Rapid7 (NASDAQ:RPD) Price Target Lowered to $49.00 at Barclays

Rapid7 (NASDAQ:RPD) had its price objective lowered by investment analysts at Barclays from $60.00 to $49.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the technology company’s stock. Barclays‘s price target would indicate a potential upside of 29.15% from the company’s previous close.

A number of other research firms also recently weighed in on RPD. JPMorgan Chase & Co. dropped their price target on shares of Rapid7 from $61.00 to $60.00 and set a “neutral” rating on the stock in a research note on Thursday, February 8th. Citigroup raised shares of Rapid7 from a “neutral” rating to a “buy” rating and upped their price target for the stock from $54.00 to $65.00 in a research note on Tuesday, January 9th. Royal Bank of Canada dropped their price target on shares of Rapid7 from $70.00 to $57.00 and set an “outperform” rating on the stock in a research note on Wednesday. Piper Sandler dropped their price target on shares of Rapid7 from $56.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Canaccord Genuity Group dropped their price target on shares of Rapid7 from $60.00 to $52.00 and set a “hold” rating on the stock in a research note on Wednesday. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $52.13.

Rapid7 Stock Performance

Shares of NASDAQ:RPD opened at $37.94 on Wednesday. Rapid7 has a one year low of $35.22 and a one year high of $61.88. The stock has a fifty day moving average of $48.62 and a 200-day moving average of $52.60. The company has a market capitalization 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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.27. The company had revenue of $205.27 million during the quarter, compared to analyst estimates of $201.52 million. Rapid7 had a negative return on equity of 1.36% and a negative net margin of 19.19%. As a group, research analysts forecast that Rapid7 will post 0.86 EPS for the current fiscal year.

Insider Activity

In other news, COO Andrew F. Burton sold 20,653 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $48.73, for a total value of $1,006,420.69. Following the sale, the chief operating officer now directly owns 236,841 shares of the company’s stock, valued at $11,541,261.93. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, COO Andrew F. Burton sold 20,653 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $48.73, for a total value of $1,006,420.69. Following the completion of the sale, the chief operating officer now owns 236,841 shares in the company, valued at $11,541,261.93. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Andrew F. Burton sold 31,727 shares of the stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $53.07, for a total transaction of $1,683,751.89. Following the completion of the sale, the chief operating officer now 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. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rapid7

Several hedge funds have recently made changes to their positions in RPD. Hawk Ridge Capital Management LP lifted its stake in shares of Rapid7 by 757.7% in the third quarter. Hawk Ridge Capital Management LP now owns 1,592,259 shares of the technology company’s stock valued at $72,894,000 after buying an additional 1,406,619 shares during the period. First Trust Advisors LP lifted its stake in 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 during the period. Norges Bank bought a new position in Rapid7 during the fourth quarter worth about $37,790,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in 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 during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in 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 during the period. Institutional investors 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.