Rapid7 (NASDAQ:RPD) Price Target Lowered to $39.00 at Canaccord Genuity Group

Rapid7 (NASDAQ:RPD) had its target price decreased by Canaccord Genuity Group from $43.00 to $39.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the technology company’s stock.

RPD has been the subject of several other research reports. Scotiabank reduced their target price on shares of Rapid7 from $38.00 to $29.00 and set a “sector perform” rating for the company in a research note on Tuesday. Morgan Stanley raised their price objective on Rapid7 from $26.00 to $28.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Raymond James lowered their price objective on Rapid7 from $45.00 to $40.00 and set an “outperform” rating on the stock in a research report on Tuesday. Jefferies Financial Group cut their target price on Rapid7 from $45.00 to $35.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, Robert W. Baird lifted their price target on shares of Rapid7 from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Rapid7 currently has an average rating of “Hold” and an average target price of $33.32.

Rapid7 Stock Down 2.9%

Shares of RPD stock opened at $23.84 on Wednesday. Rapid7 has a 12 month low of $21.61 and a 12 month high of $44.48. The firm has a market cap of $1.53 billion, a PE ratio of 61.13 and a beta of 1.06. The stock has a 50 day moving average of $25.41 and a 200-day moving average of $34.08.

Rapid7 (NASDAQ:RPD) last released its earnings results on Monday, May 12th. The technology company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.37 by $0.12. Rapid7 had a net margin of 3.46% and a negative return on equity of 130.41%. The firm had revenue of $210.25 million during the quarter, compared to analysts’ expectations of $208.25 million. During the same period in the prior year, the company earned $0.55 EPS. The business’s quarterly revenue was up 2.5% compared to the same quarter last year. As a group, equities analysts predict that Rapid7 will post 0.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Christina Luconi sold 12,551 shares of the firm’s stock in a transaction on Monday, April 7th. The stock was sold at an average price of $23.12, for a total value of $290,179.12. Following the completion of the sale, the insider now directly owns 58,165 shares in the company, valued at approximately $1,344,774.80. This trade represents a 17.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Rapid7

A number of hedge funds have recently added to or reduced their stakes in the stock. Shapiro Capital Management LLC grew its stake in shares of Rapid7 by 295.9% during the fourth quarter. Shapiro Capital Management LLC now owns 1,290,945 shares of the technology company’s stock valued at $51,935,000 after purchasing an additional 964,899 shares during the last quarter. Penserra Capital Management LLC boosted its position in Rapid7 by 95.8% in the 1st quarter. Penserra Capital Management LLC now owns 1,880,084 shares of the technology company’s stock valued at $49,841,000 after buying an additional 919,955 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Rapid7 in the 1st quarter valued at $15,510,000. Estuary Capital Management LP bought a new stake in shares of Rapid7 during the fourth quarter worth $20,714,000. Finally, Dendur Capital LP acquired a new position in shares of Rapid7 during the fourth quarter valued at $19,190,000. 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.