Truist Financial Raises Rapid7 (NASDAQ:RPD) Price Target to $50.00

Rapid7 (NASDAQ:RPD) had its price objective hoisted by Truist Financial from $40.00 to $50.00 in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the technology company’s stock.

RPD has been the topic of several other research reports. UBS Group assumed coverage on shares of Rapid7 in a research report on Thursday, July 6th. They set a neutral rating and a $50.00 price target on the stock. Canaccord Genuity Group boosted their price target on shares of Rapid7 from $45.00 to $52.00 and gave the company a hold rating in a research report on Thursday, August 24th. Wolfe Research raised shares of Rapid7 from a peer perform rating to an outperform rating and set a $56.00 price target on the stock in a research report on Friday. StockNews.com began coverage on shares of Rapid7 in a research report on Thursday, October 5th. They set a hold rating on the stock. Finally, Citigroup upped their target price on shares of Rapid7 from $50.00 to $54.00 and gave the company a neutral rating in a research report on Tuesday, August 29th. Eleven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $51.87.

Rapid7 Stock Up 8.9 %

Rapid7 stock opened at $51.35 on Friday. Rapid7 has a 52-week low of $26.49 and a 52-week high of $55.61. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of -17.29 and a beta of 1.04. The company has a fifty day simple moving average of $48.07 and a 200-day simple moving average of $46.60.

Rapid7 (NASDAQ:RPD) last released its earnings results on Tuesday, August 8th. The technology company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.08. The business had revenue of $190.42 million for the quarter, compared to analysts’ expectations of $188.02 million. On average, research analysts anticipate that Rapid7 will post -0.61 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rapid7 news, Director Marc Evan Brown sold 11,601 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $47.56, for a total transaction of $551,743.56. Following the sale, the director now directly owns 32,564 shares in the company, valued at $1,548,743.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.60% of the company’s stock.

Institutional Trading of Rapid7

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Rapid7 by 1.2% during the third quarter. Vanguard Group Inc. now owns 5,446,543 shares of the technology company’s stock worth $233,657,000 after buying an additional 64,816 shares during the period. Alyeska Investment Group L.P. increased its stake in shares of Rapid7 by 21.4% during the first quarter. Alyeska Investment Group L.P. now owns 2,714,600 shares of the technology company’s stock worth $124,627,000 after buying an additional 478,254 shares during the period. Wasatch Advisors Inc. increased its stake in shares of Rapid7 by 11.0% during the first quarter. Wasatch Advisors Inc. now owns 2,454,833 shares of the technology company’s stock worth $273,076,000 after buying an additional 243,040 shares during the period. Capital Research Global Investors increased its stake in shares of Rapid7 by 5.8% during the first quarter. Capital Research Global Investors now owns 1,603,819 shares of the technology company’s stock worth $178,409,000 after buying an additional 87,700 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Rapid7 by 1.2% in the second quarter. Goldman Sachs Group Inc. now owns 1,467,079 shares of the technology company’s stock valued at $66,429,000 after purchasing an additional 17,969 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. The company offers a cloud-native insight platform that enables customers to create and manage analytics-driven cybersecurity risk management programs. Its platform includes InsightIDR, an incident detection and response solution; InsightCloudSec, a cloud risk and compliance management platform; InsightVM helps organizations to discover and remediate vulnerability risk across their network; InsightAppSec that provides dynamic application security testing; and InsightConnect, a security orchestration and automation response solution.