Rapid7 (NASDAQ:RPD) Upgraded to Buy at StockNews.com

Rapid7 (NASDAQ:RPD) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Friday.

Several other equities research analysts have also commented on RPD. DA Davidson boosted their price objective on shares of Rapid7 from $35.00 to $39.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Piper Sandler dropped their price target on Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. JPMorgan Chase & Co. raised their price objective on Rapid7 from $40.00 to $42.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Jefferies Financial Group began coverage on Rapid7 in a report on Wednesday, October 16th. They issued a “buy” rating and a $50.00 target price on the stock. Finally, Royal Bank of Canada downgraded Rapid7 from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $50.00 to $40.00 in a report on Friday, September 20th. Fourteen analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $44.59.

Rapid7 Stock Performance

Shares of RPD stock opened at $43.43 on Friday. The firm has a market cap of $2.75 billion, a P/E ratio of 68.94 and a beta of 0.95. The business’s 50 day moving average price is $40.57 and its 200-day moving average price is $38.68. Rapid7 has a fifty-two week low of $32.94 and a fifty-two week high of $61.88.

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

Insider Activity

In related news, Director Reeny Sondhi sold 3,663 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $40.00, for a total value of $146,520.00. Following the completion of the transaction, the director now owns 17,460 shares of the company’s stock, valued at approximately $698,400. This represents a 17.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Rapid7

Institutional investors have recently added to or reduced their stakes in the stock. 272 Capital LP boosted its holdings in shares of Rapid7 by 33.4% during the 3rd quarter. 272 Capital LP now owns 215,287 shares of the technology company’s stock valued at $8,588,000 after purchasing an additional 53,849 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Rapid7 by 1.1% in the third quarter. Geode Capital Management LLC now owns 1,462,007 shares of the technology company’s stock worth $58,330,000 after buying an additional 15,287 shares in the last quarter. Pier Capital LLC boosted its stake in Rapid7 by 1.2% during the third quarter. Pier Capital LLC now owns 180,168 shares of the technology company’s stock valued at $7,187,000 after buying an additional 2,162 shares during the last quarter. XTX Topco Ltd purchased a new position in Rapid7 during the 3rd quarter valued at approximately $782,000. Finally, Stifel Financial Corp bought a new stake in Rapid7 in the 3rd quarter worth approximately $1,006,000. 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.