Scotiabank Lowers Rapid7 (NASDAQ:RPD) Price Target to $38.00

Rapid7 (NASDAQ:RPD) had its target price dropped by research analysts at Scotiabank from $42.00 to $38.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the technology company’s stock. Scotiabank’s target price would suggest a potential upside of 6.89% from the stock’s current price.

Several other equities research analysts have also commented on the stock. StockNews.com upgraded shares of Rapid7 from a “hold” rating to a “buy” rating in a report on Friday, December 6th. Robert W. Baird reduced their price objective on shares of Rapid7 from $43.00 to $39.00 and set a “neutral” rating for the company in a research note on Thursday. Truist Financial reduced their price objective on shares of Rapid7 from $38.00 to $35.00 and set a “hold” rating for the company in a research note on Thursday. Piper Sandler reduced their price objective on shares of Rapid7 from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. Finally, UBS Group cut their price target on shares of Rapid7 from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday. Sixteen analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $41.22.

Rapid7 Price Performance

Rapid7 stock opened at $35.55 on Thursday. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of 56.43 and a beta of 0.96. Rapid7 has a 1 year low of $32.94 and a 1 year high of $61.79. The firm has a 50-day moving average of $39.23 and a two-hundred day moving average of $38.82.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings data on Wednesday, February 12th. The technology company reported $0.12 earnings per share (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%. Research analysts expect that Rapid7 will post 0.98 earnings per share for the current year.

Insider Activity

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

Institutional Trading of Rapid7

A number of hedge funds have recently added to or reduced their stakes in RPD. Dendur Capital LP purchased a new stake in Rapid7 during the fourth quarter worth $19,190,000. Raymond James Financial Inc. purchased a new stake in Rapid7 during the fourth quarter worth $12,050,000. Marshall Wace LLP raised its position in Rapid7 by 144.2% during the fourth quarter. Marshall Wace LLP now owns 475,695 shares of the technology company’s stock worth $19,137,000 after acquiring an additional 280,913 shares during the period. Harbor Capital Advisors Inc. raised its position in Rapid7 by 259.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 288,965 shares of the technology company’s stock worth $11,625,000 after acquiring an additional 208,501 shares during the period. Finally, Invenomic Capital Management LP acquired a new position in Rapid7 during the third quarter worth $6,647,000. 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.