Rapid7 (NASDAQ:RPD) Price Target Lowered to $40.00 at Piper Sandler

Rapid7 (NASDAQ:RPD) had its price objective dropped by research analysts at Piper Sandler from $42.00 to $40.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price objective indicates a potential downside of 5.33% from the company’s current price.

Several other research firms also recently commented on RPD. Jefferies Financial Group initiated coverage on Rapid7 in a report on Wednesday, October 16th. They issued a “buy” rating and a $50.00 price objective on the stock. Needham & Company LLC reissued a “hold” rating on shares of Rapid7 in a research note on Wednesday, August 7th. Canaccord Genuity Group raised Rapid7 from a “hold” rating to a “buy” rating and cut their target price for the stock from $52.00 to $43.00 in a research note on Wednesday, August 7th. Baird R W cut Rapid7 from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Truist Financial cut their target price on Rapid7 from $40.00 to $38.00 and set a “hold” rating on the stock in a research note on Thursday. Fourteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $45.19.

Rapid7 Stock Up 1.6 %

Shares of RPD traded up $0.65 during trading hours on Thursday, hitting $42.25. The company had a trading volume of 286,881 shares, compared to its average volume of 843,722. The firm has a market cap of $2.65 billion, a P/E ratio of -47.39 and a beta of 0.96. The stock’s 50 day moving average price is $37.90 and its 200 day moving average price is $38.77. Rapid7 has a 52-week low of $32.94 and a 52-week high of $61.88.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.52 by $0.06. The firm had revenue of $207.99 million for the quarter, compared to the consensus estimate of $204.04 million. Rapid7 had a negative return on equity of 67.88% and a negative net margin of 5.64%. The company’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.33) earnings per share. On average, research analysts expect that Rapid7 will post 0.8 EPS for the current fiscal year.

Insider Transactions at Rapid7

In other news, Director Reeny Sondhi sold 3,663 shares of the business’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 value of $146,520.00. Following the sale, the director now directly owns 17,460 shares of the company’s stock, valued at $698,400. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rapid7

A number of hedge funds have recently added to or reduced their stakes in the company. Comerica Bank raised its holdings in Rapid7 by 1.1% in the 1st quarter. Comerica Bank now owns 25,356 shares of the technology company’s stock worth $1,243,000 after acquiring an additional 281 shares during the last quarter. Virtu Financial LLC raised its stake in Rapid7 by 7.1% during the 1st quarter. Virtu Financial LLC now owns 5,198 shares of the technology company’s stock valued at $255,000 after buying an additional 346 shares during the last quarter. 1620 Investment Advisors Inc. raised its stake in Rapid7 by 14.5% during the 3rd quarter. 1620 Investment Advisors Inc. now owns 2,783 shares of the technology company’s stock valued at $111,000 after buying an additional 352 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in Rapid7 by 10.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,287 shares of the technology company’s stock valued at $185,000 after buying an additional 400 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in Rapid7 by 2.8% during the 2nd quarter. Arizona State Retirement System now owns 17,352 shares of the technology company’s stock valued at $750,000 after buying an additional 465 shares during the last quarter. 95.66% of the stock is currently 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.