Rapid7 (NASDAQ:RPD) Price Target Raised to $60.00 at Barclays

Rapid7 (NASDAQ:RPDFree Report) had its target price hoisted by Barclays from $58.00 to $60.00 in a research report sent to investors on Thursday morning, Benzinga reports. The firm currently has an equal weight rating on the technology company’s stock.

RPD has been the topic of several other research reports. Citigroup upgraded Rapid7 from a neutral rating to a buy rating and upped their price target for the stock from $54.00 to $65.00 in a research note on Tuesday, January 9th. Susquehanna began coverage on Rapid7 in a research note on Friday, December 15th. They issued a neutral rating and a $55.00 price target on the stock. UBS Group upgraded Rapid7 from a neutral rating to a buy rating and upped their price target for the stock from $53.00 to $70.00 in a research note on Monday, January 29th. JPMorgan Chase & Co. upped their price target on Rapid7 from $52.00 to $61.00 and gave the stock a neutral rating in a research note on Monday, December 11th. Finally, Royal Bank of Canada restated an outperform rating and issued a $70.00 price target on shares of Rapid7 in a research note on Thursday. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Rapid7 has an average rating of Hold and a consensus price target of $56.20.

Check Out Our Latest Research Report on RPD

Rapid7 Stock Performance

RPD stock opened at $61.47 on Thursday. Rapid7 has a fifty-two week low of $37.29 and a fifty-two week high of $61.54. The business’s 50 day moving average price is $56.35 and its two-hundred day moving average price is $51.22. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of -24.49 and a beta of 1.04.

Rapid7 (NASDAQ:RPDGet Free Report) last posted its earnings results on Wednesday, February 7th. The technology company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.27. The firm had revenue of $205.27 million for the quarter, compared to the consensus estimate of $201.52 million. Rapid7 had a negative return on equity of 1.33% and a negative net margin of 19.19%. Sell-side analysts forecast that Rapid7 will post 0.36 earnings per share for the current year.

Insider Activity

In other news, COO Andrew F. Burton sold 17,000 shares of the stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $53.68, for a total transaction of $912,560.00. Following the transaction, the chief operating officer now directly owns 224,038 shares of the company’s stock, valued at approximately $12,026,359.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rapid7

Several hedge funds and other institutional investors have recently modified their holdings of RPD. Hawk Ridge Capital Management LP lifted its holdings in shares of Rapid7 by 757.7% during the 3rd quarter. Hawk Ridge Capital Management LP now owns 1,592,259 shares of the technology company’s stock valued at $72,894,000 after buying an additional 1,406,619 shares during the period. Norges Bank bought a new position in Rapid7 in the 4th quarter worth $37,790,000. Fred Alger Management LLC raised its holdings in Rapid7 by 150.0% in the 1st quarter. Fred Alger Management LLC now owns 870,536 shares of the technology company’s stock worth $39,966,000 after purchasing an additional 522,286 shares during the period. Bank of Montreal Can bought a new position in Rapid7 in the 2nd quarter worth $20,075,000. Finally, Goldman Sachs Group Inc. raised its holdings in Rapid7 by 43.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,306,095 shares of the technology company’s stock worth $87,247,000 after purchasing an additional 396,586 shares during the period. 95.66% of the stock is owned by institutional investors.

About Rapid7

(Get Free Report)

Rapid7, Inc provides cybersecurity solutions. The company offers a cloud-native insight platform that enables customers to create and manage analytics-driven cybersecurity risk management programs. Its platform includes InsightIDR, an incident detection and response solution; InsightCloudSec, a cloud risk and compliance management platform; InsightVM helps organizations to discover and remediate vulnerability risk across their network; InsightAppSec that provides dynamic application security testing; and InsightConnect, a security orchestration and automation response solution.

Further Reading

Analyst Recommendations for Rapid7 (NASDAQ:RPD)

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