Rapid7 (NASDAQ:RPD) Given New $26.00 Price Target at Morgan Stanley

Rapid7 (NASDAQ:RPD - Get Free Report) had its price objective dropped by stock analysts at Morgan Stanley from $33.00 to $26.00 in a note issued to investors on Wednesday, Marketbeat reports. The brokerage presently has an "equal weight" rating on the technology company's stock. Morgan Stanley's price objective points to a potential upside of 18.72% from the stock's previous close.

A number of other analysts have also recently issued reports on RPD. Jefferies Financial Group dropped their price objective on Rapid7 from $45.00 to $35.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Scotiabank decreased their target price on shares of Rapid7 from $42.00 to $38.00 and set a "sector perform" rating on the stock in a report on Thursday, February 13th. Robert W. Baird reduced their price target on shares of Rapid7 from $43.00 to $39.00 and set a "neutral" rating for the company in a research report on Thursday, February 13th. Citigroup dropped their price objective on Rapid7 from $46.00 to $44.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. Finally, Stifel Nicolaus decreased their price objective on shares of Rapid7 from $42.00 to $38.00 and set a "hold" rating on the stock in a research report on Thursday, February 13th. Fifteen analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $37.32.

Rapid7 Stock Performance

RPD stock traded down $0.66 during mid-day trading on Wednesday, hitting $21.90. The company had a trading volume of 1,346,525 shares, compared to its average volume of 880,963. The firm has a market cap of $1.40 billion, a PE ratio of 56.15 and a beta of 0.99. The stock's fifty day moving average price is $28.12 and its two-hundred day moving average price is $35.94. Rapid7 has a 12 month low of $21.61 and a 12 month high of $46.96.

Rapid7 (NASDAQ:RPD - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The technology company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.38). Rapid7 had a net margin of 3.46% and a negative return on equity of 130.41%. Equities analysts anticipate that Rapid7 will post 0.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Corey E. Thomas sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $39.38, for a total value of $3,938,000.00. Following the transaction, the chief executive officer now owns 431,469 shares in the company, 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 accessible through this link. Also, insider Christina Luconi sold 12,551 shares of the firm's stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $23.12, for a total transaction of $290,179.12. Following the sale, the insider now directly owns 58,165 shares of the company's stock, valued at $1,344,774.80. This trade represents a 17.75 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On Rapid7

Hedge funds have recently bought and sold shares of the business. Stifel Financial Corp purchased a new stake in Rapid7 in the third quarter worth approximately $1,006,000. Geode Capital Management LLC lifted its stake in shares of Rapid7 by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,462,007 shares of the technology company's stock worth $58,330,000 after purchasing an additional 15,287 shares during the period. 272 Capital LP boosted its holdings in shares of Rapid7 by 33.4% in the third quarter. 272 Capital LP now owns 215,287 shares of the technology company's stock worth $8,588,000 after buying an additional 53,849 shares during the last quarter. Principal Financial Group Inc. grew its position in Rapid7 by 9.7% during the third quarter. Principal Financial Group Inc. now owns 47,661 shares of the technology company's stock valued at $1,901,000 after buying an additional 4,214 shares during the period. Finally, Nordea Investment Management AB increased its holdings in Rapid7 by 100.8% during the fourth quarter. Nordea Investment Management AB now owns 75,109 shares of the technology company's stock valued at $3,030,000 after buying an additional 37,708 shares during the last quarter. Hedge funds and other institutional investors 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.