Truist Financial Lowers Rapid7 (NASDAQ:RPD) Price Target to $35.00

Rapid7 (NASDAQ:RPD) had its price target reduced by stock analysts at Truist Financial from $38.00 to $35.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “hold” rating on the technology company’s stock. Truist Financial’s price target points to a potential downside of 1.55% from the company’s current price.

A number of other analysts have also weighed in on RPD. Piper Sandler lowered their target price on Rapid7 from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Robert W. Baird decreased their price target on Rapid7 from $43.00 to $39.00 and set a “neutral” rating on the stock in a report on Thursday. JPMorgan Chase & Co. decreased their price target on Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday. Scotiabank raised their price target on Rapid7 from $39.00 to $42.00 and gave the company a “sector perform” rating in a report on Tuesday, January 21st. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $42.00 price target (down previously from $48.00) on shares of Rapid7 in a report on Friday, January 17th. Sixteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Rapid7 presently has a consensus rating of “Hold” and a consensus price target of $41.22.

Rapid7 Price Performance

Rapid7 stock opened at $35.55 on Thursday. The stock has a fifty day moving average price of $39.23 and a two-hundred day moving average price of $38.82. Rapid7 has a 52-week low of $32.94 and a 52-week high of $61.79. The firm has a market capitalization of $2.25 billion, a P/E ratio of 56.43 and a beta of 0.96.

Rapid7 (NASDAQ:RPD) last announced its earnings results on Wednesday, February 12th. The technology company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.38). Rapid7 had a net margin of 5.65% and a negative return on equity of 128.95%. On average, equities research analysts predict that Rapid7 will post 0.98 EPS for the current fiscal year.

Insider Activity

In related news, CEO Corey E. Thomas sold 100,000 shares of Rapid7 stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $39.38, for a total value of $3,938,000.00. Following the sale, the chief executive officer now owns 431,469 shares of the company’s stock, valued at approximately $16,991,249.22. This trade represents a 18.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rapid7

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Itau Unibanco Holding S.A. acquired a new stake in Rapid7 in the 4th quarter valued at approximately $225,000. One68 Global Capital LLC acquired a new position in shares of Rapid7 during the 4th quarter worth approximately $201,000. JANA Partners Management LP increased 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 purchasing an additional 34,589 shares during the last quarter. Northern Trust Corp increased its position in shares of Rapid7 by 8.0% during the 4th quarter. Northern Trust Corp now owns 624,936 shares of the technology company’s stock worth $25,141,000 after purchasing an additional 46,351 shares during the last quarter. Finally, Quarry LP acquired a new position in shares of Rapid7 during the 4th quarter worth approximately $877,000. Institutional investors and hedge funds 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.