Rapid7 (NASDAQ:RPD) Price Target Lowered to $38.00 at Scotiabank

Rapid7 (NASDAQ:RPD) had its target price cut by equities research analysts at Scotiabank from $42.00 to $38.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the technology company’s stock. Scotiabank’s price objective suggests a potential upside of 8.16% from the company’s current price.

RPD has been the topic of several other research reports. Robert W. Baird cut their price objective on Rapid7 from $43.00 to $39.00 and set a “neutral” rating on the stock in a research report on Thursday. Needham & Company LLC reissued a “hold” rating on shares of Rapid7 in a report on Thursday. Barclays dropped their price objective on Rapid7 from $43.00 to $35.00 and set an “equal weight” rating on the stock in a report on Thursday. Truist Financial dropped their price objective on Rapid7 from $38.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday. Finally, Piper Sandler lowered their price target on Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Fifteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $41.22.

Rapid7 Stock Performance

Shares of RPD traded down $1.66 during mid-day trading on Thursday, reaching $35.13. 1,102,164 shares of the company were exchanged, compared to its average volume of 602,891. The stock has a market capitalization of $2.22 billion, a PE ratio of 55.85 and a beta of 0.96. The business has a 50 day simple moving average of $39.57 and a two-hundred day simple moving average of $38.87. Rapid7 has a 52 week low of $32.94 and a 52 week high of $61.79.

Rapid7 (NASDAQ:RPD) last issued 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%. On average, analysts predict that Rapid7 will post 0.98 EPS for the current year.

Insider Activity

In other news, CEO Corey E. Thomas sold 100,000 shares of Rapid7 stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $39.38, for a total value of $3,938,000.00. Following the sale, the chief executive officer now directly owns 431,469 shares in the company, valued at approximately $16,991,249.22. This trade 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. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC increased its holdings in shares of Rapid7 by 3,888.2% in the 3rd quarter. International Assets Investment Management LLC now owns 678 shares of the technology company’s stock worth $27,000 after purchasing an additional 661 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its holdings in shares of Rapid7 by 68.8% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 1,116 shares of the technology company’s stock worth $46,000 after acquiring an additional 455 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Rapid7 by 30.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,487 shares of the technology company’s stock worth $60,000 after acquiring an additional 347 shares during the period. RPg Family Wealth Advisory LLC bought a new stake in shares of Rapid7 in the third quarter worth $69,000. Finally, KBC Group NV grew its holdings in shares of Rapid7 by 47.7% in the fourth quarter. KBC Group NV now owns 2,686 shares of the technology company’s stock worth $108,000 after acquiring an additional 867 shares during the period. Hedge funds and other institutional investors own 95.66% of the company’s stock.

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.