Piper Sandler Lowers Rapid7 (NASDAQ:RPD) Price Target to $45.00

Rapid7 (NASDAQ:RPD) had its price target trimmed by Piper Sandler from $56.00 to $45.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.

Other equities analysts have also recently issued research reports about the company. StockNews.com cut Rapid7 from a buy rating to a hold rating in a report on Wednesday, March 6th. Truist Financial decreased their price target on Rapid7 from $50.00 to $45.00 and set a hold rating for the company in a report on Wednesday. Mizuho reduced their target price on Rapid7 from $62.00 to $47.00 and set a neutral rating for the company in a research note on Wednesday. Robert W. Baird reduced their target price on Rapid7 from $62.00 to $56.00 and set an outperform rating for the company in a research note on Wednesday. Finally, Stifel Nicolaus reduced their target price on Rapid7 from $63.00 to $51.00 and set a buy rating for the company in a research note on Wednesday. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Rapid7 currently has a consensus rating of Hold and an average target price of $52.13.

Rapid7 Stock Performance

Shares of NASDAQ:RPD traded up $0.64 during trading on Wednesday, reaching $38.64. 664,287 shares of the stock were exchanged, compared to its average volume of 807,339. Rapid7 has a 12-month low of $35.22 and a 12-month high of $61.88. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of -15.14 and a beta of 1.01. The firm’s 50-day moving average price is $49.04 and its 200 day moving average price is $52.71.

Rapid7 (NASDAQ:RPD) last issued its earnings results on Wednesday, February 7th. The technology company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.27. The business had revenue of $205.27 million during the quarter, compared to analysts’ expectations of $201.52 million. Rapid7 had a negative return on equity of 1.36% and a negative net margin of 19.19%. As a group, equities research analysts forecast that Rapid7 will post 0.86 EPS for the current year.

Insider Buying and Selling at Rapid7

In other Rapid7 news, COO Andrew F. Burton sold 20,653 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $48.73, for a total value of $1,006,420.69. Following the sale, the chief operating officer now owns 236,841 shares of the company’s stock, valued at approximately $11,541,261.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, COO Andrew F. Burton sold 31,727 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $53.07, for a total transaction of $1,683,751.89. Following the sale, the chief operating officer now directly owns 257,494 shares in the company, valued at $13,665,206.58. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Andrew F. Burton sold 20,653 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $48.73, for a total value of $1,006,420.69. Following the sale, the chief operating officer now owns 236,841 shares in the company, valued at $11,541,261.93. The disclosure for this sale can be found here. Insiders own 2.60% of the company’s stock.

Institutional Trading of Rapid7

A number of institutional investors and hedge funds have recently modified their holdings of RPD. Hawk Ridge Capital Management LP increased its position in shares of Rapid7 by 757.7% during the third quarter. Hawk Ridge Capital Management LP now owns 1,592,259 shares of the technology company’s stock valued at $72,894,000 after purchasing an additional 1,406,619 shares during the period. First Trust Advisors LP grew its position in Rapid7 by 49.2% in the fourth quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock valued at $194,668,000 after acquiring an additional 1,124,429 shares during the period. Norges Bank bought a new stake in Rapid7 in the fourth quarter valued at $37,790,000. Mirae Asset Global Investments Co. Ltd. grew its position in Rapid7 by 46.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,254,323 shares of the technology company’s stock valued at $61,512,000 after acquiring an additional 397,968 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in Rapid7 by 40.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,237,023 shares of the technology company’s stock valued at $56,631,000 after acquiring an additional 355,192 shares during the period. 95.66% of the stock is currently owned by institutional investors.

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.