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

Rapid7 (NASDAQ:RPD) had its price objective decreased by analysts at Truist Financial from $40.00 to $38.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “hold” rating on the technology company’s stock. Truist Financial’s target price would suggest a potential downside of 6.27% from the stock’s current price.

RPD has been the subject of a number of other reports. Royal Bank of Canada cut shares of Rapid7 from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $50.00 to $40.00 in a research report on Friday, September 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Rapid7 in a report on Wednesday, August 7th. Piper Sandler cut their price target on shares of Rapid7 from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Morgan Stanley restated an “equal weight” rating and issued a $46.00 price target on shares of Rapid7 in a report on Wednesday, July 10th. Finally, Canaccord Genuity Group upgraded shares of Rapid7 from a “hold” rating to a “buy” rating and dropped their price objective for the company from $52.00 to $43.00 in a research note on Wednesday, August 7th. Fourteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Rapid7 has a consensus rating of “Hold” and a consensus price target of $44.59.

Rapid7 Stock Performance

Shares of Rapid7 stock traded down $0.74 on Thursday, hitting $40.54. The company’s stock had a trading volume of 1,005,365 shares, compared to its average volume of 848,452. Rapid7 has a 1 year low of $32.94 and a 1 year high of $61.88. The firm has a fifty day moving average price of $38.02 and a 200-day moving average price of $38.76. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of 64.35 and a beta of 0.96.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.06. Rapid7 had a negative return on equity of 99.08% and a net margin of 5.65%. The company had revenue of $207.99 million for the quarter, compared to analyst estimates of $204.04 million. During the same quarter in the previous year, the company posted ($0.33) earnings per share. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. As a group, analysts forecast that Rapid7 will post 0.8 EPS for the current year.

Insider Activity at Rapid7

In other Rapid7 news, Director Reeny Sondhi sold 3,663 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $40.00, for a total value of $146,520.00. Following the sale, the director now directly owns 17,460 shares in the company, valued at approximately $698,400. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Rapid7

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Asset Management L.P. lifted its holdings in shares of Rapid7 by 252.0% during the second quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company’s stock worth $164,236,000 after buying an additional 2,719,791 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Rapid7 by 3.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 503,468 shares of the technology company’s stock valued at $24,691,000 after purchasing an additional 18,907 shares in the last quarter. Fred Alger Management LLC increased its position in Rapid7 by 0.3% in the second quarter. Fred Alger Management LLC now owns 494,509 shares of the technology company’s stock worth $21,378,000 after buying an additional 1,297 shares during the last quarter. Cannae Holdings Inc. purchased a new position in shares of Rapid7 in the second quarter valued at $15,130,000. Finally, CANADA LIFE ASSURANCE Co boosted its stake in Rapid7 by 37.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 185,781 shares of the technology company’s stock valued at $9,102,000 after buying an additional 50,603 shares during the period. Institutional investors and hedge funds 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.