Piper Sandler Cuts Rapid7 (NASDAQ:RPD) Price Target to $42.00

Rapid7 (NASDAQ:RPD) had its price target cut by Piper Sandler from $45.00 to $42.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Several other equities research analysts have also commented on the stock. UBS Group decreased their price objective on shares of Rapid7 from $70.00 to $65.00 and set a buy rating on the stock in a research report on Wednesday, May 8th. Stifel Nicolaus decreased their price objective on shares of Rapid7 from $63.00 to $51.00 and set a buy rating on the stock in a research report on Wednesday, May 8th. Needham & Company LLC restated a hold rating on shares of Rapid7 in a report on Friday, May 10th. Barclays reduced their target price on shares of Rapid7 from $60.00 to $49.00 and set an equal weight rating on the stock in a report on Wednesday, May 8th. Finally, KeyCorp upgraded shares of Rapid7 to a hold rating in a report on Monday, June 17th. Thirteen research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Rapid7 currently has a consensus rating of Hold and an average target price of $46.75.

Rapid7 Price Performance

Shares of NASDAQ RPD traded down $0.61 during trading on Wednesday, hitting $36.16. 472,018 shares of the company were exchanged, compared to its average volume of 829,806. The company has a market cap of $2.25 billion, a price-to-earnings ratio of -17.64 and a beta of 0.98. Rapid7 has a 1 year low of $32.94 and a 1 year high of $61.88. The firm’s fifty day moving average price is $38.68 and its 200 day moving average price is $45.61.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.52 by $0.06. Rapid7 had a negative net margin of 5.64% and a negative return on equity of 58.27%. The business had revenue of $207.99 million for the quarter, compared to analyst estimates of $204.04 million. During the same period in the previous year, the firm earned ($0.33) EPS. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, research analysts forecast 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 made changes to their positions in the business. Quest Partners LLC bought a new position in Rapid7 during the second quarter worth $35,000. Fidelis Capital Partners LLC bought a new position in Rapid7 during the first quarter worth $36,000. Mather Group LLC. bought a new position in Rapid7 during the first quarter worth $42,000. Summit Securities Group LLC bought a new position in Rapid7 during the second quarter worth $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 last quarter. 95.66% of the stock is currently owned by hedge funds and other 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.