UBS Group Trims Rapid7 (NASDAQ:RPD) Target Price to $59.00

Rapid7 (NASDAQ:RPD) had its price target decreased by UBS Group from $65.00 to $59.00 in a research note published on Wednesday, Benzinga reports. UBS Group currently has a buy rating on the technology company’s stock.

Several other research analysts have also commented on the company. Needham & Company LLC reiterated a hold rating on shares of Rapid7 in a report on Wednesday. Barclays reduced their price target on Rapid7 from $60.00 to $49.00 and set an equal weight rating on the stock in a report on Wednesday, May 8th. Scotiabank initiated coverage on Rapid7 in a report on Friday, April 26th. They set a sector perform rating and a $46.00 price target on the stock. Robert W. Baird lowered shares of Rapid7 from an outperform rating to a neutral rating and reduced their price objective for the company from $56.00 to $45.00 in a report on Thursday, August 1st. Finally, KeyCorp upgraded shares of 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 issued a buy rating to the company. Based on data from MarketBeat, Rapid7 has a consensus rating of Hold and an average price target of $46.75.

Rapid7 Trading Down 1.7 %

RPD stock traded down $0.61 during midday trading on Wednesday, reaching $36.16. The stock had a trading volume of 472,018 shares, compared to its average volume of 829,806. The company’s fifty day simple moving average is $38.68 and its 200 day simple moving average is $45.61. The company has a market cap of $2.25 billion, a price-to-earnings ratio of -17.64 and a beta of 0.98. Rapid7 has a 52-week low of $32.94 and a 52-week high of $61.88.

Rapid7 (NASDAQ:RPD) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.52 by $0.06. Rapid7 had a negative return on equity of 58.27% and a negative net margin of 5.64%. The business had revenue of $207.99 million for the quarter, compared to analyst estimates of $204.04 million. During the same quarter in the previous year, the firm earned ($0.33) EPS. The company’s quarterly revenue was up 9.2% compared to the same quarter last year. Sell-side analysts predict that Rapid7 will post 0.75 EPS for the current year.

Hedge Funds Weigh In On Rapid7

Several institutional investors have recently bought and sold shares of RPD. Price T Rowe Associates Inc. MD grew its position in shares of Rapid7 by 3.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 503,468 shares of the technology company’s stock worth $24,691,000 after buying an additional 18,907 shares in the last quarter. Lisanti Capital Growth LLC acquired a new position in shares of Rapid7 during the fourth quarter worth about $3,522,000. Duality Advisers LP acquired a new position in shares of Rapid7 during the fourth quarter worth about $235,000. First Trust Advisors LP grew its position in shares of Rapid7 by 49.2% during the fourth quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock worth $194,668,000 after buying an additional 1,124,429 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Rapid7 by 453.9% during the first quarter. Principal Financial Group Inc. now owns 38,764 shares of the technology company’s stock worth $1,901,000 after buying an additional 31,766 shares in the last quarter. 95.66% of the stock is 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.