Canaccord Genuity Group Cuts Rapid7 (NASDAQ:RPD) Price Target to $39.00

Rapid7 (NASDAQ:RPD) had its price target reduced by Canaccord Genuity Group from $43.00 to $39.00 in a research note published on Wednesday,Benzinga reports. They currently have a hold rating on the technology company’s stock.

A number of other research firms have also recently weighed in on RPD. Raymond James cut their price objective on shares of Rapid7 from $45.00 to $40.00 and set an “outperform” rating for the company in a report on Tuesday. Robert W. Baird lifted their target price on shares of Rapid7 from $26.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday. Morgan Stanley lifted their target price on shares of Rapid7 from $26.00 to $28.00 and gave the company an “equal weight” rating in a research report on Tuesday. Scotiabank dropped their target price on shares of Rapid7 from $38.00 to $29.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Finally, Barclays dropped their target price on shares of Rapid7 from $26.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $33.32.

Rapid7 Stock Performance

RPD opened at $23.72 on Wednesday. Rapid7 has a fifty-two week low of $21.61 and a fifty-two week high of $44.48. The company has a fifty day moving average of $25.24 and a two-hundred day moving average of $33.84. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 60.82 and a beta of 1.06.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings data on Monday, May 12th. The technology company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.12. Rapid7 had a net margin of 3.46% and a negative return on equity of 130.41%. The company had revenue of $210.25 million during the quarter, compared to analysts’ expectations of $208.25 million. During the same quarter in the previous year, the company earned $0.55 earnings per share. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, equities research analysts forecast that Rapid7 will post 0.35 earnings per share for the current year.

Insider Transactions at Rapid7

In related news, insider Christina Luconi sold 12,551 shares of the business’s stock in a transaction on Monday, April 7th. The stock was sold at an average price of $23.12, for a total transaction of $290,179.12. Following the completion of the transaction, the insider now directly owns 58,165 shares of the company’s stock, valued at $1,344,774.80. The trade was a 17.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Rapid7 by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 8,618,480 shares of the technology company’s stock worth $346,721,000 after acquiring an additional 60,095 shares in the last quarter. JANA Partners Management LP boosted its position in shares of Rapid7 by 0.9% during the 4th quarter. JANA Partners Management LP now owns 3,690,129 shares of the technology company’s stock worth $148,454,000 after acquiring an additional 34,589 shares in the last quarter. Penserra Capital Management LLC boosted its position in shares of Rapid7 by 95.8% during the 1st quarter. Penserra Capital Management LLC now owns 1,880,084 shares of the technology company’s stock worth $49,841,000 after acquiring an additional 919,955 shares in the last quarter. Shapiro Capital Management LLC boosted its position in shares of Rapid7 by 295.9% during the 4th quarter. Shapiro Capital Management LLC now owns 1,290,945 shares of the technology company’s stock worth $51,935,000 after acquiring an additional 964,899 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in shares of Rapid7 by 6.8% during the 4th quarter. First Trust Advisors LP now owns 1,255,731 shares of the technology company’s stock worth $50,518,000 after acquiring an additional 79,836 shares in the last quarter. 95.66% of the stock is owned by institutional investors and hedge funds.

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.