Rapid7 (NASDAQ:RPD) Given Outperform Rating at Royal Bank of Canada

Rapid7 (NASDAQ:RPD)‘s stock had its “outperform” rating reissued by analysts at Royal Bank of Canada in a report released on Wednesday, Benzinga reports. They presently have a $50.00 price objective on the technology company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 37.36% from the company’s previous close.

Several other analysts have also weighed in on RPD. Susquehanna lowered their price objective on Rapid7 from $55.00 to $40.00 and set a “neutral” rating for the company in a report on Monday, May 13th. Piper Sandler lowered their price objective on Rapid7 from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday. Canaccord Genuity Group raised Rapid7 from a “hold” rating to a “buy” rating and lowered their price objective for the company from $52.00 to $43.00 in a report on Wednesday. Mizuho lowered their price objective on Rapid7 from $62.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, May 8th. Finally, KeyCorp raised Rapid7 to a “hold” rating in a report on Monday, June 17th. Thirteen investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Rapid7 has an average rating of “Hold” and a consensus target price of $47.06.

Rapid7 Stock Performance

Shares of NASDAQ RPD traded up $3.38 during midday trading on Wednesday, reaching $36.40. 1,415,742 shares of the company’s stock were exchanged, compared to its average volume of 923,988. Rapid7 has a 52-week low of $32.94 and a 52-week high of $61.88. The stock has a market capitalization of $2.27 billion, a PE ratio of -17.89 and a beta of 0.98. The business’s fifty day moving average price is $38.68 and its two-hundred day moving average price is $45.93.

Rapid7 (NASDAQ:RPD) last announced its earnings results on Tuesday, May 7th. The technology company reported $0.22 earnings per share (EPS) 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 business had revenue of $205.10 million for the quarter, compared to analyst estimates of $204.10 million. Analysts predict that Rapid7 will post 0.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rapid7

Hedge funds and other institutional investors have recently made changes to their positions in the business. Quest Partners LLC acquired a new position in shares of Rapid7 during the second quarter worth approximately $35,000. Fidelis Capital Partners LLC acquired a new stake in Rapid7 in the first quarter worth approximately $36,000. Mather Group LLC. acquired a new stake in Rapid7 in the first quarter worth approximately $42,000. Summit Securities Group LLC acquired a new stake in Rapid7 in the second quarter worth approximately $43,000. Finally, International Assets Investment Management LLC lifted its position in Rapid7 by 3,367.9% in the fourth quarter. International Assets Investment Management LLC now owns 971 shares of the technology company’s stock worth $55,000 after purchasing an additional 943 shares during the period. 95.66% of the stock is currently owned by institutional investors and hedge funds.

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.