Scotiabank Cuts Rapid7 (NASDAQ:RPD) Price Target to $29.00

Rapid7 (NASDAQ:RPD) had its target price decreased by Scotiabank from $38.00 to $29.00 in a research note published on Tuesday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the technology company’s stock.

A number of other equities analysts have also commented on RPD. Raymond James dropped their price target on shares of Rapid7 from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Tuesday. Jefferies Financial Group dropped their price target on shares of Rapid7 from $45.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Stephens started coverage on shares of Rapid7 in a research note on Tuesday, April 1st. They issued an “equal weight” rating and a $33.00 price objective on the stock. Morgan Stanley boosted their target price on shares of Rapid7 from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Finally, Truist Financial dropped their target price on shares of Rapid7 from $38.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $33.32.

Rapid7 Stock Down 1.2%

NASDAQ:RPD opened at $23.55 on Tuesday. Rapid7 has a 12 month low of $21.61 and a 12 month high of $44.48. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of 60.38 and a beta of 1.06. The company’s 50 day moving average is $25.32 and its 200-day moving average is $33.96.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings results on Monday, May 12th. The technology company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.12. Rapid7 had a net margin of 3.46% and a negative return on equity of 130.41%. The company had revenue of $210.25 million for the quarter, compared to analyst estimates of $208.25 million. During the same quarter last year, the firm posted $0.55 earnings per share. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. Research analysts predict that Rapid7 will post 0.35 EPS for the current fiscal year.

Insider Buying and Selling at Rapid7

In other Rapid7 news, insider Christina Luconi sold 12,551 shares of the business’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $23.12, for a total value of $290,179.12. Following the sale, the insider now owns 58,165 shares of the company’s stock, valued at $1,344,774.80. The trade was a 17.75% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Rapid7

Institutional investors and hedge funds have recently bought and sold shares of the business. KLP Kapitalforvaltning AS bought a new stake in shares of Rapid7 in the 4th quarter worth about $539,000. Raymond James Financial Inc. bought a new stake in shares of Rapid7 in the 4th quarter worth about $12,050,000. Principal Financial Group Inc. grew its holdings in shares of Rapid7 by 13.9% in the 4th quarter. Principal Financial Group Inc. now owns 54,306 shares of the technology company’s stock worth $2,185,000 after purchasing an additional 6,645 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Rapid7 by 5.4% in the 4th quarter. Invesco Ltd. now owns 36,487 shares of the technology company’s stock worth $1,468,000 after purchasing an additional 1,860 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Rapid7 by 17.6% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,900 shares of the technology company’s stock worth $358,000 after purchasing an additional 1,335 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.