Scotiabank Issues Pessimistic Forecast for Rapid7 (NASDAQ:RPD) Stock Price

Rapid7 (NASDAQ:RPD - Free Report) had its target price cut by Scotiabank from $42.00 to $38.00 in a research note released on Thursday morning,Benzinga reports. They currently have a sector perform rating on the technology company's stock.

RPD has been the subject of a number of other research reports. Piper Sandler decreased their price target 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. JPMorgan Chase & Co. decreased their price target on shares of Rapid7 from $42.00 to $40.00 and set a "neutral" rating for the company in a research note on Tuesday, February 11th. Truist Financial decreased their price target on shares of Rapid7 from $38.00 to $35.00 and set a "hold" rating for the company in a research note on Thursday. DA Davidson boosted their price target on shares of Rapid7 from $35.00 to $39.00 and gave the company a "neutral" rating in a research note on Thursday, November 7th. Finally, Stifel Nicolaus decreased their price target on shares of Rapid7 from $42.00 to $38.00 and set a "hold" rating for the company in a research note on Thursday. Sixteen investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $41.22.

Rapid7 Price Performance

Shares of NASDAQ:RPD traded up $0.73 during mid-day trading on Thursday, hitting $35.55. The company had a trading volume of 1,545,758 shares, compared to its average volume of 532,994. The firm has a fifty day moving average price of $39.23 and a 200 day moving average price of $38.81. The company has a market capitalization of $2.25 billion, a PE ratio of 56.43 and a beta of 0.96. Rapid7 has a one year low of $32.94 and a one year high of $61.79.

Rapid7 (NASDAQ:RPD - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The technology company reported $0.12 earnings per share 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 fiscal year.

Insider Buying and Selling at Rapid7

In other news, CEO Corey E. Thomas sold 100,000 shares of the stock in a transaction dated 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 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 can be accessed through the SEC website. Insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Rapid7

A number of institutional investors and hedge funds have recently modified their holdings of the company. Creative Planning bought a new position in shares of Rapid7 in the third quarter worth approximately $253,000. Tempus Wealth Planning LLC bought a new position in shares of Rapid7 in the third quarter worth approximately $264,000. International Assets Investment Management LLC increased its position 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 worth $27,000 after purchasing an additional 661 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Rapid7 in the third quarter worth approximately $948,000. Finally, 1620 Investment Advisors Inc. increased its position in shares of Rapid7 by 14.5% in the third quarter. 1620 Investment Advisors Inc. now owns 2,783 shares of the technology company's stock worth $111,000 after purchasing an additional 352 shares during the last quarter. 95.66% of the stock is 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.