Canaccord Genuity Group Lowers Rapid7 (NASDAQ:RPD) Price Target to $52.00

Rapid7 (NASDAQ:RPD) had its price target cut by Canaccord Genuity Group from $60.00 to $52.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the technology company’s stock. Canaccord Genuity Group’s price target points to a potential upside of 41.61% from the stock’s previous close.

A number of other brokerages have also recently commented on RPD. Scotiabank initiated coverage on Rapid7 in a research report on Friday, April 26th. They issued a “sector perform” rating and a $46.00 price target on the stock. Robert W. Baird dropped their target price on shares of Rapid7 from $62.00 to $56.00 and set an “outperform” rating for the company in a research report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price target on shares of Rapid7 in a research report on Thursday, February 8th. StockNews.com cut shares of Rapid7 from a “buy” rating to a “hold” rating in a research note on Wednesday, March 6th. Finally, JPMorgan Chase & Co. cut their target price on Rapid7 from $61.00 to $60.00 and set a “neutral” rating for the company in a research note on Thursday, February 8th. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $54.44.

Rapid7 Stock Performance

Shares of NASDAQ RPD traded down $9.08 during trading hours on Wednesday, reaching $36.72. 6,670,966 shares of the stock were exchanged, compared to its average volume of 776,127. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of -14.33 and a beta of 1.01. The stock’s fifty day simple moving average is $49.41 and its 200 day simple moving average is $52.81. Rapid7 has a 52 week low of $35.22 and a 52 week high of $61.88.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings results on Wednesday, February 7th. The technology company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.13 by $0.27. Rapid7 had a negative net margin of 19.19% and a negative return on equity of 1.36%. The business had revenue of $205.27 million for the quarter, compared to the consensus estimate of $201.52 million. Research analysts predict that Rapid7 will post 0.86 EPS for the current fiscal year.

Insider Transactions at Rapid7

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

Institutional Trading of Rapid7

Several hedge funds and other institutional investors have recently modified their holdings of RPD. ProShare Advisors LLC lifted its holdings in Rapid7 by 8.0% during the 1st quarter. ProShare Advisors LLC now owns 11,175 shares of the technology company’s stock worth $548,000 after purchasing an additional 823 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Rapid7 by 80.5% during the first quarter. Russell Investments Group Ltd. now owns 3,068 shares of the technology company’s stock valued at $150,000 after buying an additional 1,368 shares during the period. Headlands Technologies LLC boosted its position in shares of Rapid7 by 99.2% in the first quarter. Headlands Technologies LLC now owns 4,267 shares of the technology company’s stock valued at $209,000 after acquiring an additional 2,125 shares during the period. Swiss National Bank boosted its position in shares of Rapid7 by 1.0% in the first quarter. Swiss National Bank now owns 121,300 shares of the technology company’s stock valued at $5,949,000 after acquiring an additional 1,200 shares during the period. Finally, Quantbot Technologies LP purchased a new position in Rapid7 during the first quarter valued at approximately $218,000. 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.