Rapid7 (NASDAQ:RPD) Given New $57.00 Price Target at Royal Bank of Canada

Rapid7 (NASDAQ:RPD) had its target price dropped by equities research analysts at Royal Bank of Canada from $70.00 to $57.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price target suggests a potential upside of 50.24% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the stock. Barclays increased their target price on shares of Rapid7 from $58.00 to $60.00 and gave the company an “equal weight” rating in a research note on Thursday, February 8th. StockNews.com cut shares of Rapid7 from a “buy” rating to a “hold” rating in a research note on Wednesday, March 6th. UBS Group cut their price target on shares of Rapid7 from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday. Canaccord Genuity Group cut their price target on shares of Rapid7 from $60.00 to $52.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, Stifel Nicolaus cut their price target on shares of Rapid7 from $63.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $52.13.

Rapid7 Stock Performance

NASDAQ RPD opened at $37.94 on Wednesday. The firm has a 50-day simple moving average of $48.62 and a 200 day simple moving average of $52.60. Rapid7 has a twelve month low of $35.22 and a twelve month high of $61.88. The stock has a market cap of $2.36 billion, a PE ratio of -15.12 and a beta of 1.01.

Rapid7 (NASDAQ:RPD) last released its earnings results on Wednesday, February 7th. The technology company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.27. Rapid7 had a negative net margin of 19.19% and a negative return on equity of 1.36%. The business had revenue of $205.27 million during the quarter, compared to analysts’ expectations of $201.52 million. Research analysts forecast that Rapid7 will post 0.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rapid7 news, COO Andrew F. Burton sold 20,653 shares of Rapid7 stock in a transaction on Monday, April 8th. The shares were sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the completion of the sale, the chief operating officer now owns 236,841 shares of the company’s stock, valued at approximately $11,541,261.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Rapid7 news, COO Andrew F. Burton sold 20,653 shares of Rapid7 stock in a transaction on Monday, April 8th. The shares were sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the completion of the sale, the chief operating officer now owns 236,841 shares of the company’s stock, valued at approximately $11,541,261.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Andrew F. Burton sold 31,727 shares of Rapid7 stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $53.07, for a total transaction of $1,683,751.89. Following the sale, the chief operating officer now directly owns 257,494 shares of the company’s stock, valued at approximately $13,665,206.58. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rapid7

A number of hedge funds and other institutional investors have recently made changes to their positions in RPD. Hawk Ridge Capital Management LP boosted its position in shares of Rapid7 by 757.7% during the third quarter. Hawk Ridge Capital Management LP now owns 1,592,259 shares of the technology company’s stock worth $72,894,000 after purchasing an additional 1,406,619 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Rapid7 by 49.2% during the fourth quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock worth $194,668,000 after purchasing an additional 1,124,429 shares in the last quarter. Norges Bank bought a new position in shares of Rapid7 during the fourth quarter worth $37,790,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Rapid7 by 46.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,254,323 shares of the technology company’s stock worth $61,512,000 after purchasing an additional 397,968 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Rapid7 by 40.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,237,023 shares of the technology company’s stock worth $56,631,000 after purchasing an additional 355,192 shares in the last quarter. 95.66% of the stock is owned by 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.