Rapid7 (NASDAQ:RPD) Upgraded by Canaccord Genuity Group to Buy

Rapid7 (NASDAQ:RPD) was upgraded by equities researchers at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report released on Wednesday, Briefing.com reports. The firm currently has a $43.00 price target on the technology company’s stock, down from their previous price target of $52.00. Canaccord Genuity Group’s target price points to a potential upside of 26.40% from the company’s previous close.

Several other equities analysts have also recently issued reports on RPD. Mizuho dropped their price objective on shares of Rapid7 from $62.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. Morgan Stanley reissued an “equal weight” rating and issued a $46.00 price objective on shares of Rapid7 in a research note on Wednesday, July 10th. JPMorgan Chase & Co. dropped their target price on Rapid7 from $46.00 to $39.00 and set a “neutral” rating for the company in a research note on Friday, August 2nd. UBS Group dropped their price target on shares of Rapid7 from $70.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Finally, Scotiabank assumed coverage on Rapid7 in a report on Friday, April 26th. They issued a “sector perform” rating and a $46.00 price objective on the stock. Fourteen analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Rapid7 currently has an average rating of “Hold” and an average price target of $48.44.

Rapid7 Trading Up 3.0 %

RPD stock opened at $34.02 on Wednesday. The company’s 50 day moving average is $38.68 and its two-hundred day moving average is $45.93. Rapid7 has a twelve month low of $32.94 and a twelve month high of $61.88. The stock has a market cap of $2.12 billion, a P/E ratio of -16.60 and a beta of 0.98.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.22. The firm had revenue of $205.10 million for the quarter, compared to the consensus estimate of $204.10 million. Rapid7 had a negative return on equity of 31.09% and a negative net margin of 15.14%. On average, equities research analysts predict that Rapid7 will post 0.75 earnings per share for the current year.

Institutional Trading of Rapid7

A number of hedge funds and other institutional investors have recently made changes to their positions in RPD. First Trust Advisors LP raised its holdings in shares of Rapid7 by 49.2% in the 4th quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock worth $194,668,000 after purchasing an additional 1,124,429 shares in the last quarter. Wasatch Advisors LP lifted its position in shares of Rapid7 by 12.8% during the 4th quarter. Wasatch Advisors LP now owns 1,410,051 shares of the technology company’s stock valued at $80,514,000 after acquiring an additional 160,531 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Rapid7 by 46.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,254,323 shares of the technology company’s stock worth $61,512,000 after acquiring an additional 397,968 shares in the last quarter. Norges Bank acquired a new position in shares of Rapid7 in the 4th quarter worth $37,790,000. Finally, Federated Hermes Inc. raised its position in shares of Rapid7 by 1.9% during the fourth quarter. Federated Hermes Inc. now owns 509,404 shares of the technology company’s stock worth $29,087,000 after purchasing an additional 9,404 shares during the period. 95.66% of the stock is currently owned by 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.