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

Rapid7 (NASDAQ:RPD) had its price objective reduced by Piper Sandler from $42.00 to $40.00 in a research note published on Thursday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the technology company’s stock.

RPD has been the topic of a number of other reports. Robert W. Baird downgraded shares of Rapid7 from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $56.00 to $45.00 in a research report on Thursday, August 1st. Jefferies Financial Group started coverage on Rapid7 in a research report on Wednesday, October 16th. They set a “buy” rating and a $50.00 target price on the stock. Morgan Stanley reaffirmed an “equal weight” rating and issued a $46.00 price target on shares of Rapid7 in a report on Wednesday, July 10th. UBS Group cut their price objective on shares of Rapid7 from $65.00 to $59.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Royal Bank of Canada cut shares of Rapid7 from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $50.00 to $40.00 in a report on Friday, September 20th. Fourteen research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Rapid7 has a consensus rating of “Hold” and a consensus price target of $44.59.

Rapid7 Stock Performance

RPD stock opened at $40.54 on Thursday. The company’s 50 day moving average price is $38.02 and its 200 day moving average price is $38.71. The firm has a market capitalization of $2.54 billion, a price-to-earnings ratio of 64.35 and a beta of 0.96. Rapid7 has a fifty-two week low of $32.94 and a fifty-two week high of $61.88.

Insider Buying and Selling at Rapid7

In other news, Director Reeny Sondhi sold 3,663 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $40.00, for a total transaction of $146,520.00. Following the completion of the sale, the director now owns 17,460 shares in the company, valued at $698,400. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rapid7

Large investors have recently bought and sold shares of the company. Algert Global LLC boosted its holdings in shares of Rapid7 by 158.6% in the second quarter. Algert Global LLC now owns 121,953 shares of the technology company’s stock valued at $5,272,000 after acquiring an additional 74,793 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in 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 valued at $24,691,000 after purchasing an additional 18,907 shares during the period. SG Americas Securities LLC boosted its holdings in Rapid7 by 7,688.6% in the 2nd 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 in the last quarter. Assenagon Asset Management S.A. acquired a new position in Rapid7 during the 3rd quarter worth approximately $948,000. Finally, Point72 Asset Management L.P. raised its stake in shares of Rapid7 by 252.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company’s stock worth $164,236,000 after buying an additional 2,719,791 shares in the last quarter. 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.