Rapid7 (NASDAQ:RPD) Stock Rating Reaffirmed by Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Rapid7 (NASDAQ:RPDFree Report) in a report released on Thursday morning, Benzinga reports. Royal Bank of Canada currently has a $70.00 target price on the technology company’s stock.

A number of other equities analysts also recently issued reports on the stock. 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 note on Friday, November 3rd. Morgan Stanley raised their target price on shares of Rapid7 from $52.00 to $55.00 and gave the company an equal weight rating in a research note on Tuesday, November 7th. JPMorgan Chase & Co. raised their target price on shares of Rapid7 from $52.00 to $61.00 and gave the company a neutral rating in a research note on Monday, December 11th. Mizuho raised their target price on shares of Rapid7 from $52.00 to $55.00 and gave the company a neutral rating in a research note on Monday, October 16th. Finally, UBS Group upgraded shares of Rapid7 from a neutral rating to a buy rating and raised their target price for the company from $53.00 to $70.00 in a research note on Monday, January 29th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Rapid7 presently has an average rating of Hold and a consensus target price of $56.20.

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Rapid7 Stock Performance

NASDAQ RPD opened at $61.47 on Thursday. The firm’s 50 day moving average price is $56.35 and its 200-day moving average price is $51.22. Rapid7 has a 52-week low of $37.29 and a 52-week high of $61.54. The company has a market cap of $3.78 billion, a PE ratio of -24.49 and a beta of 1.04.

Rapid7 (NASDAQ:RPDGet Free Report) last released its quarterly earnings data on Wednesday, February 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.27. Rapid7 had a negative net margin of 19.19% and a negative return on equity of 1.33%. The firm had revenue of $205.27 million for the quarter, compared to the consensus estimate of $201.52 million. On average, analysts forecast that Rapid7 will post 0.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rapid7 news, COO Andrew F. Burton sold 17,000 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $53.68, for a total value of $912,560.00. Following the completion of the transaction, the chief operating officer now owns 224,038 shares of the company’s stock, valued at $12,026,359.84. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RPD. HighTower Advisors LLC raised its holdings in shares of Rapid7 by 9.1% during the first quarter. HighTower Advisors LLC now owns 2,354 shares of the technology company’s stock worth $261,000 after purchasing an additional 196 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Rapid7 by 30.2% during the first quarter. PNC Financial Services Group Inc. now owns 5,529 shares of the technology company’s stock worth $615,000 after purchasing an additional 1,281 shares during the last quarter. MetLife Investment Management LLC raised its holdings in shares of Rapid7 by 53.8% during the first quarter. MetLife Investment Management LLC now owns 29,914 shares of the technology company’s stock worth $3,328,000 after purchasing an additional 10,460 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Rapid7 by 3.8% during the first quarter. Rhumbline Advisers now owns 59,263 shares of the technology company’s stock worth $6,592,000 after purchasing an additional 2,152 shares during the last quarter. Finally, Vontobel Holding Ltd. purchased a new position in shares of Rapid7 during the first quarter worth $1,631,000. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Rapid7 Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Rapid7 (NASDAQ:RPD)

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