JPMorgan Chase & Co. Cuts Rapid7 (NASDAQ:RPD) Price Target to $40.00

Rapid7 (NASDAQ:RPD) had its target price decreased by JPMorgan Chase & Co. from $42.00 to $40.00 in a research report report published on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the technology company’s stock.

Several other equities research analysts have also commented on the stock. Stifel Nicolaus restated a “hold” rating and issued a $42.00 price target (down previously from $48.00) on shares of Rapid7 in a research note on Friday, January 17th. Citigroup lowered their price objective on shares of Rapid7 from $50.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, January 17th. UBS Group lowered their price objective on shares of Rapid7 from $59.00 to $52.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. DA Davidson raised their price objective on shares of Rapid7 from $35.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group initiated coverage on shares of Rapid7 in a research note on Wednesday, October 16th. They set a “buy” rating and a $50.00 price objective on the stock. Sixteen analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $41.22.

Rapid7 Stock Down 5.4 %

Shares of NASDAQ RPD opened at $34.82 on Tuesday. The firm’s 50-day moving average price is $39.39 and its two-hundred day moving average price is $38.84. Rapid7 has a 52-week low of $32.94 and a 52-week high of $61.79. The stock has a market capitalization of $2.20 billion, a P/E ratio of 55.27 and a beta of 0.96.

Rapid7 (NASDAQ:RPD) last announced its quarterly earnings results on Wednesday, February 12th. The technology company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.38). Rapid7 had a net margin of 5.65% and a negative return on equity of 128.95%. As a group, equities research analysts expect that Rapid7 will post 0.98 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Corey E. Thomas sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $39.38, for a total value of $3,938,000.00. Following the completion of the transaction, the chief executive officer now owns 431,469 shares of the company’s stock, valued at approximately $16,991,249.22. This trade represents a 18.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Rapid7

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its stake in shares of Rapid7 by 100.8% during the 4th quarter. Nordea Investment Management AB now owns 75,109 shares of the technology company’s stock valued at $3,030,000 after buying an additional 37,708 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Rapid7 during the 3rd quarter valued at $948,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Rapid7 by 36.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 85,951 shares of the technology company’s stock valued at $3,429,000 after buying an additional 22,734 shares during the period. Stifel Financial Corp acquired a new stake in shares of Rapid7 during the 3rd quarter valued at $1,006,000. Finally, Maverick Capital Ltd. acquired a new stake in shares of Rapid7 during the 3rd quarter valued at $1,679,000. Institutional investors and hedge funds 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.