Piper Sandler Trims Rapid7 (NASDAQ:RPD) Target Price to $45.00

Rapid7 (NASDAQ:RPD) had its price target lowered by analysts at Piper Sandler from $56.00 to $45.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price target would suggest a potential upside of 18.61% from the stock’s current price.

Several other equities research analysts have also recently weighed in on RPD. StockNews.com cut Rapid7 from a “buy” rating to a “hold” rating in a report on Wednesday, March 6th. Barclays lifted their price target on shares of Rapid7 from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Thursday, February 8th. UBS Group decreased their price objective on shares of Rapid7 from $70.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday. Stifel Nicolaus cut their target price on shares of Rapid7 from $63.00 to $51.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Scotiabank began coverage on Rapid7 in a research report on Friday, April 26th. They issued a “sector perform” rating and a $46.00 target price for the company. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Rapid7 has a consensus rating of “Hold” and a consensus price target of $52.13.

Rapid7 Stock Down 0.2 %

Shares of NASDAQ RPD opened at $37.94 on Wednesday. The company has a market cap of $2.36 billion, a price-to-earnings ratio of -15.12 and a beta of 1.01. The firm’s fifty day moving average is $48.62 and its 200 day moving average is $52.60. Rapid7 has a 52 week low of $35.22 and a 52 week high of $61.88.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings data on Wednesday, February 7th. The technology company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.13 by $0.27. The firm had revenue of $205.27 million during the quarter, compared to the consensus estimate of $201.52 million. Rapid7 had a negative net margin of 19.19% and a negative return on equity of 1.36%. Equities research analysts anticipate that Rapid7 will post 0.86 earnings per share for the current year.

Insider Buying and Selling at Rapid7

In other news, COO Andrew F. Burton sold 31,727 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $53.07, for a total transaction of $1,683,751.89. Following the completion of the transaction, the chief operating officer now directly owns 257,494 shares of the company’s stock, valued at $13,665,206.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Andrew F. Burton sold 31,727 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $53.07, for a total transaction of $1,683,751.89. Following the completion of the sale, the chief operating officer now owns 257,494 shares in the company, valued at $13,665,206.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Andrew F. Burton sold 20,653 shares of the stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $48.73, for a total value of $1,006,420.69. Following the completion of the transaction, the chief operating officer now directly owns 236,841 shares in the company, valued at approximately $11,541,261.93. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Rapid7

Large investors have recently added to or reduced their stakes in the business. Duality Advisers LP bought a new position in Rapid7 in the fourth quarter worth approximately $235,000. Lisanti Capital Growth LLC bought a new position in Rapid7 in the 4th quarter worth $3,522,000. Tudor Investment Corp Et Al raised its holdings in Rapid7 by 46.5% in the 3rd quarter. Tudor Investment Corp Et Al now owns 145,102 shares of the technology company’s stock worth $6,643,000 after purchasing an additional 46,053 shares during the period. Exchange Traded Concepts LLC lifted its position in Rapid7 by 34.1% during the fourth quarter. Exchange Traded Concepts LLC now owns 42,448 shares of the technology company’s stock valued at $2,424,000 after purchasing an additional 10,798 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in Rapid7 by 47.8% during the third quarter. Canada Pension Plan Investment Board now owns 68,300 shares of the technology company’s stock valued at $3,127,000 after purchasing an additional 22,100 shares during the period. 95.66% of the stock is currently owned by institutional investors.

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.