Rapid7 (NASDAQ:RPD) Price Target Lowered to $29.00 at DA Davidson

Rapid7 (NASDAQ:RPD) had its target price dropped by investment analysts at DA Davidson from $35.00 to $29.00 in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The firm presently has a “neutral” rating on the technology company’s stock. DA Davidson’s price target would suggest a potential downside of 0.68% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Stifel Nicolaus lowered their target price on Rapid7 from $42.00 to $38.00 and set a “hold” rating on the stock in a research note on Thursday, February 13th. Jefferies Financial Group lowered their price target on Rapid7 from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Truist Financial dropped their price objective on Rapid7 from $38.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, February 13th. Morgan Stanley initiated coverage on shares of Rapid7 in a research note on Tuesday, March 18th. They issued an “equal weight” rating and a $33.00 target price for the company. Finally, JPMorgan Chase & Co. cut their price target on shares of Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday, February 11th. Fifteen 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 an average price target of $39.94.

Rapid7 Price Performance

NASDAQ RPD opened at $29.20 on Tuesday. The company has a 50 day simple moving average of $33.55 and a 200-day simple moving average of $37.44. Rapid7 has a 52-week low of $26.77 and a 52-week high of $50.55. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 74.87 and a beta of 0.92.

Rapid7 (NASDAQ:RPD) last released its earnings results on Wednesday, February 12th. The technology company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.38). Rapid7 had a negative return on equity of 130.41% and a net margin of 3.46%. On average, analysts predict that Rapid7 will post 0.35 EPS for the current year.

Insider Activity at Rapid7

In related news, CEO Corey E. Thomas sold 100,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $39.38, for a total transaction of $3,938,000.00. Following the transaction, the chief executive officer now directly owns 431,469 shares in the company, valued at $16,991,249.22. The trade was a 18.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Rapid7

Several institutional investors have recently modified their holdings of RPD. Quest Partners LLC lifted its position in Rapid7 by 924.6% in the third quarter. Quest Partners LLC now owns 8,320 shares of the technology company’s stock worth $332,000 after purchasing an additional 7,508 shares during the period. Intech Investment Management LLC acquired a new position in shares of Rapid7 in the 3rd quarter valued at $695,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rapid7 by 1.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 511,088 shares of the technology company’s stock worth $20,387,000 after acquiring an additional 9,190 shares during the period. Quantbot Technologies LP boosted its position in shares of Rapid7 by 1,276.4% during the 3rd quarter. Quantbot Technologies LP now owns 44,360 shares of the technology company’s stock valued at $1,770,000 after acquiring an additional 41,137 shares in the last quarter. Finally, Thematics Asset Management raised its position in Rapid7 by 33.0% in the third quarter. Thematics Asset Management now owns 399,000 shares of the technology company’s stock worth $15,916,000 after purchasing an additional 99,000 shares in the last quarter. 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.