Rapid7 (NASDAQ:RPD) Price Target Lowered to $57.00 at Royal Bank of Canada

Rapid7 (NASDAQ:RPD) had its price objective reduced by Royal Bank of Canada from $70.00 to $57.00 in a research note released on Wednesday morning, Benzinga reports. They currently have an outperform rating on the technology company’s stock.

Several other equities research analysts have also recently issued reports on RPD. JPMorgan Chase & Co. reduced their price objective on shares of Rapid7 from $61.00 to $60.00 and set a neutral rating on the stock in a research report on Thursday, February 8th. Stifel Nicolaus reduced their price target on shares of Rapid7 from $63.00 to $51.00 and set a buy rating on the stock in a research report on Wednesday. Barclays boosted their price target on shares of Rapid7 from $58.00 to $60.00 and gave the stock an equal weight rating in a research report on Thursday, February 8th. Canaccord Genuity Group reduced their price target on shares of Rapid7 from $60.00 to $52.00 and set a hold rating on the stock in a research report on Wednesday. Finally, Robert W. Baird reduced their price target on shares of Rapid7 from $62.00 to $56.00 and set an outperform rating on the stock in a research report on Wednesday. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Rapid7 currently has an average rating of Hold and an average price target of $52.13.

Rapid7 Stock Performance

Shares of Rapid7 stock traded up $0.64 on Wednesday, hitting $38.64. 664,287 shares of the company traded hands, compared to its average volume of 807,339. The stock has a market capitalization of $2.41 billion, a P/E ratio of -15.14 and a beta of 1.01. Rapid7 has a 52 week low of $35.22 and a 52 week high of $61.88. The business has a 50-day simple moving average of $49.04 and a 200 day simple moving average of $52.71.

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 the consensus estimate of $0.13 by $0.27. The firm had revenue of $205.27 million for the quarter, compared to analysts’ expectations of $201.52 million. Rapid7 had a negative net margin of 19.19% and a negative return on equity of 1.36%. Research analysts expect that Rapid7 will post 0.86 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Trading of Rapid7

Several hedge funds have recently modified their holdings of RPD. Duality Advisers LP purchased a new position in shares of Rapid7 in the 4th quarter valued at approximately $235,000. Lisanti Capital Growth LLC purchased a new position in shares of Rapid7 in the 4th quarter valued at approximately $3,522,000. Tudor Investment Corp Et Al raised its position in shares of Rapid7 by 46.5% in the 3rd quarter. Tudor Investment Corp Et Al now owns 145,102 shares of the technology company’s stock valued at $6,643,000 after purchasing an additional 46,053 shares during the last quarter. Exchange Traded Concepts LLC raised its position in shares of Rapid7 by 34.1% in the 4th quarter. Exchange Traded Concepts LLC now owns 42,448 shares of the technology company’s stock valued at $2,424,000 after purchasing an additional 10,798 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of Rapid7 by 47.8% in the 3rd quarter. Canada Pension Plan Investment Board now owns 68,300 shares of the technology company’s stock valued at $3,127,000 after purchasing an additional 22,100 shares during the last quarter. 95.66% of the stock is 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.