Jefferies Financial Group Initiates Coverage on Rapid7 (NASDAQ:RPD)

Research analysts at Jefferies Financial Group initiated coverage on shares of Rapid7 (NASDAQ:RPD - Get Free Report) in a research note issued on Wednesday, MarketBeat Ratings reports. The brokerage set a "buy" rating and a $50.00 price target on the technology company's stock. Jefferies Financial Group's price target indicates a potential upside of 24.50% from the company's current price.

Several other research firms also recently weighed in on RPD. Morgan Stanley restated an "equal weight" rating and set a $46.00 target price on shares of Rapid7 in a report on Wednesday, July 10th. Robert W. Baird cut shares of Rapid7 from an "outperform" rating to a "neutral" rating and dropped their price objective for the stock from $56.00 to $45.00 in a research note on Thursday, August 1st. Piper Sandler reduced their target price on Rapid7 from $45.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 7th. Scotiabank lowered their target price on Rapid7 from $45.00 to $41.00 and set a "sector perform" rating on the stock in a report on Wednesday, August 7th. Finally, Canaccord Genuity Group raised Rapid7 from a "hold" rating to a "buy" rating and cut their price target for the stock from $52.00 to $43.00 in a report on Wednesday, August 7th. Fourteen research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Rapid7 has an average rating of "Hold" and a consensus target price of $46.35.

Rapid7 Price Performance

Shares of RPD stock traded down $0.12 during midday trading on Wednesday, reaching $40.16. 753,485 shares of the company traded hands, compared to its average volume of 852,232. The firm's 50 day simple moving average is $37.10 and its two-hundred day simple moving average is $39.57. The firm has a market cap of $2.50 billion, a PE ratio of -19.59 and a beta of 0.97. Rapid7 has a 1-year low of $32.94 and a 1-year high of $61.88.

Rapid7 (NASDAQ:RPD - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.06. The firm had revenue of $207.99 million during the quarter, compared to analysts' expectations of $204.04 million. Rapid7 had a negative return on equity of 67.88% and a negative net margin of 5.64%. Rapid7's revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.33) earnings per share. As a group, research analysts anticipate that Rapid7 will post 0.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rapid7 news, Director Reeny Sondhi sold 3,663 shares of Rapid7 stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $40.00, for a total transaction of $146,520.00. Following the transaction, the director now directly owns 17,460 shares of the company's stock, valued at $698,400. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rapid7

A number of institutional investors and hedge funds have recently bought and sold shares of RPD. Comerica Bank grew its stake in shares of Rapid7 by 1.1% during the first quarter. Comerica Bank now owns 25,356 shares of the technology company's stock valued at $1,243,000 after acquiring an additional 281 shares in the last quarter. Virtu Financial LLC increased its holdings in Rapid7 by 7.1% during the 1st quarter. Virtu Financial LLC now owns 5,198 shares of the technology company's stock worth $255,000 after purchasing an additional 346 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Rapid7 by 10.3% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,287 shares of the technology company's stock valued at $185,000 after purchasing an additional 400 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Rapid7 by 2.8% during the 2nd quarter. Arizona State Retirement System now owns 17,352 shares of the technology company's stock valued at $750,000 after buying an additional 465 shares during the last quarter. Finally, 1620 Investment Advisors Inc. boosted its stake in shares of Rapid7 by 30.3% during the 2nd quarter. 1620 Investment Advisors Inc. now owns 2,431 shares of the technology company's stock valued at $105,000 after buying an additional 565 shares during the last quarter. Hedge funds and other institutional investors own 95.66% of the company's stock.

Rapid7 Company Profile

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.