Rapid7 (NASDAQ:RPD) Upgraded to Buy at Zacks Investment Research

Rapid7 (NASDAQ:RPDGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The firm currently has a $80.00 target price on the technology company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 16.84% from the stock’s current price.

According to Zacks, “Rapid7, Inc. offers security data and analytics solutions. The Company provides solutions which consist of threat exposure management, incident detection and response solutions as well as security advisory services. Rapid7, Inc. is based in Boston, United States. “

Several other equities analysts have also recently commented on the stock. William Blair restated an “outperform” rating on shares of Rapid7 in a research report on Thursday, May 5th. Piper Sandler dropped their target price on shares of Rapid7 from $140.00 to $120.00 in a research report on Thursday, May 5th. StockNews.com started coverage on shares of Rapid7 in a research report on Thursday, March 31st. They issued a “sell” rating for the company. Truist Financial dropped their target price on shares of Rapid7 from $135.00 to $110.00 in a research report on Tuesday, May 10th. Finally, Wolfe Research assumed coverage on shares of Rapid7 in a report on Monday, April 11th. They set an “outperform” rating and a $122.00 price target on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $125.06.

Shares of Rapid7 stock opened at $68.47 on Wednesday. Rapid7 has a twelve month low of $63.24 and a twelve month high of $145.00. The company has a 50-day simple moving average of $96.68 and a two-hundred day simple moving average of $104.87. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of -23.94 and a beta of 1.38.

Rapid7 (NASDAQ:RPDGet Rating) last issued its quarterly earnings data on Wednesday, May 4th. The technology company reported ($0.16) earnings per share for the quarter, hitting the consensus estimate of ($0.16). The business had revenue of $157.00 million during the quarter, compared to analyst estimates of $154.15 million. Rapid7’s revenue for the quarter was up 33.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.42) EPS. On average, equities analysts forecast that Rapid7 will post -2.02 EPS for the current year.

In other news, CFO Timothy M. Adams purchased 5,000 shares of the company’s stock in a transaction dated Monday, May 9th. The shares were purchased at an average price of $65.50 per share, for a total transaction of $327,500.00. Following the transaction, the chief financial officer now owns 106,540 shares of the company’s stock, valued at $6,978,370. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Thomas E. Schodorf sold 260 shares of the business’s stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $112.54, for a total transaction of $29,260.40. Following the completion of the transaction, the director now owns 5,290 shares in the company, valued at approximately $595,336.60. The disclosure for this sale can be found here. Insiders have sold a total of 55,968 shares of company stock worth $5,656,672 over the last three months. Insiders own 3.60% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Rapid7 by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 5,281,948 shares of the technology company’s stock valued at $587,565,000 after acquiring an additional 96,883 shares during the period. BlackRock Inc. lifted its position in shares of Rapid7 by 13.8% during the 4th quarter. BlackRock Inc. now owns 4,690,116 shares of the technology company’s stock valued at $551,978,000 after acquiring an additional 570,372 shares during the period. Wasatch Advisors Inc. lifted its position in shares of Rapid7 by 11.0% during the 1st quarter. Wasatch Advisors Inc. now owns 2,454,833 shares of the technology company’s stock valued at $273,076,000 after acquiring an additional 243,040 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Rapid7 during the 4th quarter valued at $223,943,000. Finally, Capital Research Global Investors lifted its position in shares of Rapid7 by 5.8% during the 1st quarter. Capital Research Global Investors now owns 1,603,819 shares of the technology company’s stock valued at $178,409,000 after acquiring an additional 87,700 shares during the period. Hedge funds and other institutional investors own 98.03% of the company’s stock.

About Rapid7 (Get Rating)

Rapid7, Inc provides cyber security solutions. The company offers a cloud-native insight platform that enables customers to create and manage analytics-driven cyber security risk management programs. Its platform includes InsightIDR, an incident detection and response solution; InsightCloudSec, a solution that integrates posture management, workload protection, infrastructure entitlements management, infrastructure-as-code security, and Kubernetes protection; InsightVM, a vulnerability risk management solution that is designed to provide a way to collect vulnerability data, prioritize risk, and automate remediation; InsightAppSec, which provides application security testing that analyzes web applications for security vulnerabilities; and InsightConnect, a security orchestration and automation response solution that is used by security professionals.

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