Rapid7 (NASDAQ:RPD) Upgraded to Buy at Canaccord Genuity Group

Rapid7 (NASDAQ:RPD) was upgraded by stock analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, StockNewsAPI reports. The firm currently has a $43.00 price target on the technology company’s stock, down from their previous price target of $52.00. Canaccord Genuity Group’s price objective would indicate a potential upside of 14.61% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Barclays lowered their price target on shares of Rapid7 from $60.00 to $49.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 8th. Baird R W cut shares of Rapid7 from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 1st. Truist Financial lowered their price target on shares of Rapid7 from $50.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, May 8th. UBS Group lowered their price target on shares of Rapid7 from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Finally, Citigroup lowered their price target on shares of Rapid7 from $65.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Thirteen investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $47.88.

Rapid7 Stock Up 13.6 %

RPD stock traded up $4.50 during mid-day trading on Wednesday, reaching $37.52. 854,221 shares of the company traded hands, compared to its average volume of 920,270. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of -18.25 and a beta of 0.98. Rapid7 has a fifty-two week low of $32.94 and a fifty-two week high of $61.88. The firm’s 50 day moving average price is $38.68 and its 200 day moving average price is $45.93.

Rapid7 (NASDAQ:RPD) last announced its earnings results on Tuesday, May 7th. The technology company reported $0.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.22. Rapid7 had a negative return on equity of 31.09% and a negative net margin of 15.14%. The firm had revenue of $205.10 million for the quarter, compared to the consensus estimate of $204.10 million. On average, analysts anticipate that Rapid7 will post 0.75 EPS for the current fiscal year.

Hedge Funds Weigh In On Rapid7

Hedge funds and other institutional investors have recently modified their holdings of the company. First Trust Advisors LP raised its stake in Rapid7 by 49.2% in the fourth quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock worth $194,668,000 after buying an additional 1,124,429 shares in the last quarter. Norges Bank purchased a new stake in Rapid7 in the fourth quarter worth about $37,790,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Rapid7 by 46.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,254,323 shares of the technology company’s stock worth $61,512,000 after purchasing an additional 397,968 shares during the period. SG Americas Securities LLC grew its holdings in shares of Rapid7 by 7,688.6% during the second quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company’s stock valued at $7,141,000 after buying an additional 163,075 shares during the last quarter. Finally, Wasatch Advisors LP grew its holdings in shares of Rapid7 by 12.8% during the fourth quarter. Wasatch Advisors LP now owns 1,410,051 shares of the technology company’s stock valued at $80,514,000 after buying an additional 160,531 shares during the last quarter. 95.66% of the stock is owned by 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.