Truist Financial Lowers Rapid7 (NASDAQ:RPD) Price Target to $40.00

Rapid7 (NASDAQ:RPD) had its target price reduced by research analysts at Truist Financial from $45.00 to $40.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the technology company’s stock. Truist Financial’s price objective suggests a potential upside of 5.35% from the company’s previous close.

Several other equities research analysts also recently issued reports on RPD. Baird R W downgraded shares of Rapid7 from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 1st. Robert W. Baird cut shares of Rapid7 from an “outperform” rating to a “neutral” rating and cut their target price for the company from $56.00 to $45.00 in a research note on Thursday, August 1st. Royal Bank of Canada cut shares of Rapid7 from an “outperform” rating to a “sector perform” rating and cut their target price for the company from $50.00 to $40.00 in a research note on Friday, September 20th. Scotiabank cut their target price on shares of Rapid7 from $45.00 to $41.00 and set a “sector perform” rating for the company in a research note on Wednesday, August 7th. Finally, UBS Group cut their target price on shares of Rapid7 from $65.00 to $59.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Fourteen analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $46.06.

Rapid7 Price Performance

Shares of Rapid7 stock traded down $0.70 during trading on Wednesday, hitting $37.97. The stock had a trading volume of 44,603 shares, compared to its average volume of 838,912. The firm has a market cap of $2.38 billion, a P/E ratio of -45.54 and a beta of 0.97. The business has a fifty day moving average of $37.37 and a two-hundred day moving average of $39.24. Rapid7 has a fifty-two week low of $32.94 and a fifty-two week high of $61.88.

Rapid7 (NASDAQ:RPD) last announced its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.06. Rapid7 had a negative return on equity of 67.88% and a negative net margin of 5.64%. The company had revenue of $207.99 million for the quarter, compared to analyst estimates of $204.04 million. During the same period in the previous year, the firm earned ($0.33) earnings per share. Rapid7’s revenue for the quarter was up 9.2% compared to the same quarter last year. As a group, research analysts forecast that Rapid7 will post 0.8 earnings per share for the current year.

Insider Activity

In other news, Director Reeny Sondhi sold 3,663 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $40.00, for a total value of $146,520.00. Following the completion of the transaction, the director now directly owns 17,460 shares in the company, valued at approximately $698,400. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Rapid7

Several institutional investors and hedge funds have recently made changes to their positions in RPD. Point72 Asset Management L.P. raised its stake in Rapid7 by 252.0% during the 2nd 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 period. Mirae Asset Global Investments Co. Ltd. raised its stake in Rapid7 by 46.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,254,323 shares of the technology company’s stock worth $61,512,000 after buying an additional 397,968 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Rapid7 by 3.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 503,468 shares of the technology company’s stock worth $24,691,000 after buying an additional 18,907 shares during the period. Fred Alger Management LLC raised its stake in Rapid7 by 0.3% during the 2nd 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 period. Finally, Cannae Holdings Inc. acquired a new position in Rapid7 during the 2nd quarter worth approximately $15,130,000. 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.