Truist Financial Cuts Rapid7 (NASDAQ:RPD) Price Target to $35.00

Rapid7 (NASDAQ:RPD) had its target price cut by Truist Financial from $38.00 to $35.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a hold rating on the technology company’s stock.

A number of other equities research analysts have also recently issued reports on the company. StockNews.com upgraded Rapid7 from a “hold” rating to a “buy” rating in a research note on Friday, December 6th. Barclays reduced their target price on shares of Rapid7 from $43.00 to $35.00 and set an “equal weight” rating for the company in a research note on Thursday. UBS Group dropped their price target 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 boosted their price objective on Rapid7 from $35.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $42.00 target price (down from $48.00) on shares of Rapid7 in a research report on Friday, January 17th. Sixteen analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rapid7 currently has an average rating of “Hold” and a consensus target price of $41.22.

Rapid7 Stock Performance

NASDAQ RPD opened at $35.55 on Thursday. Rapid7 has a one year low of $32.94 and a one year high of $61.79. The company has a 50-day simple moving average of $39.23 and a 200-day simple moving average of $38.81. The firm has a market capitalization of $2.25 billion, a PE ratio of 56.43 and a beta of 0.96.

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

Insiders Place Their Bets

In related news, CEO Corey E. Thomas sold 100,000 shares of the stock in a transaction on Tuesday, January 21st. The stock was 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 in the company, valued at $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 can be accessed through the SEC website. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Rapid7

Hedge funds have recently bought and sold shares of the company. Creative Planning acquired a new stake in Rapid7 during the 3rd quarter valued at $253,000. Tempus Wealth Planning LLC purchased a new position in shares of Rapid7 during the third quarter valued at $264,000. International Assets Investment Management LLC raised its position in Rapid7 by 3,888.2% during the third quarter. International Assets Investment Management LLC now owns 678 shares of the technology company’s stock valued at $27,000 after buying an additional 661 shares during the period. Assenagon Asset Management S.A. purchased a new stake in Rapid7 in the 3rd quarter worth about $948,000. Finally, 1620 Investment Advisors Inc. boosted its position in Rapid7 by 14.5% during the 3rd quarter. 1620 Investment Advisors Inc. now owns 2,783 shares of the technology company’s stock worth $111,000 after acquiring an additional 352 shares during the period. 95.66% of the stock is 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.