Rapid7 (NASDAQ:RPD) Price Target Lowered to $40.00 at JPMorgan Chase & Co.

Rapid7 (NASDAQ:RPD) had its target price cut by JPMorgan Chase & Co. from $42.00 to $40.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 4.44% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. Citigroup lowered their target price on Rapid7 from $50.00 to $46.00 and set a “buy” rating on the stock in a research report on Friday, January 17th. UBS Group dropped their price objective on shares of Rapid7 from $59.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Jefferies Financial Group began coverage on shares of Rapid7 in a research report on Wednesday, October 16th. They set a “buy” rating and a $50.00 target price for the company. Stifel Nicolaus reaffirmed a “hold” rating and issued a $42.00 price target (down previously from $48.00) on shares of Rapid7 in a research report on Friday, January 17th. Finally, Scotiabank upped their price target on Rapid7 from $39.00 to $42.00 and gave the stock a “sector perform” rating in a report on Tuesday, January 21st. Fifteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $43.65.

Rapid7 Price Performance

RPD stock opened at $38.30 on Tuesday. The company’s 50-day moving average is $39.80 and its 200-day moving average is $38.89. The stock has a market capitalization of $2.42 billion, a PE ratio of 60.79 and a beta of 0.96. Rapid7 has a 1 year low of $32.94 and a 1 year high of $61.88.

Insider Activity at Rapid7

In related news, CEO Corey E. Thomas sold 100,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $39.38, for a total value of $3,938,000.00. Following the sale, the chief executive officer now directly owns 431,469 shares in the company, valued at approximately $16,991,249.22. The trade was a 18.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rapid7

A number of large investors have recently modified their holdings of RPD. Birnam Oak Advisors LP purchased a new stake in shares of Rapid7 in the 4th quarter valued at about $4,425,000. Cibc World Markets Corp purchased a new stake in Rapid7 in the fourth quarter valued at approximately $233,000. Skandinaviska Enskilda Banken AB publ lifted its position in Rapid7 by 68.8% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 1,116 shares of the technology company’s stock valued at $46,000 after purchasing an additional 455 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Rapid7 during the fourth quarter valued at approximately $12,050,000. Finally, Proficio Capital Partners LLC purchased a new position in Rapid7 in the 4th quarter worth approximately $1,429,000. 95.66% of the stock is currently 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.