JPMorgan Chase & Co. Increases Rapid7 (NASDAQ:RPD) Price Target to $42.00

Rapid7 (NASDAQ:RPD) had its price objective boosted by investment analysts at JPMorgan Chase & Co. from $40.00 to $42.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 0.50% from the stock’s current price.

A number of other equities analysts have also issued reports on the stock. Canaccord Genuity Group raised shares of Rapid7 from a “hold” rating to a “buy” rating and reduced their price target for the stock from $52.00 to $43.00 in a research report on Wednesday, August 7th. Robert W. Baird cut shares of Rapid7 from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $56.00 to $45.00 in a research note on Thursday, August 1st. UBS Group reduced their price target on Rapid7 from $59.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday. Piper Sandler reduced their price target on Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Rapid7 in a report on Wednesday, August 7th. Fourteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $44.94.

Rapid7 Price Performance

Shares of RPD traded up $0.19 during midday trading on Thursday, hitting $41.79. The stock had a trading volume of 576,472 shares, compared to its average volume of 845,063. The stock’s 50 day moving average is $37.90 and its 200 day moving average is $38.77. The firm has a market cap of $2.62 billion, a PE ratio of -49.77 and a beta of 0.96. Rapid7 has a 1 year low of $32.94 and a 1 year high of $61.88.

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

Insider Buying and Selling at Rapid7

In other Rapid7 news, Director Reeny Sondhi sold 3,663 shares of the 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 transaction, the director now directly owns 17,460 shares in the company, 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. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rapid7

A number of hedge funds and other institutional investors have recently bought and sold shares of RPD. Point72 Asset Management L.P. lifted its holdings in Rapid7 by 252.0% in the second quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company’s stock valued at $164,236,000 after acquiring an additional 2,719,791 shares during the period. Cannae Holdings Inc. acquired a new stake in Rapid7 in the second quarter valued at $15,130,000. SG Americas Securities LLC lifted its holdings in Rapid7 by 7,688.6% in the second quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company’s stock valued at $7,141,000 after acquiring an additional 163,075 shares during the period. 272 Capital LP acquired a new stake in Rapid7 in the second quarter valued at $6,979,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Rapid7 in the second quarter valued at $6,106,000. Institutional investors and hedge funds own 95.66% of the company’s stock.

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.