Rapid7 (NASDAQ:RPD) Price Target Cut to $40.00 by Analysts at Truist Financial

Rapid7 (NASDAQ:RPD - Free Report) had its target price cut by Truist Financial from $45.00 to $40.00 in a research note published on Wednesday, Benzinga reports. They currently have a hold rating on the technology company's stock.

A number of other equities analysts have also recently issued reports on the stock. UBS Group cut their target price on shares of Rapid7 from $65.00 to $59.00 and set a "buy" rating for the company in a research report on Wednesday, August 7th. Morgan Stanley restated an "equal weight" rating and set a $46.00 target price on shares of Rapid7 in a research report on Wednesday, July 10th. Jefferies Financial Group began coverage on shares of Rapid7 in a research report on Wednesday, October 16th. They set a "buy" rating and a $50.00 target price for the company. Canaccord Genuity Group raised shares of Rapid7 from a "hold" rating to a "buy" rating and cut their price objective for the company from $52.00 to $43.00 in a research report on Wednesday, August 7th. Finally, Piper Sandler cut their price objective on shares of Rapid7 from $45.00 to $42.00 and set a "neutral" rating for the company in a research 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 company. According to MarketBeat, Rapid7 currently has a consensus rating of "Hold" and a consensus price target of $46.06.

Rapid7 Stock Performance

RPD stock traded down $0.41 during trading on Wednesday, reaching $38.26. 461,336 shares of the company were exchanged, compared to its average volume of 840,945. The company has a market cap of $2.40 billion, a P/E ratio of -45.20 and a beta of 0.97. The stock's 50 day moving average price is $37.37 and its 200 day moving average price is $39.24. Rapid7 has a 52-week low of $32.94 and a 52-week high of $61.88.

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

Insiders Place Their Bets

In other Rapid7 news, Director Reeny Sondhi sold 3,663 shares of the business's 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 completion of the sale, the director now directly owns 17,460 shares in the company, valued at $698,400. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC boosted its stake in shares of Rapid7 by 3,888.2% in the third quarter. International Assets Investment Management LLC now owns 678 shares of the technology company's stock valued at $27,000 after purchasing an additional 661 shares during the period. Quest Partners LLC purchased a new position in shares of Rapid7 in the second quarter valued at $35,000. Fidelis Capital Partners LLC acquired a new stake in Rapid7 in the first quarter valued at $36,000. Summit Securities Group LLC acquired a new stake in Rapid7 in the second quarter valued at $43,000. Finally, Financial Connections Group Inc. acquired a new stake in Rapid7 in the second quarter valued at $72,000. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

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.