Rapid7’s (RPD) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Rapid7 (NASDAQ:RPD) in a report published on Wednesday, Benzinga reports. Royal Bank of Canada currently has a $50.00 price target on the technology company’s stock.

A number of other equities research analysts also recently issued reports on RPD. Scotiabank began coverage on shares of Rapid7 in a report on Friday, April 26th. They issued a sector perform rating and a $46.00 price target on the stock. Citigroup dropped their price target on Rapid7 from $65.00 to $52.00 and set a buy rating for the company in a research note on Wednesday, May 8th. Truist Financial reduced their price objective on Rapid7 from $50.00 to $45.00 and set a hold rating on the stock in a research report on Wednesday, May 8th. Robert W. Baird downgraded Rapid7 from an outperform rating to a neutral rating and reduced their price target for the company from $56.00 to $45.00 in a report on Thursday, August 1st. Finally, UBS Group dropped their price objective on Rapid7 from $65.00 to $59.00 and set a buy rating for the company in a report on Wednesday. Thirteen investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Rapid7 presently has an average rating of Hold and a consensus price target of $46.75.

Rapid7 Stock Performance

NASDAQ RPD traded up $0.20 on Wednesday, hitting $36.50. 11,053 shares of the stock traded hands, compared to its average volume of 924,737. Rapid7 has a 12 month low of $32.94 and a 12 month high of $61.88. The business’s fifty day moving average is $38.66 and its two-hundred day moving average is $45.87. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -17.71 and a beta of 0.98.

Rapid7 (NASDAQ:RPD) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.22 EPS for the quarter, meeting analysts’ consensus estimates of $0.22. Rapid7 had a negative net margin of 15.14% and a negative return on equity of 31.09%. The company had revenue of $205.10 million for the quarter, compared to analysts’ expectations of $204.10 million. Analysts expect that Rapid7 will post 0.75 EPS for the current fiscal year.

Institutional Trading of Rapid7

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Comerica Bank grew its position in Rapid7 by 1.1% during the 1st quarter. Comerica Bank now owns 25,356 shares of the technology company’s stock valued at $1,243,000 after purchasing an additional 281 shares during the last quarter. Natixis Advisors L.P. grew its holdings in shares of Rapid7 by 2.0% during the fourth quarter. Natixis Advisors L.P. now owns 17,446 shares of the technology company’s stock valued at $996,000 after buying an additional 344 shares during the last quarter. Virtu Financial LLC increased its position in shares of Rapid7 by 7.1% during the first quarter. Virtu Financial LLC now owns 5,198 shares of the technology company’s stock valued at $255,000 after acquiring an additional 346 shares in the last quarter. Arizona State Retirement System raised its holdings in Rapid7 by 2.8% in the 2nd quarter. Arizona State Retirement System now owns 17,352 shares of the technology company’s stock worth $750,000 after acquiring an additional 465 shares during the last quarter. Finally, 1620 Investment Advisors Inc. lifted its position in Rapid7 by 30.3% in the 2nd quarter. 1620 Investment Advisors Inc. now owns 2,431 shares of the technology company’s stock valued at $105,000 after acquiring an additional 565 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

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.