernetes protection; InsightVM, a vulnerability risk management solution that is designed to provide a way to collect vulnerability data, prioritize risk, and automate remediation; InsightAppSec, which provides application security testing that analyzes web applications for security vulnerabilities; and InsightConnect, a security orchestration and automation response solution that is used by security professionals.

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