Rapid7 (NASDAQ:RPD) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Rapid7 (NASDAQ:RPD) from a hold rating to a buy rating in a report released on Wednesday.

Other research analysts also recently issued research reports about the company. UBS Group cut their price target on Rapid7 from $59.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Royal Bank of Canada cut shares of Rapid7 from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $50.00 to $40.00 in a research report on Friday, September 20th. Robert W. Baird cut shares of Rapid7 from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $56.00 to $45.00 in a research note on Thursday, August 1st. Piper Sandler cut their price target on Rapid7 from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Finally, DA Davidson increased their price objective on Rapid7 from $35.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Fourteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $44.59.

Rapid7 Stock Down 1.8 %

NASDAQ:RPD opened at $42.53 on Wednesday. The firm’s fifty day simple moving average is $39.53 and its 200-day simple moving average is $38.46. The stock has a market cap of $2.69 billion, a PE ratio of 68.73 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.

Rapid7 (NASDAQ:RPD) last issued its earnings results on Wednesday, November 6th. The technology company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.14. Rapid7 had a net margin of 5.65% and a negative return on equity of 128.95%. The company had revenue of $214.65 million for the quarter, compared to analyst estimates of $210.04 million. During the same period in the prior year, the business posted $0.11 earnings per share. The firm’s revenue for the quarter was up 8.0% compared to the same quarter last year. Equities analysts anticipate that Rapid7 will post 0.98 earnings per share for the current year.

Insider Transactions at Rapid7

In other Rapid7 news, Director Reeny Sondhi sold 3,663 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $698,400. The trade was a 17.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rapid7

Hedge funds and other institutional investors have recently modified their holdings of the company. Algert Global LLC raised its holdings in 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 buying an additional 74,793 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Rapid7 by 3.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 503,468 shares of the technology company’s stock valued at $24,691,000 after acquiring an additional 18,907 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Rapid7 by 7,688.6% during the 2nd quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company’s stock valued at $7,141,000 after acquiring an additional 163,075 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in Rapid7 during the 3rd quarter worth $948,000. Finally, Point72 Asset Management L.P. increased its holdings in Rapid7 by 252.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company’s stock valued at $164,236,000 after purchasing an additional 2,719,791 shares in the last quarter. 95.66% of the stock is owned by institutional investors and hedge funds.

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.