Rapid7 (NASDAQ:RPD) Given New $38.00 Price Target at Truist Financial

Rapid7 (NASDAQ:RPD - Get Free Report) had its price objective cut by investment analysts at Truist Financial from $40.00 to $38.00 in a report released on Thursday,Benzinga reports. The firm currently has a "hold" rating on the technology company's stock. Truist Financial's target price would suggest a potential downside of 7.95% from the company's previous close.

RPD has been the topic of a number of other research reports. Canaccord Genuity Group upgraded shares of Rapid7 from a "hold" rating to a "buy" rating and dropped their price target for the stock from $52.00 to $43.00 in a research report on Wednesday, August 7th. Canaccord Genuity Group upgraded shares of Rapid7 from a "hold" rating to a "buy" rating and dropped their price target for the stock from $52.00 to $43.00 in a research report on Wednesday, August 7th. Royal Bank of Canada downgraded shares of Rapid7 from an "outperform" rating to a "sector perform" rating and dropped their price target for the stock from $50.00 to $40.00 in a research report on Friday, September 20th. Scotiabank dropped their price target on shares of Rapid7 from $45.00 to $41.00 and set a "sector perform" rating on the stock in a research report on Wednesday, August 7th. Finally, Baird R W downgraded shares of Rapid7 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 1st. Fifteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $44.59.

Rapid7 Trading Down 0.8 %

RPD traded down $0.32 during trading on Thursday, reaching $41.28. 1,151,797 shares of the company's stock were exchanged, compared to its average volume of 847,726. Rapid7 has a one year low of $32.94 and a one year high of $61.88. The stock has a market capitalization of $2.59 billion, a PE ratio of -49.61 and a beta of 0.96. The firm has a fifty day moving average price of $37.90 and a two-hundred day moving average price of $38.77.

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

Insider Buying and Selling

In related news, Director Reeny Sondhi sold 3,663 shares of the firm's stock in a transaction dated 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 owns 17,460 shares in the company, valued at approximately $698,400. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rapid7

Several large investors have recently modified their holdings of the business. Quest Partners LLC increased its stake in shares of Rapid7 by 924.6% in the third quarter. Quest Partners LLC now owns 8,320 shares of the technology company's stock worth $332,000 after purchasing an additional 7,508 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Rapid7 by 9.7% in the third quarter. Principal Financial Group Inc. now owns 47,661 shares of the technology company's stock valued at $1,901,000 after acquiring an additional 4,214 shares during the period. Asset Management One Co. Ltd. boosted its position in shares of Rapid7 by 3.0% in the third quarter. Asset Management One Co. Ltd. now owns 125,678 shares of the technology company's stock valued at $5,013,000 after acquiring an additional 3,634 shares during the period. Harbor Capital Advisors Inc. boosted its position in shares of Rapid7 by 491.2% in the third quarter. Harbor Capital Advisors Inc. now owns 80,464 shares of the technology company's stock valued at $3,210,000 after acquiring an additional 66,854 shares during the period. Finally, 1620 Investment Advisors Inc. boosted 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 valued at $111,000 after acquiring an additional 352 shares during the period. 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.