Truist Boosts Rapid7 (NASDAQ:RPD) Price Target to $110.00

Rapid7 (NASDAQ:RPD) had its price target upped by equities research analysts at Truist from $95.00 to $110.00 in a research report issued to clients and investors on Tuesday, The Fly reports. The brokerage currently has a “buy” rating on the technology company’s stock. Truist’s price objective would suggest a potential downside of 0.19% from the stock’s previous close.

A number of other equities research analysts have also recently commented on RPD. Piper Sandler upped their target price on shares of Rapid7 from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, July 9th. Raymond James increased their price target on shares of Rapid7 from $100.00 to $105.00 and gave the stock an “outperform” rating in a report on Friday, May 7th. Royal Bank of Canada increased their price target on shares of Rapid7 from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday. Truist Securities increased their price target on shares of Rapid7 from $95.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Needham & Company LLC increased their price target on shares of Rapid7 from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, July 14th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $107.09.

Shares of NASDAQ:RPD opened at $110.21 on Tuesday. The company has a 50-day simple moving average of $91.50. Rapid7 has a one year low of $54.63 and a one year high of $111.38. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 5.29. The stock has a market capitalization of $6.08 billion, a PE ratio of -54.02 and a beta of 1.30.

Rapid7 (NASDAQ:RPD) last announced its earnings results on Thursday, May 6th. The technology company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. Rapid7 had a negative net margin of 24.34% and a negative return on equity of 177.30%. The business had revenue of $117.50 million during the quarter, compared to analysts’ expectations of $114.36 million. During the same period in the prior year, the company earned ($0.09) earnings per share. The business’s revenue was up 24.6% compared to the same quarter last year. On average, equities research analysts forecast that Rapid7 will post -1.59 earnings per share for the current fiscal year.

In other Rapid7 news, CEO Corey E. Thomas sold 4,552 shares of the company’s stock in a transaction dated Friday, May 28th. The shares were sold at an average price of $85.00, for a total transaction of $386,920.00. Following the transaction, the chief executive officer now directly owns 359,389 shares in the company, valued at $30,548,065. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas E. Schodorf sold 500 shares of the company’s stock in a transaction dated Tuesday, May 4th. The stock was sold at an average price of $78.76, for a total transaction of $39,380.00. Following the transaction, the director now owns 22,265 shares in the company, valued at $1,753,591.40. The disclosure for this sale can be found here. Insiders have sold 82,256 shares of company stock worth $6,968,691 over the last 90 days. 3.60% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Prudential Financial Inc. grew its position in shares of Rapid7 by 2.9% in the first quarter. Prudential Financial Inc. now owns 8,554 shares of the technology company’s stock valued at $638,000 after purchasing an additional 241 shares during the last quarter. Covington Capital Management grew its position in shares of Rapid7 by 100.0% in the first quarter. Covington Capital Management now owns 500 shares of the technology company’s stock valued at $37,000 after purchasing an additional 250 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its position in shares of Rapid7 by 26.4% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,279 shares of the technology company’s stock valued at $95,000 after purchasing an additional 267 shares during the last quarter. Arizona State Retirement System grew its position in shares of Rapid7 by 2.0% in the first quarter. Arizona State Retirement System now owns 14,336 shares of the technology company’s stock valued at $1,070,000 after purchasing an additional 284 shares during the last quarter. Finally, CWM LLC grew its position in shares of Rapid7 by 109.1% in the first quarter. CWM LLC now owns 665 shares of the technology company’s stock valued at $50,000 after purchasing an additional 347 shares during the last quarter. Institutional investors and hedge funds own 97.11% of the company’s stock.

Rapid7 Company Profile

Rapid7, Inc engages in the provision of cyber security analytics and automation services. Its products include Metasploit, Nexpose, AppSpider, tCell by Rapid7, as well as insight platforms such as InsightDR, InsightIVM, InsightAppSec, InsightConnect, and InsightOps. It also offers security and product consulting services.

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