Rapid7 (NASDAQ:RPD) Given New $42.00 Price Target at Scotiabank

Rapid7 (NASDAQ:RPD) had its target price upped by Scotiabank from $39.00 to $42.00 in a research report released on Tuesday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the technology company’s stock.

Several other research firms have also issued reports on RPD. Stifel Nicolaus reiterated a “hold” rating and issued a $42.00 target price (down previously from $48.00) on shares of Rapid7 in a research note on Friday, January 17th. UBS Group reduced their price objective on shares of Rapid7 from $59.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Piper Sandler dropped their target price on shares of Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. DA Davidson upped their target price on Rapid7 from $35.00 to $39.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, JPMorgan Chase & Co. increased their price target on Rapid7 from $40.00 to $42.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Fifteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $43.76.

Rapid7 Price Performance

RPD opened at $39.54 on Tuesday. Rapid7 has a fifty-two week low of $32.94 and a fifty-two week high of $61.88. The firm has a market capitalization of $2.50 billion, a PE ratio of 62.76 and a beta of 0.96. The company’s 50-day moving average is $40.62 and its 200 day moving average is $39.03.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings data on Wednesday, November 6th. The technology company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.52 by $0.14. The firm had revenue of $214.65 million during the quarter, compared to the consensus estimate of $210.04 million. Rapid7 had a negative return on equity of 128.95% and a net margin of 5.65%. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.11 earnings per share. As a group, analysts expect that Rapid7 will post 0.98 EPS for the current year.

Hedge Funds Weigh In On Rapid7

A number of large investors have recently made changes to their positions in RPD. International Assets Investment Management LLC raised its stake in shares of Rapid7 by 3,888.2% during the 3rd quarter. International Assets Investment Management LLC now owns 678 shares of the technology company’s stock valued at $27,000 after purchasing an additional 661 shares during the period. RPg Family Wealth Advisory LLC purchased a new position in Rapid7 during the 3rd quarter valued at about $69,000. Point72 Hong Kong Ltd grew its holdings in Rapid7 by 315.0% during the 2nd quarter. Point72 Hong Kong Ltd now owns 2,075 shares of the technology company’s stock valued at $90,000 after buying an additional 1,575 shares in the last quarter. 1620 Investment Advisors Inc. increased its position in shares of Rapid7 by 14.5% during the third quarter. 1620 Investment Advisors Inc. now owns 2,783 shares of the technology company’s stock valued at $111,000 after buying an additional 352 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Rapid7 by 10.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,287 shares of the technology company’s stock worth $185,000 after buying an additional 400 shares in the last quarter. 95.66% of the stock is 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.