Canaccord Genuity Group Upgrades Rapid7 (NASDAQ:RPD) to Buy

Rapid7 (NASDAQ:RPD) was upgraded by equities researchers at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, StockNewsAPI reports. The brokerage presently has a $43.00 target price on the technology company’s stock, down from their previous target price of $52.00. Canaccord Genuity Group’s price objective indicates a potential upside of 17.71% from the stock’s previous close.

A number of other brokerages have also recently issued reports on RPD. KeyCorp upgraded shares of Rapid7 to a “hold” rating in a report on Monday, June 17th. Baird R W cut shares of Rapid7 from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 1st. Citigroup decreased their price objective on shares of Rapid7 from $65.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, May 8th. Scotiabank assumed coverage on shares of Rapid7 in a report on Friday, April 26th. They issued a “sector perform” rating and a $46.00 price objective for the company. Finally, Stifel Nicolaus decreased their price objective on shares of Rapid7 from $63.00 to $51.00 and set a “buy” rating for the company in a report on Wednesday, May 8th. Thirteen equities 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 price target of $46.75.

Rapid7 Price Performance

NASDAQ RPD traded down $0.24 on Wednesday, hitting $36.53. 168,864 shares of the stock were exchanged, compared to its average volume of 924,178. The company’s 50-day moving average price is $38.68 and its two-hundred day moving average price is $45.80. Rapid7 has a 52-week low of $32.94 and a 52-week high of $61.88. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of -17.94 and a beta of 0.98.

Rapid7 (NASDAQ:RPD) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.52 by $0.06. Rapid7 had a negative net margin of 15.14% and a negative return on equity of 31.09%. The business had revenue of $207.99 million for the quarter, compared to analysts’ expectations of $204.04 million. During the same period in the previous year, the company posted ($0.33) EPS. Rapid7’s revenue was up 9.2% on a year-over-year basis. Equities analysts predict that Rapid7 will post 0.75 EPS for the current fiscal year.

Institutional Trading of Rapid7

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fidelis Capital Partners LLC bought a new stake in Rapid7 in the first quarter valued at about $36,000. Quest Partners LLC bought a new stake in Rapid7 during the second quarter worth about $35,000. Mather Group LLC. bought a new stake in Rapid7 during the first quarter worth about $42,000. International Assets Investment Management LLC grew its stake in Rapid7 by 3,367.9% during the fourth quarter. International Assets Investment Management LLC now owns 971 shares of the technology company’s stock worth $55,000 after buying an additional 943 shares during the last quarter. Finally, Summit Securities Group LLC bought a new stake in Rapid7 during the second quarter worth about $43,000. 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.