JPMorgan Chase & Co. Cuts Rapid7 (NASDAQ:RPD) Price Target to $29.00

Rapid7 (NASDAQ:RPD) had its target price trimmed by JPMorgan Chase & Co. from $36.00 to $29.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

Several other research analysts have also commented on RPD. DA Davidson dropped their price target on shares of Rapid7 from $35.00 to $29.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 25th. Raymond James dropped their price target on shares of Rapid7 from $55.00 to $45.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Barclays dropped their price target on shares of Rapid7 from $35.00 to $26.00 and set an “equal weight” rating on the stock in a research note on Monday, April 14th. Stephens started coverage on shares of Rapid7 in a research note on Tuesday, April 1st. They issued an “equal weight” rating and a $33.00 target price on the stock. Finally, Citigroup lowered their target price on shares of Rapid7 from $46.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Fourteen equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $36.74.

Rapid7 Stock Performance

Rapid7 stock opened at $26.74 on Monday. The firm has a market cap of $1.72 billion, a PE ratio of 68.56 and a beta of 1.06. The firm’s 50 day moving average price is $25.59 and its two-hundred day moving average price is $34.21. Rapid7 has a twelve month low of $21.61 and a twelve month high of $44.48.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings data on Monday, May 12th. The technology company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.12. The firm had revenue of $210.25 million for the quarter, compared to analyst estimates of $208.25 million. Rapid7 had a net margin of 3.46% and a negative return on equity of 130.41%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.55 EPS. Equities analysts anticipate that Rapid7 will post 0.35 EPS for the current fiscal year.

Insider Buying and Selling at Rapid7

In other news, insider Christina Luconi sold 12,551 shares of the firm’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $23.12, for a total transaction of $290,179.12. Following the completion of the transaction, the insider now directly owns 58,165 shares of the company’s stock, valued at approximately $1,344,774.80. This trade represents a 17.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rapid7

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Pacer Advisors Inc. lifted its holdings in shares of Rapid7 by 30.4% during the 4th quarter. Pacer Advisors Inc. now owns 1,487 shares of the technology company’s stock worth $60,000 after acquiring an additional 347 shares during the period. Exchange Traded Concepts LLC lifted its holdings in shares of Rapid7 by 0.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 69,154 shares of the technology company’s stock worth $2,782,000 after acquiring an additional 446 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Rapid7 by 68.8% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 1,116 shares of the technology company’s stock worth $46,000 after acquiring an additional 455 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Rapid7 by 1.1% during the 1st quarter. Principal Financial Group Inc. now owns 54,915 shares of the technology company’s stock worth $1,456,000 after acquiring an additional 609 shares during the period. Finally, Y.D. More Investments Ltd lifted its holdings in shares of Rapid7 by 12.0% during the 1st quarter. Y.D. More Investments Ltd now owns 5,839 shares of the technology company’s stock worth $171,000 after acquiring an additional 625 shares during the period. 95.66% of the stock is owned by institutional investors.

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.