Scotiabank Raises Rapid7 (NASDAQ:RPD) Price Target to $42.00

Rapid7 (NASDAQ:RPD) had its target price raised by Scotiabank from $39.00 to $42.00 in a research report report published on Tuesday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the technology company’s stock.

Several other equities analysts have also recently weighed in on RPD. Jefferies Financial Group assumed coverage on shares of Rapid7 in a research note on Wednesday, October 16th. They set a “buy” rating and a $50.00 price target for the company. Citigroup lowered their price target on shares of Rapid7 from $50.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, January 17th. Piper Sandler reduced their price objective on shares of Rapid7 from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. StockNews.com raised Rapid7 from a “hold” rating to a “buy” rating in a research report on Friday, December 6th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $42.00 price target (down from $48.00) on shares of Rapid7 in a research report on Friday, January 17th. Fifteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Rapid7 currently has a consensus rating of “Hold” and an average price target of $43.76.

Rapid7 Stock Down 1.0 %

Shares of RPD stock opened at $38.90 on Tuesday. Rapid7 has a 12-month low of $32.94 and a 12-month high of $61.88. The firm has a fifty day moving average of $40.54 and a 200-day moving average of $39.03. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 61.75 and a beta of 0.96.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings results on Wednesday, November 6th. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.14. The firm had revenue of $214.65 million for the quarter, compared to the consensus estimate of $210.04 million. Rapid7 had a negative return on equity of 128.95% and a net margin of 5.65%. The company’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same quarter last year, the business posted $0.11 EPS. On average, equities analysts expect that Rapid7 will post 0.98 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Corey E. Thomas sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $39.38, for a total transaction of $3,938,000.00. Following the transaction, the chief executive officer now directly 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rapid7

Hedge funds have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC grew its holdings in shares of Rapid7 by 227.2% during the 2nd quarter. Hsbc Holdings PLC now owns 34,580 shares of the technology company’s stock worth $1,518,000 after purchasing an additional 24,012 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in Rapid7 by 10.3% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,287 shares of the technology company’s stock valued at $185,000 after buying an additional 400 shares during the period. Marshall Wace LLP raised its position in shares of Rapid7 by 378.0% in the 2nd quarter. Marshall Wace LLP now owns 68,354 shares of the technology company’s stock valued at $2,955,000 after buying an additional 54,054 shares in the last quarter. Point72 DIFC Ltd lifted its holdings in shares of Rapid7 by 337.5% during the 2nd quarter. Point72 DIFC Ltd now owns 17,235 shares of the technology company’s stock worth $745,000 after acquiring an additional 13,296 shares during the period. Finally, 272 Capital LP acquired a new stake in shares of Rapid7 during the 2nd quarter worth approximately $6,979,000. 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.