JPMorgan Chase & Co. Trims Rapid7 (NASDAQ:RPD) Target Price to $39.00

Rapid7 (NASDAQ:RPD) had its price target dropped by equities research analysts at JPMorgan Chase & Co. from $46.00 to $39.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 11.43% from the stock’s current price.

RPD has been the topic of several other reports. Royal Bank of Canada decreased their price objective on Rapid7 from $70.00 to $57.00 and set an “outperform” rating on the stock in a report on Wednesday, May 8th. Susquehanna decreased their price objective on Rapid7 from $55.00 to $40.00 and set a “neutral” rating for the company in a report on Monday, May 13th. Truist Financial lowered their price target on shares of Rapid7 from $50.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, May 8th. Morgan Stanley reissued an “equal weight” rating and issued a $46.00 price target on shares of Rapid7 in a research report on Wednesday, July 10th. Finally, Mizuho cut their target price on Rapid7 from $62.00 to $47.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. Fourteen analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $49.00.

Rapid7 Price Performance

Shares of NASDAQ:RPD opened at $35.00 on Friday. The firm’s 50 day simple moving average is $38.97 and its two-hundred day simple moving average is $46.56. The company has a market capitalization of $2.18 billion, a P/E ratio of -17.07 and a beta of 0.98. Rapid7 has a 1-year low of $35.00 and a 1-year high of $61.88.

Rapid7 (NASDAQ:RPD) last posted its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.22 EPS for the quarter, hitting analysts’ consensus estimates of $0.22. Rapid7 had a negative return on equity of 31.09% and a negative net margin of 15.14%. The company had revenue of $205.10 million for the quarter, compared to analysts’ expectations of $204.10 million. On average, sell-side analysts anticipate that Rapid7 will post 0.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rapid7

Several institutional investors and hedge funds have recently added to or reduced their stakes in RPD. First Trust Advisors LP lifted its stake in Rapid7 by 49.2% in the 4th quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock worth $194,668,000 after purchasing an additional 1,124,429 shares in the last quarter. Norges Bank acquired a new position in Rapid7 during the 4th quarter worth about $37,790,000. Mirae Asset Global Investments Co. Ltd. grew its position in Rapid7 by 46.5% in the 1st 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 in the last quarter. SG Americas Securities LLC lifted its position in shares of Rapid7 by 7,688.6% during the second quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company’s stock worth $7,141,000 after purchasing an additional 163,075 shares in the last quarter. Finally, Wasatch Advisors LP increased its stake in Rapid7 by 12.8% during the 4th quarter. Wasatch Advisors LP now owns 1,410,051 shares of the technology company’s stock worth $80,514,000 after buying an additional 160,531 shares during the period. Hedge funds and other institutional investors own 95.66% of the company’s stock.

About Rapid7

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.