Truist Financial Cuts Rapid7 (NASDAQ:RPD) Price Target to $38.00

Rapid7 (NASDAQ:RPD) had its price target reduced by research analysts at Truist Financial from $40.00 to $38.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “hold” rating on the technology company’s stock. Truist Financial’s price objective would indicate a potential downside of 10.44% from the stock’s previous close.

Several other research firms have also weighed in on RPD. Canaccord Genuity Group upgraded Rapid7 from a “hold” rating to a “buy” rating and decreased their price target for the company from $52.00 to $43.00 in a report on Wednesday, August 7th. Scotiabank reduced their target price on shares of Rapid7 from $45.00 to $41.00 and set a “sector perform” rating on the stock in a research note on Wednesday, August 7th. Canaccord Genuity Group raised shares of Rapid7 from a “hold” rating to a “buy” rating and dropped their price target for the stock from $52.00 to $43.00 in a research note on Wednesday, August 7th. Baird R W lowered shares of Rapid7 from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Piper Sandler decreased their price objective on shares of Rapid7 from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Fourteen research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $45.31.

Rapid7 Stock Up 2.0 %

RPD stock opened at $42.43 on Thursday. Rapid7 has a 52 week low of $32.94 and a 52 week high of $61.88. The firm has a market capitalization of $2.66 billion, a P/E ratio of -50.51 and a beta of 0.96. The company has a fifty day simple moving average of $37.90 and a two-hundred day simple moving average of $38.77.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.52 by $0.06. Rapid7 had a negative return on equity of 67.88% and a negative net margin of 5.64%. The company had revenue of $207.99 million during the quarter, compared to analyst estimates of $204.04 million. During the same quarter last year, the business posted ($0.33) earnings per share. The firm’s revenue was up 9.2% on a year-over-year basis. As a group, analysts anticipate that Rapid7 will post 0.8 EPS for the current year.

Insider Buying and Selling at Rapid7

In related news, Director Reeny Sondhi sold 3,663 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $40.00, for a total value of $146,520.00. Following the completion of the transaction, the director now owns 17,460 shares of the company’s stock, valued at $698,400. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rapid7

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Algert Global LLC increased its position in shares of Rapid7 by 158.6% during the second quarter. Algert Global LLC now owns 121,953 shares of the technology company’s stock worth $5,272,000 after purchasing an additional 74,793 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Rapid7 by 3.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 503,468 shares of the technology company’s stock valued at $24,691,000 after buying an additional 18,907 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Rapid7 by 7,688.6% in the second quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company’s stock worth $7,141,000 after acquiring an additional 163,075 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Rapid7 during the third quarter worth about $948,000. Finally, Point72 Asset Management L.P. increased its holdings in shares of Rapid7 by 252.0% during the second quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company’s stock valued at $164,236,000 after acquiring an additional 2,719,791 shares in the last quarter. Hedge funds and other 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.