Rapid7 (NASDAQ:RPD) Given New $38.00 Price Target at Truist Financial

Rapid7 (NASDAQ:RPD) had its price objective decreased by Truist Financial from $40.00 to $38.00 in a report released on Thursday,Benzinga reports. Truist Financial currently has a hold rating on the technology company’s stock.

Other analysts have also issued reports about the company. Canaccord Genuity Group raised Rapid7 from a “hold” rating to a “buy” rating and cut their price target for the company from $52.00 to $43.00 in a research note on Wednesday, August 7th. Robert W. Baird lowered shares of Rapid7 from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $56.00 to $45.00 in a research note on Thursday, August 1st. JPMorgan Chase & Co. cut their price objective on Rapid7 from $46.00 to $39.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Morgan Stanley reissued an “equal weight” rating and set a $46.00 target price on shares of Rapid7 in a research note on Wednesday, July 10th. Finally, Scotiabank reduced their price objective on Rapid7 from $45.00 to $41.00 and set a “sector perform” rating for the company in a report on Wednesday, August 7th. Fifteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Rapid7 presently has an average rating of “Hold” and a consensus price target of $44.59.

Rapid7 Price Performance

NASDAQ RPD traded down $0.70 on Thursday, hitting $40.58. 761,419 shares of the stock were exchanged, compared to its average volume of 847,328. Rapid7 has a 52 week low of $32.94 and a 52 week high of $61.88. The business’s fifty day moving average is $37.97 and its 200 day moving average is $38.79. The company has a market capitalization of $2.55 billion, a PE ratio of 64.72 and a beta of 0.96.

Rapid7 (NASDAQ:RPD) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.06. Rapid7 had a net margin of 5.65% and a negative return on equity of 99.08%. The business had revenue of $207.99 million during the quarter, compared to analysts’ expectations of $204.04 million. During the same quarter in the prior year, the business posted ($0.33) earnings per share. Rapid7’s revenue was up 9.2% compared to the same quarter last year. Analysts predict that Rapid7 will post 0.8 EPS for the current fiscal year.

Insider Activity at Rapid7

In related news, Director Reeny Sondhi sold 3,663 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was 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 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 through this hyperlink. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rapid7

Institutional investors have recently modified their holdings of the company. Mutual of America Capital Management LLC lifted its holdings in shares of Rapid7 by 4.2% during the 1st quarter. Mutual of America Capital Management LLC now owns 83,181 shares of the technology company’s stock worth $4,079,000 after acquiring an additional 3,382 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Rapid7 in the 1st quarter worth about $83,000. GSA Capital Partners LLP raised its holdings in Rapid7 by 235.9% in the first quarter. GSA Capital Partners LLP now owns 14,714 shares of the technology company’s stock valued at $722,000 after buying an additional 10,333 shares during the period. Quantbot Technologies LP purchased a new position in shares of Rapid7 in the 1st quarter valued at $218,000. Finally, Swiss National Bank increased its holdings in Rapid7 by 1.0% in the 1st quarter. Swiss National Bank now owns 121,300 shares of the technology company’s stock valued at $5,949,000 after purchasing an additional 1,200 shares in the last quarter. 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.