Rapid7 (NASDAQ:RPD) Given Outperform Rating at Royal Bank of Canada

Rapid7 (NASDAQ:RPD)‘s stock had its “outperform” rating reiterated by equities researchers at Royal Bank of Canada in a research report issued on Wednesday, Benzinga reports. They currently have a $50.00 price objective on the technology company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 37.36% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Canaccord Genuity Group raised shares of Rapid7 from a “hold” rating to a “buy” rating and cut their price objective for the company from $52.00 to $43.00 in a report on Wednesday. Truist Financial decreased their target price on Rapid7 from $50.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Stifel Nicolaus decreased their target price on Rapid7 from $63.00 to $51.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Robert W. Baird downgraded Rapid7 from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $56.00 to $45.00 in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. decreased their target price on Rapid7 from $46.00 to $39.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Thirteen investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $47.06.

Rapid7 Trading Up 10.2 %

NASDAQ RPD traded up $3.38 on Wednesday, reaching $36.40. 1,415,742 shares of the stock were exchanged, compared to its average volume of 923,988. Rapid7 has a one year low of $32.94 and a one year high of $61.88. The firm has a market capitalization of $2.27 billion, a PE ratio of -17.89 and a beta of 0.98. The company’s 50-day simple moving average is $38.68 and its two-hundred day simple moving average is $45.93.

Rapid7 (NASDAQ:RPD) last released its earnings results on Tuesday, May 7th. The technology company reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. Rapid7 had a negative net margin of 15.14% and a negative return on equity of 31.09%. The company had revenue of $205.10 million for the quarter, compared to analysts’ expectations of $204.10 million. Sell-side analysts forecast that Rapid7 will post 0.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rapid7

A number of large investors have recently modified their holdings of RPD. First Trust Advisors LP boosted its position in Rapid7 by 49.2% in the fourth quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock valued at $194,668,000 after buying an additional 1,124,429 shares during the last quarter. Norges Bank purchased a new stake in Rapid7 in the fourth quarter valued at approximately $37,790,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Rapid7 by 46.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,254,323 shares of the technology company’s stock valued at $61,512,000 after buying an additional 397,968 shares during the last quarter. SG Americas Securities LLC boosted its position in Rapid7 by 7,688.6% in the second quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company’s stock valued at $7,141,000 after buying an additional 163,075 shares during the last quarter. Finally, Wasatch Advisors LP lifted its holdings in Rapid7 by 12.8% in the fourth quarter. Wasatch Advisors LP now owns 1,410,051 shares of the technology company’s stock valued at $80,514,000 after acquiring an additional 160,531 shares during the period. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Rapid7 Company Profile

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.