Rapid7 (NASDAQ:RPD) Given New $52.00 Price Target at Canaccord Genuity Group

Rapid7 (NASDAQ:RPD) had its target price cut by Canaccord Genuity Group from $60.00 to $52.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a hold rating on the technology company’s stock.

Several other equities research analysts also recently commented on the stock. Truist Financial reduced their target price on shares of Rapid7 from $50.00 to $45.00 and set a hold rating on the stock in a research note on Wednesday. Citigroup upgraded shares of Rapid7 from a neutral rating to a buy rating and upped their price target for the stock from $54.00 to $65.00 in a research report on Tuesday, January 9th. JPMorgan Chase & Co. reduced their price target on shares of Rapid7 from $61.00 to $60.00 and set a neutral rating on the stock in a research report on Thursday, February 8th. Piper Sandler dropped their price objective on Rapid7 from $56.00 to $45.00 and set a neutral rating for the company in a report on Wednesday. Finally, Stifel Nicolaus dropped their price objective on Rapid7 from $63.00 to $51.00 and set a buy rating for the company in a report on Wednesday. Ten investment 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 a consensus rating of Hold and an average price target of $52.13.

Rapid7 Price Performance

RPD traded up $0.64 on Wednesday, hitting $38.64. The company had a trading volume of 664,287 shares, compared to its average volume of 807,339. The company’s fifty day moving average price is $49.04 and its 200 day moving average price is $52.71. The stock has a market cap of $2.41 billion, a price-to-earnings ratio of -15.14 and a beta of 1.01. Rapid7 has a 1-year low of $35.22 and a 1-year high of $61.88.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings results on Wednesday, February 7th. The technology company reported $0.40 EPS for the quarter, topping the consensus estimate of $0.13 by $0.27. The company had revenue of $205.27 million for the quarter, compared to the consensus estimate of $201.52 million. Rapid7 had a negative return on equity of 1.36% and a negative net margin of 19.19%. On average, sell-side analysts forecast that Rapid7 will post 0.86 EPS for the current year.

Insider Activity at Rapid7

In related news, COO Andrew F. Burton sold 20,653 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $48.73, for a total value of $1,006,420.69. Following the sale, the chief operating officer now owns 236,841 shares in the company, valued at approximately $11,541,261.93. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, COO Andrew F. Burton sold 20,653 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $48.73, for a total value of $1,006,420.69. Following the sale, the chief operating officer now owns 236,841 shares in the company, valued at approximately $11,541,261.93. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Andrew F. Burton sold 31,727 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $53.07, for a total value of $1,683,751.89. Following the completion of the sale, the chief operating officer now owns 257,494 shares in the company, valued at approximately $13,665,206.58. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Duality Advisers LP bought a new position in Rapid7 during the 4th quarter worth $235,000. Lisanti Capital Growth LLC bought a new position in Rapid7 during the 4th quarter worth $3,522,000. Tudor Investment Corp Et Al increased its position in shares of Rapid7 by 46.5% in the third quarter. Tudor Investment Corp Et Al now owns 145,102 shares of the technology company’s stock worth $6,643,000 after purchasing an additional 46,053 shares during the period. Exchange Traded Concepts LLC increased its position in shares of Rapid7 by 34.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 42,448 shares of the technology company’s stock worth $2,424,000 after purchasing an additional 10,798 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in shares of Rapid7 by 47.8% in the third quarter. Canada Pension Plan Investment Board now owns 68,300 shares of the technology company’s stock worth $3,127,000 after purchasing an additional 22,100 shares during the period. 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.