Piper Sandler Cuts Rapid7 (NASDAQ:RPD) Price Target to $40.00

Rapid7 (NASDAQ:RPD) had its target price cut by equities research analysts at Piper Sandler from $42.00 to $40.00 in a report released on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price target would suggest a potential downside of 1.33% from the company’s previous close.

A number of other equities analysts also recently issued reports on RPD. Robert W. Baird downgraded Rapid7 from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $56.00 to $45.00 in a research note on Thursday, August 1st. UBS Group dropped 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. Baird R W cut shares of Rapid7 from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 1st. Jefferies Financial Group initiated coverage on shares of Rapid7 in a research note on Wednesday, October 16th. They issued a “buy” rating and a $50.00 target price on the stock. Finally, Truist Financial reduced their price target on shares of Rapid7 from $40.00 to $38.00 and set a “hold” rating for the company in a report on Thursday. Fourteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $44.59.

Rapid7 Price Performance

Rapid7 stock traded down $0.74 during trading hours on Thursday, reaching $40.54. The stock had a trading volume of 1,005,365 shares, compared to its average volume of 848,452. Rapid7 has a 52 week low of $32.94 and a 52 week high of $61.88. The stock has a market cap of $2.54 billion, a PE ratio of 64.35 and a beta of 0.96. The company has a fifty day simple moving average of $38.02 and a 200-day simple moving average of $38.76.

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

Insider Buying and Selling at Rapid7

In related news, Director Reeny Sondhi sold 3,663 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $40.00, for a total transaction of $146,520.00. Following the sale, the director now owns 17,460 shares in the company, valued at approximately $698,400. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rapid7

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