Rapid7 (NASDAQ:RPD) Rating Reiterated by Royal Bank of Canada

Rapid7 (NASDAQ:RPD)‘s stock had its “outperform” rating reiterated by equities researchers at Royal Bank of Canada in a report released on Wednesday, Benzinga reports. They currently have a $50.00 price objective on the technology company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 36.80% from the stock’s previous close.

Several other brokerages have also weighed in on RPD. KeyCorp raised Rapid7 to a “hold” rating in a research report on Monday, June 17th. Canaccord Genuity Group raised shares of Rapid7 from a “hold” rating to a “buy” rating and cut their price objective for the company from $52.00 to $43.00 in a research report on Wednesday. Citigroup reduced their price objective on shares of Rapid7 from $65.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Scotiabank began coverage on Rapid7 in a report on Friday, April 26th. They set a “sector perform” rating and a $46.00 price objective on the stock. Finally, Barclays reduced their target price on Rapid7 from $60.00 to $49.00 and set an “equal weight” 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $46.75.

Rapid7 Stock Performance

Shares of RPD stock traded down $0.22 on Wednesday, reaching $36.55. 6,213 shares of the company’s stock traded hands, compared to its average volume of 923,114. The company has a market capitalization of $2.28 billion, a P/E ratio of -17.94 and a beta of 0.98. Rapid7 has a 12-month low of $32.94 and a 12-month high of $61.88. The business’s 50 day moving average price is $38.68 and its two-hundred day moving average price is $45.80.

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

Hedge Funds Weigh In On Rapid7

Several institutional investors and hedge funds have recently added to or reduced their stakes in RPD. Quest Partners LLC bought a new stake in Rapid7 in the 2nd quarter valued at $35,000. Fidelis Capital Partners LLC acquired a new stake in shares of Rapid7 during the 1st quarter valued at about $36,000. Mather Group LLC. acquired a new position in Rapid7 in the first quarter worth about $42,000. Summit Securities Group LLC acquired a new position in Rapid7 in the second quarter worth about $43,000. Finally, International Assets Investment Management LLC lifted 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 purchasing an additional 943 shares during the period. 95.66% of the stock is currently owned by institutional investors.

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.