Rapid7 (NASDAQ:RPD) PT Lowered to $40.00

Rapid7 (NASDAQ:RPD) had its target price reduced by Truist Financial from $45.00 to $40.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have a hold rating on the technology company’s stock.

A number of other research analysts have also recently issued reports on the stock. Canaccord Genuity Group raised shares of Rapid7 from a “hold” rating to a “buy” rating and lowered their price target for the company from $52.00 to $43.00 in a research report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Rapid7 in a report on Wednesday, August 7th. Royal Bank of Canada downgraded Rapid7 from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $50.00 to $40.00 in a research note on Friday, September 20th. Morgan Stanley reiterated an “equal weight” rating and set a $46.00 price objective on shares of Rapid7 in a research note on Wednesday, July 10th. Finally, Baird R W cut Rapid7 from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 1st. Fourteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $46.06.

Rapid7 Price Performance

Shares of RPD opened at $38.26 on Wednesday. The company has a 50-day simple moving average of $37.40 and a two-hundred day simple moving average of $39.24. The firm has a market capitalization of $2.40 billion, a PE ratio of -45.55 and a beta of 0.97. Rapid7 has a one year low of $32.94 and a one year high of $61.88.

Rapid7 (NASDAQ:RPD) last released its earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.06. The company had revenue of $207.99 million during the quarter, compared to analysts’ expectations of $204.04 million. Rapid7 had a negative return on equity of 67.88% and a negative net margin of 5.64%. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.33) EPS. Analysts expect that Rapid7 will post 0.8 EPS for the current fiscal year.

Insider Activity at Rapid7

In other Rapid7 news, Director Reeny Sondhi sold 3,663 shares of Rapid7 stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $40.00, for a total value of $146,520.00. Following the completion of the sale, the director now owns 17,460 shares of the company’s stock, valued at approximately $698,400. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. increased its position in shares of Rapid7 by 453.9% during the 1st quarter. Principal Financial Group Inc. now owns 38,764 shares of the technology company’s stock valued at $1,901,000 after purchasing an additional 31,766 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Rapid7 by 46.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,254,323 shares of the technology company’s stock valued at $61,512,000 after buying an additional 397,968 shares during the last quarter. Fidelis Capital Partners LLC bought a new position in Rapid7 in the first quarter worth approximately $36,000. Mutual of America Capital Management LLC boosted its stake in shares of Rapid7 by 4.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 83,181 shares of the technology company’s stock worth $4,079,000 after acquiring an additional 3,382 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Rapid7 during the 1st quarter valued at $83,000. 95.66% of the stock is owned by hedge funds and other 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.