Rapid7 (NASDAQ:RPD) Price Target Cut to $57.00

Rapid7 (NASDAQ:RPD) had its price objective decreased by equities research analysts at Royal Bank of Canada from $70.00 to $57.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 50.24% from the stock’s previous close.

Several other analysts have also recently commented on the company. Citigroup raised Rapid7 from a “neutral” rating to a “buy” rating and raised their price target for the company from $54.00 to $65.00 in a report on Tuesday, January 9th. Barclays raised their price target on Rapid7 from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Thursday, February 8th. Robert W. Baird reduced their price target on Rapid7 from $62.00 to $56.00 and set an “outperform” rating for the company in a report on Wednesday. Stifel Nicolaus reduced their price target on Rapid7 from $63.00 to $51.00 and set a “buy” rating for the company in a report on Wednesday. Finally, JPMorgan Chase & Co. reduced their price target on Rapid7 from $61.00 to $60.00 and set a “neutral” rating for the company in a report on Thursday, February 8th. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rapid7 presently has an average rating of “Hold” and an average price target of $52.13.

Rapid7 Stock Down 0.2 %

Shares of NASDAQ:RPD opened at $37.94 on Wednesday. Rapid7 has a fifty-two week low of $35.22 and a fifty-two week high of $61.88. The firm’s 50-day simple moving average is $48.62 and its 200-day simple moving average is $52.60. The company has a market cap of $2.36 billion, a price-to-earnings ratio of -15.12 and a beta of 1.01.

Rapid7 (NASDAQ:RPD) last announced its quarterly earnings data on Wednesday, February 7th. The technology company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.27. The company had revenue of $205.27 million for the quarter, compared to analyst estimates of $201.52 million. Rapid7 had a negative return on equity of 1.36% and a negative net margin of 19.19%. On average, research analysts forecast that Rapid7 will post 0.86 EPS for the current year.

Insider Transactions at Rapid7

In other news, COO Andrew F. Burton sold 20,653 shares of the business’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $48.73, for a total value of $1,006,420.69. Following the completion of the transaction, the chief operating officer now directly owns 236,841 shares of the company’s stock, valued at $11,541,261.93. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, COO Andrew F. Burton sold 31,727 shares of Rapid7 stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $53.07, for a total value of $1,683,751.89. Following the completion of the sale, the chief operating officer now owns 257,494 shares of the company’s stock, valued at $13,665,206.58. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Andrew F. Burton sold 20,653 shares of Rapid7 stock in a transaction on Monday, April 8th. The shares were sold at an average price of $48.73, for a total value of $1,006,420.69. Following the completion of the sale, the chief operating officer now directly owns 236,841 shares of the company’s stock, valued at approximately $11,541,261.93. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Rapid7

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Duality Advisers LP purchased a new stake in Rapid7 during the fourth quarter valued at about $235,000. Lisanti Capital Growth LLC purchased a new stake in Rapid7 during the fourth quarter valued at about $3,522,000. Tudor Investment Corp Et Al grew its position in Rapid7 by 46.5% during the third quarter. Tudor Investment Corp Et Al now owns 145,102 shares of the technology company’s stock valued at $6,643,000 after acquiring an additional 46,053 shares during the period. Exchange Traded Concepts LLC lifted its stake in shares of Rapid7 by 34.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 42,448 shares of the technology company’s stock worth $2,424,000 after purchasing an additional 10,798 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in shares of Rapid7 by 47.8% during the third quarter. Canada Pension Plan Investment Board now owns 68,300 shares of the technology company’s stock worth $3,127,000 after purchasing an additional 22,100 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

About Rapid7

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.