Rapid7 (NASDAQ:RPD) Receives New Coverage from Analysts at Scotiabank

Scotiabank assumed coverage on shares of Rapid7 (NASDAQ:RPD) in a research report sent to investors on Friday morning, Marketbeat.com reports. The firm issued a sector perform rating and a $46.00 target price on the technology company’s stock.

Other analysts have also issued reports about the company. Royal Bank of Canada reiterated an outperform rating and set a $70.00 price objective on shares of Rapid7 in a research note on Thursday, February 8th. Barclays boosted their target price on Rapid7 from $58.00 to $60.00 and gave the stock an equal weight rating in a research report on Thursday, February 8th. UBS Group upgraded Rapid7 from a neutral rating to a buy rating and boosted their target price for the stock from $53.00 to $70.00 in a research report on Monday, January 29th. Citigroup upgraded Rapid7 from a neutral rating to a buy rating and upped their price objective for the stock from $54.00 to $65.00 in a report on Tuesday, January 9th. Finally, JPMorgan Chase & Co. cut their price objective on Rapid7 from $61.00 to $60.00 and set a neutral rating for the company in a report on Thursday, February 8th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Rapid7 presently has a consensus rating of Hold and a consensus price target of $55.56.

Rapid7 Stock Performance

Shares of RPD opened at $45.93 on Friday. The stock’s fifty day moving average price is $51.25 and its two-hundred day moving average price is $53.03. Rapid7 has a 1 year low of $39.49 and a 1 year high of $61.88.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings data on Wednesday, February 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.27. Rapid7 had a negative return on equity of 1.36% and a negative net margin of 19.19%. The company had revenue of $205.27 million for the quarter, compared to analyst estimates of $201.52 million. As a group, analysts forecast that Rapid7 will post 0.86 EPS for the current year.

Insider Transactions at Rapid7

In related news, COO Andrew F. Burton sold 20,653 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the completion of the transaction, the chief operating officer now owns 236,841 shares of the company’s stock, valued at approximately $11,541,261.93. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, COO Andrew F. Burton sold 31,727 shares of Rapid7 stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $53.07, for a total value of $1,683,751.89. Following the completion of the sale, the chief operating officer now owns 257,494 shares of the company’s stock, valued at $13,665,206.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Andrew F. Burton sold 20,653 shares of Rapid7 stock in a transaction on Monday, April 8th. The stock was sold at an average price of $48.73, for a total value of $1,006,420.69. Following the completion of the sale, the chief operating officer now directly owns 236,841 shares of the company’s stock, valued at approximately $11,541,261.93. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Rapid7

Hedge funds have recently bought and sold shares of the stock. Duality Advisers LP bought a new stake in Rapid7 during the fourth quarter valued at about $235,000. Tudor Investment Corp Et Al lifted its position in shares of Rapid7 by 46.5% in the third quarter. Tudor Investment Corp Et Al now owns 145,102 shares of the technology company’s stock valued at $6,643,000 after acquiring an additional 46,053 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Rapid7 by 34.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 42,448 shares of the technology company’s stock valued at $2,424,000 after acquiring an additional 10,798 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Rapid7 by 47.8% in the third quarter. Canada Pension Plan Investment Board now owns 68,300 shares of the technology company’s stock worth $3,127,000 after buying an additional 22,100 shares in the last quarter. Finally, Raymond James & Associates lifted its position in shares of Rapid7 by 41.5% in the third quarter. Raymond James & Associates now owns 100,806 shares of the technology company’s stock worth $4,615,000 after buying an additional 29,543 shares in the last quarter. 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.