Rapid7 (NASDAQ:RPD) Earns Sector Perform Rating from Analysts at Scotiabank

Scotiabank began coverage on shares of Rapid7 (NASDAQ:RPD) in a research report sent to investors on Friday morning, MarketBeat reports. The firm issued a sector perform rating and a $46.00 target price on the technology company’s stock.

Several other research analysts also recently issued reports on the company. UBS Group raised Rapid7 from a neutral rating to a buy rating and upped their price objective for the stock from $53.00 to $70.00 in a report on Monday, January 29th. Royal Bank of Canada reaffirmed an outperform rating and set a $70.00 price objective on shares of Rapid7 in a report on Thursday, February 8th. JPMorgan Chase & Co. reduced their price objective on Rapid7 from $61.00 to $60.00 and set a neutral rating on the stock in a report on Thursday, February 8th. Citigroup raised Rapid7 from a neutral rating to a buy rating and increased their price target for the company from $54.00 to $65.00 in a research note on Tuesday, January 9th. Finally, StockNews.com downgraded Rapid7 from a buy rating to a hold rating in a research note on Wednesday, March 6th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Rapid7 has an average rating of Hold and an average price target of $55.56.

Rapid7 Stock Performance

Shares of NASDAQ RPD opened at $45.93 on Friday. The business’s 50-day moving average price is $51.25 and its two-hundred day moving average price is $53.03. Rapid7 has a one year low of $39.49 and a one year high of $61.88.

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

Insider Activity

In other Rapid7 news, COO Andrew F. Burton sold 20,653 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the completion of the sale, the chief operating officer now directly owns 236,841 shares in the company, valued at $11,541,261.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Rapid7 news, COO Andrew F. Burton sold 20,653 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the completion of the sale, the chief operating officer now directly owns 236,841 shares in the company, valued at $11,541,261.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Andrew F. Burton sold 31,727 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $53.07, for a total transaction of $1,683,751.89. Following the sale, the chief operating officer now owns 257,494 shares of the company’s stock, valued at $13,665,206.58. The disclosure for this sale can be found here. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rapid7

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Rapid7 by 2.2% in the third quarter. Vanguard Group Inc. now owns 7,041,011 shares of the technology company’s stock valued at $322,337,000 after acquiring an additional 148,440 shares during the last quarter. First Trust Advisors LP increased its stake in Rapid7 by 49.2% in the fourth quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock valued at $194,668,000 after acquiring an additional 1,124,429 shares during the last quarter. Hawk Ridge Capital Management LP increased its stake in Rapid7 by 757.7% in the third quarter. Hawk Ridge Capital Management LP now owns 1,592,259 shares of the technology company’s stock valued at $72,894,000 after acquiring an additional 1,406,619 shares during the last quarter. Wasatch Advisors LP increased its stake in Rapid7 by 12.8% in the fourth quarter. Wasatch Advisors LP now owns 1,410,051 shares of the technology company’s stock valued at $80,514,000 after acquiring an additional 160,531 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Rapid7 by 40.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,237,023 shares of the technology company’s stock valued at $56,631,000 after acquiring an additional 355,192 shares during the last quarter. 95.66% of the stock is currently owned by institutional investors and hedge funds.

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.