Rapid7 (NASDAQ:RPD) Price Target Cut to $40.00 by Analysts at Piper Sandler

Rapid7 (NASDAQ:RPD) had its price target dropped by research analysts at Piper Sandler from $42.00 to $40.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. Piper Sandler’s target price suggests a potential downside of 5.33% from the stock’s previous close.

RPD has been the subject of several other reports. Jefferies Financial Group initiated coverage on Rapid7 in a research note on Wednesday, October 16th. They issued a “buy” rating and a $50.00 price objective for the company. Truist Financial reduced their price objective on Rapid7 from $40.00 to $38.00 and set a “hold” rating for the company in a research note on Thursday. Canaccord Genuity Group upgraded Rapid7 from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $52.00 to $43.00 in a research note on Wednesday, August 7th. Canaccord Genuity Group raised shares of Rapid7 from a “hold” rating to a “buy” rating and dropped their target price for the stock from $52.00 to $43.00 in a report on Wednesday, August 7th. Finally, Baird R W downgraded shares of Rapid7 from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 1st. Fourteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $45.19.

Rapid7 Price Performance

Shares of NASDAQ:RPD traded up $0.65 during midday trading on Thursday, hitting $42.25. The company had a trading volume of 286,881 shares, compared to its average volume of 843,722. The company has a market cap of $2.65 billion, a price-to-earnings ratio of -47.39 and a beta of 0.96. Rapid7 has a 12-month low of $32.94 and a 12-month high of $61.88. The company has a fifty day moving average of $37.90 and a two-hundred day moving average of $38.77.

Rapid7 (NASDAQ:RPD) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.52 by $0.06. The firm had revenue of $207.99 million during the quarter, compared to analyst estimates of $204.04 million. Rapid7 had a negative return on equity of 67.88% and a negative net margin of 5.64%. Rapid7’s revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.33) EPS. Research analysts expect that Rapid7 will post 0.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Rapid7

In other news, Director Reeny Sondhi sold 3,663 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $40.00, for a total transaction of $146,520.00. Following the sale, the director now directly owns 17,460 shares in the company, valued at approximately $698,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.60% of the company’s stock.

Institutional Trading of Rapid7

Several hedge funds have recently made changes to their positions in RPD. International Assets Investment Management LLC raised its position in shares of Rapid7 by 3,888.2% during the 3rd quarter. International Assets Investment Management LLC now owns 678 shares of the technology company’s stock valued at $27,000 after buying an additional 661 shares in the last quarter. Quest Partners LLC purchased a new stake in Rapid7 in the 2nd quarter worth about $35,000. Summit Securities Group LLC purchased a new stake in Rapid7 in the 2nd quarter worth about $43,000. Financial Connections Group Inc. purchased a new stake in Rapid7 in the 2nd quarter worth about $72,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Rapid7 in the 1st quarter worth about $83,000. 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.