Rapid7 (NASDAQ:RPD) Given New $40.00 Price Target at Piper Sandler

Rapid7 (NASDAQ:RPD) had its target price reduced by Piper Sandler from $42.00 to $40.00 in a research report report published on Thursday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the technology company’s stock.

A number of other research analysts have also recently weighed in on RPD. Robert W. Baird cut shares of Rapid7 from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $56.00 to $45.00 in a research note on Thursday, August 1st. Truist Financial decreased their price target on shares of Rapid7 from $40.00 to $38.00 and set a “hold” rating on the stock in a research note on Thursday. UBS Group decreased their price target on shares of Rapid7 from $65.00 to $59.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their target price on shares of Rapid7 from $46.00 to $39.00 and set a “neutral” rating on the stock in a research report on Friday, August 2nd. Finally, Royal Bank of Canada cut shares of Rapid7 from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $50.00 to $40.00 in a research report on Friday, September 20th. Fifteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $44.59.

Rapid7 Stock Performance

Shares of RPD traded down $0.70 on Thursday, hitting $40.58. 1,005,270 shares of the stock traded hands, compared to its average volume of 848,452. The company has a market capitalization of $2.55 billion, a PE ratio of 64.72 and a beta of 0.96. The business has a 50 day simple moving average of $37.97 and a 200 day simple moving average of $38.79. Rapid7 has a one year low of $32.94 and a one year high of $61.88.

Rapid7 (NASDAQ:RPD) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.06. The company had revenue of $207.99 million during the quarter, compared to the consensus estimate of $204.04 million. Rapid7 had a net margin of 5.65% and a negative return on equity of 99.08%. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.33) earnings per share. On average, equities analysts expect that Rapid7 will post 0.8 earnings per share for the current year.

Insider Activity at Rapid7

In related news, Director Reeny Sondhi sold 3,663 shares of the firm’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $40.00, for a total transaction of $146,520.00. Following the sale, the director now owns 17,460 shares in the company, valued at approximately $698,400. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is owned by company insiders.

Institutional Trading of Rapid7

Institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC grew its position in shares of Rapid7 by 3,888.2% in the third quarter. International Assets Investment Management LLC now owns 678 shares of the technology company’s stock valued at $27,000 after purchasing an additional 661 shares during the period. Quest Partners LLC purchased a new position in shares of Rapid7 in the second quarter worth about $35,000. Summit Securities Group LLC purchased a new position in shares of Rapid7 in the second quarter worth about $43,000. Financial Connections Group Inc. purchased a new position in shares of Rapid7 in the second quarter worth about $72,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Rapid7 in the first quarter worth about $83,000. Institutional investors and hedge funds 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.