Rapid7 (NASDAQ:RPD) Given New $29.00 Price Target at Scotiabank

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

A number of other brokerages have also issued reports on RPD. Jefferies Financial Group cut their price target on shares of Rapid7 from $45.00 to $35.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Robert W. Baird upped their target price on shares of Rapid7 from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday. Stifel Nicolaus reduced their target price on shares of Rapid7 from $38.00 to $29.00 and set a “hold” rating on the stock in a report on Tuesday. Truist Financial dropped their price target on shares of Rapid7 from $38.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday, February 13th. Finally, Mizuho set a $30.00 price objective on Rapid7 in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Rapid7 has a consensus rating of “Hold” and an average target price of $33.53.

Rapid7 Stock Performance

Shares of RPD stock opened at $24.56 on Tuesday. The firm has a market cap of $1.58 billion, a P/E ratio of 62.97 and a beta of 1.06. The firm’s 50 day moving average price is $25.52 and its 200-day moving average price is $34.15. Rapid7 has a one year low of $21.61 and a one year high of $44.48.

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

Insider Transactions at Rapid7

In other news, insider Christina Luconi sold 12,551 shares of the firm’s stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $23.12, for a total transaction of $290,179.12. Following the sale, the insider now owns 58,165 shares of the company’s stock, valued at approximately $1,344,774.80. This trade represents a 17.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rapid7

Several hedge funds have recently added to or reduced their stakes in the stock. New York State Teachers Retirement System purchased a new stake in shares of Rapid7 during the 1st quarter worth approximately $29,000. Versant Capital Management Inc grew its position in shares of Rapid7 by 5,311.1% in the 1st quarter. Versant Capital Management Inc now owns 1,461 shares of the technology company’s stock valued at $39,000 after buying an additional 1,434 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its stake in Rapid7 by 68.8% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 1,116 shares of the technology company’s stock worth $46,000 after acquiring an additional 455 shares in the last quarter. Pacer Advisors Inc. lifted its position in Rapid7 by 30.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,487 shares of the technology company’s stock valued at $60,000 after acquiring an additional 347 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Rapid7 in the first quarter valued at $74,000. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

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.