Rapid7 (NASDAQ:RPD) Price Target Raised to $28.00

Rapid7 (NASDAQ:RPD) had its target price hoisted by Morgan Stanley from $26.00 to $28.00 in a research note released on Tuesday morning,Benzinga reports. The firm currently has an equal weight rating on the technology company’s stock.

RPD has been the topic of a number of other reports. Citigroup cut their price target on Rapid7 from $46.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. Piper Sandler cut their price target on Rapid7 from $35.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday. Stephens began coverage on Rapid7 in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $33.00 target price on the stock. Jefferies Financial Group cut their target price on Rapid7 from $45.00 to $35.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, DA Davidson reiterated an “underperform” rating and issued a $21.00 target price (down from $29.00) on shares of Rapid7 in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $33.32.

Rapid7 Stock Performance

Rapid7 stock opened at $23.55 on Tuesday. The stock has a market capitalization of $1.51 billion, a price-to-earnings ratio of 60.38 and a beta of 1.06. Rapid7 has a 52-week low of $21.61 and a 52-week high of $44.48. The stock’s 50 day moving average price is $25.32 and its two-hundred day moving average price is $33.96.

Rapid7 (NASDAQ:RPD) last posted its quarterly earnings results on Monday, May 12th. The technology company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.12. The firm had revenue of $210.25 million for the quarter, compared to analysts’ expectations of $208.25 million. Rapid7 had a negative return on equity of 130.41% and a net margin of 3.46%. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.55 EPS. On average, equities research analysts forecast that Rapid7 will post 0.35 EPS for the current year.

Insider Buying and Selling at Rapid7

In other Rapid7 news, insider Christina Luconi sold 12,551 shares of the firm’s stock in a transaction on Monday, April 7th. The stock was sold at an average price of $23.12, for a total transaction of $290,179.12. Following the transaction, the insider now directly owns 58,165 shares in the company, valued at approximately $1,344,774.80. This trade represents a 17.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rapid7

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Rapid7 by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 8,618,480 shares of the technology company’s stock valued at $346,721,000 after purchasing an additional 60,095 shares during the last quarter. JANA Partners Management LP increased its position in shares of Rapid7 by 0.9% during the 4th quarter. JANA Partners Management LP now owns 3,690,129 shares of the technology company’s stock valued at $148,454,000 after purchasing an additional 34,589 shares during the last quarter. Penserra Capital Management LLC increased its position in shares of Rapid7 by 95.8% during the 1st quarter. Penserra Capital Management LLC now owns 1,880,084 shares of the technology company’s stock valued at $49,841,000 after purchasing an additional 919,955 shares during the last quarter. Shapiro Capital Management LLC increased its position in shares of Rapid7 by 295.9% during the 4th quarter. Shapiro Capital Management LLC now owns 1,290,945 shares of the technology company’s stock valued at $51,935,000 after purchasing an additional 964,899 shares during the last quarter. Finally, First Trust Advisors LP increased its position in shares of Rapid7 by 6.8% during the 4th quarter. First Trust Advisors LP now owns 1,255,731 shares of the technology company’s stock valued at $50,518,000 after purchasing an additional 79,836 shares during the last quarter. 95.66% of the stock is currently owned by institutional investors.

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.