Rapid7 (NASDAQ:RPD) Rating Lowered to Neutral at Robert W. Baird

Rapid7 (NASDAQ:RPD) was downgraded by equities researchers at Robert W. Baird from an “outperform” rating to a “neutral” rating in a report issued on Thursday, Briefing.com reports. They currently have a $45.00 target price on the technology company’s stock, down from their prior target price of $56.00. Robert W. Baird’s price objective suggests a potential upside of 14.39% from the stock’s previous close.

Several other brokerages also recently commented on RPD. Royal Bank of Canada reduced their target price on Rapid7 from $70.00 to $57.00 and set an “outperform” rating for the company in a research note on Wednesday, May 8th. Citigroup reduced their target price on Rapid7 from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Barclays cut their price target on Rapid7 from $60.00 to $49.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 8th. Stifel Nicolaus cut their price target on Rapid7 from $63.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Finally, Scotiabank began coverage on shares of Rapid7 in a research report on Friday, April 26th. They set a “sector perform” rating and a $46.00 target price on the stock. Thirteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $50.40.

Rapid7 Stock Down 0.5 %

Shares of NASDAQ:RPD opened at $39.34 on Thursday. The business has a fifty day simple moving average of $38.95 and a 200 day simple moving average of $46.61. Rapid7 has a 12-month low of $35.08 and a 12-month high of $61.88. The firm has a market cap of $2.45 billion, a P/E ratio of -19.19 and a beta of 0.98.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.22. Rapid7 had a negative return on equity of 31.09% and a negative net margin of 15.14%. The firm had revenue of $205.10 million during the quarter, compared to the consensus estimate of $204.10 million. As a group, equities research analysts expect that Rapid7 will post 0.75 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP raised its position in Rapid7 by 49.2% during the fourth quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock valued at $194,668,000 after purchasing an additional 1,124,429 shares in the last quarter. Wasatch Advisors LP raised its position in Rapid7 by 12.8% during the fourth quarter. Wasatch Advisors LP now owns 1,410,051 shares of the technology company’s stock valued at $80,514,000 after purchasing an additional 160,531 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position 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 purchasing an additional 397,968 shares in the last quarter. Norges Bank bought a new position in shares of Rapid7 during the fourth quarter valued at about $37,790,000. Finally, Federated Hermes Inc. grew its stake in shares of Rapid7 by 1.9% during the fourth quarter. Federated Hermes Inc. now owns 509,404 shares of the technology company’s stock valued at $29,087,000 after buying an additional 9,404 shares during the last quarter. 95.66% of the stock is currently 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.