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

Rapid7 (NASDAQ:RPD) had its target price reduced by Truist Financial from $45.00 to $40.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a hold rating on the technology company’s stock.

RPD has been the topic of several other reports. UBS Group decreased their price target on shares of Rapid7 from $65.00 to $59.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Royal Bank of Canada cut shares of Rapid7 from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $50.00 to $40.00 in a report on Friday, September 20th. Robert W. Baird cut Rapid7 from an “outperform” rating to a “neutral” rating and cut their price target for the company from $56.00 to $45.00 in a research note on Thursday, August 1st. Scotiabank lowered their price objective on Rapid7 from $45.00 to $41.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Rapid7 in a research report on Wednesday, August 7th. Fourteen analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Rapid7 presently has a consensus rating of “Hold” and a consensus target price of $46.06.

Rapid7 Stock Performance

Shares of RPD stock opened at $38.91 on Wednesday. Rapid7 has a 52 week low of $32.94 and a 52 week high of $61.88. The company has a market capitalization of $2.43 billion, a price-to-earnings ratio of -18.98 and a beta of 0.97. The company has a 50-day simple moving average of $37.44 and a 200 day simple moving average of $39.09.

Rapid7 (NASDAQ:RPD) last posted its earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.52 by $0.06. The company had revenue of $207.99 million for the quarter, compared to the consensus estimate of $204.04 million. Rapid7 had a negative return on equity of 67.88% and a negative net margin of 5.64%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.33) earnings per share. Sell-side analysts forecast that Rapid7 will post 0.8 EPS for the current year.

Insider Activity

In related news, Director Reeny Sondhi sold 3,663 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 17,460 shares in the company, valued at $698,400. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rapid7

Institutional investors and hedge funds have recently made changes to their positions in the stock. 1620 Investment Advisors Inc. increased its position in Rapid7 by 14.5% during the 3rd quarter. 1620 Investment Advisors Inc. now owns 2,783 shares of the technology company’s stock valued at $111,000 after purchasing an additional 352 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Rapid7 during the third quarter worth $948,000. International Assets Investment Management LLC raised its stake in Rapid7 by 3,888.2% during the third quarter. International Assets Investment Management LLC now owns 678 shares of the technology company’s stock worth $27,000 after buying an additional 661 shares during the last quarter. Tempus Wealth Planning LLC acquired a new position in Rapid7 in the third quarter valued at $264,000. Finally, Creative Planning bought a new stake in Rapid7 during the third quarter valued at $253,000. Institutional investors and hedge funds 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.