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

Rapid7 (NASDAQ:RPD) had its price target dropped by analysts at Royal Bank of Canada from $70.00 to $57.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 57.37% from the company’s previous close.

Several other research firms have also recently weighed in on RPD. Robert W. Baird decreased their price target on Rapid7 from $62.00 to $56.00 and set an “outperform” rating for the company in a research note on Wednesday. Piper Sandler decreased their target price on Rapid7 from $56.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday. Barclays raised their price target on shares of Rapid7 from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Thursday, February 8th. UBS Group decreased their price objective on shares of Rapid7 from $70.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Canaccord Genuity Group dropped their target price on shares of Rapid7 from $60.00 to $52.00 and set a “hold” rating on the stock in a report on Wednesday. Ten analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $52.94.

Rapid7 Trading Down 20.9 %

NASDAQ:RPD traded down $9.58 on Wednesday, reaching $36.22. 6,997,937 shares of the stock traded hands, compared to its average volume of 782,293. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of -14.51 and a beta of 1.01. Rapid7 has a 12 month low of $35.22 and a 12 month high of $61.88. The company’s fifty day simple moving average is $49.41 and its 200 day simple moving average is $52.81.

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, topping analysts’ consensus estimates of $0.13 by $0.27. The company had revenue of $205.27 million during the quarter, compared to analyst estimates of $201.52 million. Rapid7 had a negative net margin of 19.19% and a negative return on equity of 1.36%. Equities analysts anticipate that Rapid7 will post 0.86 EPS for the current fiscal year.

Insider Activity at Rapid7

In other news, COO Andrew F. Burton sold 20,653 shares of the 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 $11,541,261.93. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, COO Andrew F. Burton sold 31,727 shares of the business’s stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 257,494 shares of the company’s stock, valued at approximately $13,665,206.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Andrew F. Burton sold 20,653 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the sale, the chief operating officer now directly owns 236,841 shares of the company’s stock, valued at $11,541,261.93. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rapid7

A number of hedge funds and other institutional investors have recently modified their holdings of RPD. Fidelis Capital Partners LLC bought a new stake in Rapid7 in the first quarter worth $36,000. Mather Group LLC. bought a new stake in shares of Rapid7 in the 1st quarter worth about $42,000. International Assets Investment Management LLC increased its holdings in shares of Rapid7 by 3,367.9% in the 4th quarter. International Assets Investment Management LLC now owns 971 shares of the technology company’s stock worth $55,000 after buying an additional 943 shares during the last quarter. Financial Connections Group Inc. bought a new position in shares of Rapid7 in the 4th quarter valued at about $95,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Rapid7 in the 1st quarter valued at about $83,000. Institutional investors own 95.66% of the company’s stock.

Rapid7 Company Profile

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.