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

Rapid7 (NASDAQ:RPD) had its price objective decreased by investment analysts at Truist Financial from $45.00 to $40.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the technology company’s stock. Truist Financial’s price objective suggests a potential upside of 5.35% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. Jefferies Financial Group started coverage on shares of Rapid7 in a research report on Wednesday, October 16th. They set a “buy” rating and a $50.00 target price for the company. Piper Sandler cut their target price on shares of Rapid7 from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Robert W. Baird lowered shares of Rapid7 from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $56.00 to $45.00 in a research report on Thursday, August 1st. Canaccord Genuity Group upgraded shares of Rapid7 from a “hold” rating to a “buy” rating and cut their target price for the stock from $52.00 to $43.00 in a research report on Wednesday, August 7th. Finally, UBS Group cut their target price on shares of Rapid7 from $65.00 to $59.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Fourteen research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Rapid7 presently has an average rating of “Hold” and a consensus target price of $46.06.

Rapid7 Stock Performance

RPD traded down $0.70 during midday trading on Wednesday, reaching $37.97. 44,603 shares of the company were exchanged, compared to its average volume of 838,912. The company’s fifty day moving average price is $37.37 and its 200 day moving average price is $39.24. The company has a market cap of $2.38 billion, a price-to-earnings ratio of -45.54 and a beta of 0.97. Rapid7 has a one year low of $32.94 and a one year high of $61.88.

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

Insider Transactions at Rapid7

In other news, Director Reeny Sondhi sold 3,663 shares of the stock in a transaction 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 sale, the director now directly owns 17,460 shares of the company’s stock, valued at $698,400. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rapid7

Several hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC increased its holdings in shares of Rapid7 by 3,888.2% in the 3rd 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. Fidelis Capital Partners LLC bought a new stake in Rapid7 during the first quarter worth approximately $36,000. Quest Partners LLC purchased a new stake in Rapid7 during the second quarter valued at approximately $35,000. Summit Securities Group LLC bought a new stake in shares of Rapid7 in the 2nd quarter valued at approximately $43,000. Finally, Financial Connections Group Inc. bought a new stake in shares of Rapid7 in the 2nd quarter valued at approximately $72,000. Hedge funds and other 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.