Piper Sandler Lowers Rapid7 (NASDAQ:RPD) Price Target to $40.00

Rapid7 (NASDAQ:RPD) had its target price cut by equities researchers at Piper Sandler from $42.00 to $40.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price objective suggests a potential downside of 1.33% from the stock’s current price.

Several other analysts have also recently issued reports on the stock. Canaccord Genuity Group raised 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. Jefferies Financial Group assumed coverage on shares of Rapid7 in a report on Wednesday, October 16th. They issued a “buy” rating and a $50.00 price objective for the company. Truist Financial lowered their price objective on Rapid7 from $40.00 to $38.00 and set a “hold” rating for the company in a research report on Thursday. JPMorgan Chase & Co. dropped their price objective on Rapid7 from $46.00 to $39.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Finally, Robert W. Baird cut Rapid7 from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $56.00 to $45.00 in a research report on Thursday, August 1st. Fourteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Rapid7 presently has an average rating of “Hold” and a consensus target price of $44.59.

Rapid7 Stock Down 1.8 %

Shares of RPD stock traded down $0.74 on Thursday, hitting $40.54. The stock had a trading volume of 1,005,365 shares, compared to its average volume of 848,452. The business has a 50 day moving average price of $38.02 and a 200 day moving average price of $38.76. Rapid7 has a one year low of $32.94 and a one year high of $61.88. The company has a market cap of $2.54 billion, a PE ratio of 64.35 and a beta of 0.96.

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

Insiders Place Their Bets

In other Rapid7 news, Director Reeny Sondhi sold 3,663 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $40.00, for a total value of $146,520.00. Following the completion of the sale, the director now owns 17,460 shares in the company, valued at $698,400. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Rapid7

Large investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC raised its stake in shares of Rapid7 by 3,888.2% during the third quarter. International Assets Investment Management LLC now owns 678 shares of the technology company’s stock valued at $27,000 after acquiring an additional 661 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of Rapid7 in the 2nd quarter worth about $35,000. Summit Securities Group LLC purchased a new position in shares of Rapid7 during the second quarter valued at approximately $43,000. Financial Connections Group Inc. purchased a new stake in shares of Rapid7 in the second quarter valued at about $72,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Rapid7 in the first quarter valued at approximately $83,000. Institutional investors and hedge funds 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.