Rapid7 (NASDAQ:RPD) Cut to Sector Perform at Royal Bank of Canada

Royal Bank of Canada downgraded shares of Rapid7 (NASDAQ:RPD) from an outperform rating to a sector perform rating in a research note issued to investors on Friday morning, MarketBeat.com reports. They currently have $40.00 target price on the technology company’s stock, down from their prior target price of $50.00.

A number of other brokerages also recently commented on RPD. Needham & Company LLC reissued a hold rating on shares of Rapid7 in a research note on Wednesday, August 7th. Scotiabank reduced their price objective on shares of Rapid7 from $45.00 to $41.00 and set a sector perform rating for the company in a research note on Wednesday, August 7th. KeyCorp upgraded shares of Rapid7 to a hold rating in a research note on Monday, June 17th. Robert W. Baird lowered shares of Rapid7 from an outperform rating to a neutral rating and cut their price target for the stock from $56.00 to $45.00 in a report on Thursday, August 1st. Finally, Canaccord Genuity Group upgraded Rapid7 from a hold rating to a buy rating and decreased their price objective for the company from $52.00 to $43.00 in a report on Wednesday, August 7th. Fourteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Rapid7 presently has an average rating of Hold and an average target price of $46.13.

Rapid7 Price Performance

Rapid7 stock opened at $35.78 on Friday. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of -17.45 and a beta of 0.96. The firm has a 50-day moving average of $36.94 and a two-hundred day moving average of $40.93. Rapid7 has a 1 year low of $32.94 and a 1 year high of $61.88.

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

Institutional Trading of Rapid7

A number of institutional investors and hedge funds have recently modified their holdings of RPD. Price T Rowe Associates Inc. MD lifted its stake in shares of Rapid7 by 3.9% in 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. SG Americas Securities LLC increased its holdings in shares of Rapid7 by 7,688.6% in the second quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company’s stock valued at $7,141,000 after purchasing an additional 163,075 shares during the last quarter. First Trust Advisors LP lifted 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 worth $194,668,000 after buying an additional 1,124,429 shares in the last quarter. Principal Financial Group Inc. boosted its stake in 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 during the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new stake in shares of Rapid7 in the 1st quarter worth $3,808,000. Hedge funds and other institutional investors own 95.66% of the company’s stock.

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.