Raymond James Cuts Rapid7 (NASDAQ:RPD) Price Target to $45.00

Rapid7 (NASDAQ:RPD) had its target price reduced by equities researchers at Raymond James from $55.00 to $45.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Raymond James’ price objective would suggest a potential upside of 29.39% from the company’s current price.

Other research analysts have also issued reports about the stock. DA Davidson upped their target price on shares of Rapid7 from $35.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Piper Sandler lowered their price target on Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Citigroup reduced their price objective on Rapid7 from $50.00 to $46.00 and set a “buy” rating for the company in a report on Friday, January 17th. Barclays lowered their target price on Rapid7 from $43.00 to $35.00 and set an “equal weight” rating on the stock in a report on Thursday. Finally, StockNews.com raised Rapid7 from a “hold” rating to a “buy” rating in a research note on Friday, December 6th. Fifteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $41.56.

Rapid7 Price Performance

Shares of RPD stock traded down $2.01 during trading hours on Thursday, reaching $34.78. 749,710 shares of the company’s stock were exchanged, compared to its average volume of 592,303. The company’s 50 day moving average is $39.57 and its two-hundred day moving average is $38.87. The company has a market cap of $2.20 billion, a P/E ratio of 55.10 and a beta of 0.96. Rapid7 has a 1 year low of $32.94 and a 1 year high of $61.79.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings data on Wednesday, February 12th. The technology company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.38). Rapid7 had a negative return on equity of 128.95% and a net margin of 5.65%. As a group, 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 the stock in a transaction dated Tuesday, January 21st. The stock was 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 in the company, valued at approximately $16,991,249.22. This represents a 18.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new stake in shares of Rapid7 in the fourth quarter worth approximately $12,050,000. Harbor Capital Advisors Inc. raised its holdings in Rapid7 by 259.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 288,965 shares of the technology company’s stock valued at $11,625,000 after buying an additional 208,501 shares during the period. Invenomic Capital Management LP purchased a new position in Rapid7 in the third quarter valued at about $6,647,000. Birnam Oak Advisors LP acquired a new position in Rapid7 during the 4th quarter worth approximately $4,425,000. Finally, Thematics Asset Management lifted its holdings in Rapid7 by 33.0% in the 3rd quarter. Thematics Asset Management now owns 399,000 shares of the technology company’s stock worth $15,916,000 after buying an additional 99,000 shares in the last quarter. 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.