Rapid7 (NASDAQ:RPD) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Rapid7 (NASDAQ:RPD) from a hold rating to a buy rating in a research note published on Wednesday morning.

Several other research analysts have also recently commented on the company. Royal Bank of Canada cut Rapid7 from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $50.00 to $40.00 in a research note on Friday, September 20th. UBS Group decreased their price target on shares of Rapid7 from $59.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Canaccord Genuity Group raised shares of Rapid7 from a “hold” rating to a “buy” rating and dropped their price objective for the company from $52.00 to $43.00 in a research report on Wednesday, August 7th. Truist Financial reduced their price objective on shares of Rapid7 from $40.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, November 7th. Finally, Piper Sandler lowered their target price 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. Fourteen investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Rapid7 currently has a consensus rating of “Hold” and a consensus target price of $44.59.

Rapid7 Price Performance

NASDAQ RPD opened at $42.53 on Wednesday. The company has a market cap of $2.69 billion, a P/E ratio of 68.73 and a beta of 0.96. The stock has a 50-day moving average of $39.53 and a two-hundred day moving average of $38.46. Rapid7 has a 1-year low of $32.94 and a 1-year high of $61.88.

Rapid7 (NASDAQ:RPD) last announced its quarterly earnings data on Wednesday, November 6th. The technology company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. The firm had revenue of $214.65 million during the quarter, compared to analysts’ expectations of $210.04 million. Rapid7 had a net margin of 5.65% and a negative return on equity of 128.95%. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.11 earnings per share. On average, analysts anticipate that Rapid7 will post 0.98 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Reeny Sondhi sold 3,663 shares of the 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 represents a 17.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC raised its stake in shares of Rapid7 by 3,888.2% during 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. Quest Partners LLC purchased a new position in Rapid7 during the 2nd quarter worth $35,000. Summit Securities Group LLC acquired a new stake in shares of Rapid7 in the 2nd quarter worth $43,000. RPg Family Wealth Advisory LLC purchased a new stake in shares of Rapid7 in the third quarter valued at about $69,000. Finally, Financial Connections Group Inc. acquired a new position in shares of Rapid7 during the second quarter worth about $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.