Rapid7 (NASDAQ:RPD) Price Target Cut to $38.00 by Analysts at Scotiabank

Rapid7 (NASDAQ:RPD) had its price target decreased by Scotiabank from $42.00 to $38.00 in a report published on Thursday,Benzinga reports. Scotiabank currently has a sector perform rating on the technology company’s stock.

A number of other brokerages have also recently commented on RPD. Jefferies Financial Group reduced their target price on shares of Rapid7 from $50.00 to $45.00 and set a “buy” rating for the company in a report on Thursday. StockNews.com upgraded Rapid7 from a “hold” rating to a “buy” rating in a research note on Friday, December 6th. Truist Financial lowered their target price on Rapid7 from $38.00 to $35.00 and set a “hold” rating on the stock in a research report on Thursday. Piper Sandler reduced their price target on Rapid7 from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th. Finally, DA Davidson lifted their price objective on Rapid7 from $35.00 to $39.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Sixteen equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $41.22.

Rapid7 Trading Down 5.4 %

RPD stock opened at $34.82 on Thursday. The stock has a market capitalization of $2.20 billion, a PE ratio of 55.27 and a beta of 0.96. The stock’s 50 day simple moving average is $39.39 and its 200 day simple moving average is $38.84. Rapid7 has a 12-month low of $32.94 and a 12-month high of $61.79.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings data on Wednesday, February 12th. The technology company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.38). Rapid7 had a net margin of 5.65% and a negative return on equity of 128.95%. On average, research analysts predict that Rapid7 will post 0.98 earnings per share for the current year.

Insider Buying and Selling at Rapid7

In other Rapid7 news, CEO Corey E. Thomas sold 100,000 shares of Rapid7 stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $39.38, for a total transaction of $3,938,000.00. Following the transaction, the chief executive officer now directly owns 431,469 shares of the company’s stock, valued at $16,991,249.22. The trade was a 18.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.60% of the stock is owned by insiders.

Institutional Trading of Rapid7

Several institutional investors and hedge funds have recently bought and sold shares of the stock. CANADA LIFE ASSURANCE Co grew its position in Rapid7 by 7.8% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 305,357 shares of the technology company’s stock valued at $12,284,000 after acquiring an additional 22,043 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Rapid7 by 31.7% in the fourth quarter. Canada Pension Plan Investment Board now owns 89,300 shares of the technology company’s stock valued at $3,593,000 after purchasing an additional 21,500 shares during the period. Marshall Wace LLP grew its holdings in shares of Rapid7 by 144.2% in the fourth quarter. Marshall Wace LLP now owns 475,695 shares of the technology company’s stock valued at $19,137,000 after purchasing an additional 280,913 shares in the last quarter. Quinn Opportunity Partners LLC increased its stake in Rapid7 by 22.9% during the 4th quarter. Quinn Opportunity Partners LLC now owns 128,797 shares of the technology company’s stock worth $5,182,000 after buying an additional 24,000 shares during the period. Finally, CenterBook Partners LP acquired a new stake in Rapid7 during the 4th quarter worth approximately $739,000. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

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.