Rapid7 (NASDAQ:RPD) Shares Gap Down After Analyst Downgrade

Rapid7, Inc. (NASDAQ:RPDGet Free Report) gapped down prior to trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $61.00 to $60.00. The stock had previously closed at $56.99, but opened at $53.77. JPMorgan Chase & Co. currently has a neutral rating on the stock. Rapid7 shares last traded at $54.92, with a volume of 189,405 shares.

RPD has been the subject of several other research reports. UBS Group upgraded shares of Rapid7 from a “neutral” rating to a “buy” rating and increased their price objective for the company from $53.00 to $70.00 in a research report on Monday, January 29th. Citigroup upgraded shares of Rapid7 from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $65.00 in a research report on Tuesday, January 9th. Susquehanna assumed coverage on shares of Rapid7 in a research report on Friday, December 15th. They set a “neutral” rating and a $55.00 price objective for the company. Truist Financial increased their price objective on shares of Rapid7 from $40.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, November 3rd. Finally, Wolfe Research upgraded shares of Rapid7 from a “peer perform” rating to an “outperform” rating and set a $56.00 price objective for the company in a research report on Friday, November 3rd. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $56.20.

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Insider Buying and Selling

In other Rapid7 news, COO Andrew F. Burton sold 17,000 shares of the firm’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $53.68, for a total transaction of $912,560.00. Following the transaction, the chief operating officer now owns 224,038 shares of the company’s stock, valued at approximately $12,026,359.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RPD. Hawk Ridge Capital Management LP boosted its holdings in shares of Rapid7 by 757.7% in the 3rd quarter. Hawk Ridge Capital Management LP now owns 1,592,259 shares of the technology company’s stock valued at $72,894,000 after buying an additional 1,406,619 shares in the last quarter. Norges Bank bought a new stake in shares of Rapid7 in the 4th quarter valued at about $37,790,000. Fred Alger Management LLC boosted its holdings in shares of Rapid7 by 150.0% in the 1st quarter. Fred Alger Management LLC now owns 870,536 shares of the technology company’s stock valued at $39,966,000 after buying an additional 522,286 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of Rapid7 in the 2nd quarter valued at about $20,075,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Rapid7 by 43.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,306,095 shares of the technology company’s stock valued at $87,247,000 after buying an additional 396,586 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Rapid7 Price Performance

The business’s fifty day moving average price is $56.35 and its two-hundred day moving average price is $51.15.

Rapid7 (NASDAQ:RPDGet Free Report) last released its earnings results on Wednesday, February 7th. The technology company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.27. The company had revenue of $205.27 million during the quarter, compared to analysts’ expectations of $201.52 million. Rapid7 had a negative net margin of 19.19% and a negative return on equity of 1.33%. On average, sell-side analysts predict that Rapid7, Inc. will post 0.31 earnings per share for the current fiscal year.

About Rapid7

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Rapid7, Inc provides cybersecurity solutions. The company offers a cloud-native insight platform that enables customers to create and manage analytics-driven cybersecurity risk management programs. Its platform includes InsightIDR, an incident detection and response solution; InsightCloudSec, a cloud risk and compliance management platform; InsightVM helps organizations to discover and remediate vulnerability risk across their network; InsightAppSec that provides dynamic application security testing; and InsightConnect, a security orchestration and automation response solution.

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