Barclays Cuts Rapid7 (NASDAQ:RPD) Price Target to $35.00

Rapid7 (NASDAQ:RPD) had its target price dropped by Barclays from $43.00 to $35.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Barclays‘s price target suggests a potential downside of 4.87% from the stock’s previous close.

Several other research firms have also recently issued reports on RPD. Truist Financial decreased their price objective on shares of Rapid7 from $40.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday, November 7th. Citigroup decreased their price target on Rapid7 from $50.00 to $46.00 and set a “buy” rating for the company in a report on Friday, January 17th. UBS Group dropped their price objective on Rapid7 from $59.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. JPMorgan Chase & Co. decreased their target price on Rapid7 from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Tuesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Rapid7 in a research note on Thursday. Fifteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Rapid7 has an average rating of “Hold” and an average target price of $42.18.

Rapid7 Price Performance

Shares of NASDAQ RPD opened at $36.79 on Thursday. The company has a market cap of $2.33 billion, a price-to-earnings ratio of 58.40 and a beta of 0.96. The stock’s 50-day moving average is $39.57 and its two-hundred day moving average is $38.87. Rapid7 has a 1-year low of $32.94 and a 1-year high of $61.79.

Rapid7 (NASDAQ:RPD) last released its earnings results on Wednesday, February 12th. The technology company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.38). Rapid7 had a negative return on equity of 128.95% and a net margin of 5.65%. Equities research analysts anticipate that Rapid7 will post 0.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Rapid7

In other Rapid7 news, CEO Corey E. Thomas sold 100,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $39.38, for a total transaction of $3,938,000.00. Following the completion of the transaction, the chief executive officer now owns 431,469 shares in the company, valued at approximately $16,991,249.22. This represents a 18.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in Rapid7 in the fourth quarter valued at about $12,050,000. Harbor Capital Advisors Inc. raised its stake in shares of Rapid7 by 259.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 288,965 shares of the technology company’s stock worth $11,625,000 after buying an additional 208,501 shares in the last quarter. Invenomic Capital Management LP acquired a new stake in shares of Rapid7 in the 3rd quarter valued at approximately $6,647,000. Birnam Oak Advisors LP acquired a new stake in shares of Rapid7 in the 4th quarter valued at approximately $4,425,000. Finally, Thematics Asset Management boosted its stake in shares of Rapid7 by 33.0% in the third quarter. Thematics Asset Management now owns 399,000 shares of the technology company’s stock valued at $15,916,000 after buying an additional 99,000 shares in the last quarter. 95.66% of the stock is currently owned by institutional investors and hedge funds.

Rapid7 Company Profile

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.