Rapid7 (NASDAQ:RPD) Price Target Cut to $45.00

Rapid7 (NASDAQ:RPD) had its target price lowered by research analysts at Piper Sandler from $56.00 to $45.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. Piper Sandler’s target price would indicate a potential upside of 18.61% from the stock’s previous close.

Several other research firms have also recently commented on RPD. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 target price on shares of Rapid7 in a research note on Thursday, February 8th. Barclays lifted their target price on Rapid7 from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 8th. JPMorgan Chase & Co. cut their price target on Rapid7 from $61.00 to $60.00 and set a “neutral” rating for the company in a report on Thursday, February 8th. Truist Financial reduced their target price on Rapid7 from $50.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday. Finally, Mizuho lowered their price target on shares of Rapid7 from $62.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $52.13.

Rapid7 Stock Performance

NASDAQ RPD opened at $37.94 on Wednesday. The stock has a 50-day simple moving average of $48.62 and a 200 day simple moving average of $52.60. Rapid7 has a twelve month low of $35.22 and a twelve month high of $61.88. The stock has a market capitalization of $2.36 billion, a PE ratio of -15.12 and a beta of 1.01.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings results on Wednesday, February 7th. The technology company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.13 by $0.27. Rapid7 had a negative return on equity of 1.36% and a negative net margin of 19.19%. The company had revenue of $205.27 million for the quarter, compared to the consensus estimate of $201.52 million. As a group, equities research analysts forecast that Rapid7 will post 0.86 EPS for the current fiscal year.

Insider Activity

In related news, COO Andrew F. Burton sold 31,727 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $53.07, for a total transaction of $1,683,751.89. Following the sale, the chief operating officer now directly owns 257,494 shares in the company, valued at approximately $13,665,206.58. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, COO Andrew F. Burton sold 31,727 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $53.07, for a total transaction of $1,683,751.89. Following the transaction, the chief operating officer now owns 257,494 shares in the company, valued at approximately $13,665,206.58. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Andrew F. Burton sold 20,653 shares of the stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the sale, the chief operating officer now directly owns 236,841 shares in the company, valued at approximately $11,541,261.93. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Duality Advisers LP bought a new position in Rapid7 in the 4th quarter valued at $235,000. Lisanti Capital Growth LLC acquired a new stake in Rapid7 in the fourth quarter worth about $3,522,000. Tudor Investment Corp Et Al raised its holdings in Rapid7 by 46.5% during the 3rd quarter. Tudor Investment Corp Et Al now owns 145,102 shares of the technology company’s stock worth $6,643,000 after purchasing an additional 46,053 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in Rapid7 by 34.1% during the 4th quarter. Exchange Traded Concepts LLC now owns 42,448 shares of the technology company’s stock valued at $2,424,000 after purchasing an additional 10,798 shares during the period. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Rapid7 by 47.8% in the 3rd quarter. Canada Pension Plan Investment Board now owns 68,300 shares of the technology company’s stock valued at $3,127,000 after purchasing an additional 22,100 shares during the last quarter. 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.