Morgan Stanley Issues Positive Forecast for Rapid7 (NASDAQ:RPD) Stock Price

Rapid7 (NASDAQ:RPD) had its price target upped by Morgan Stanley from $26.00 to $28.00 in a report published on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the technology company’s stock.

Several other analysts also recently commented on the company. Stifel Nicolaus cut their target price on Rapid7 from $38.00 to $29.00 and set a “hold” rating on the stock in a research note on Tuesday. Stephens began coverage on Rapid7 in a research note on Tuesday, April 1st. They set an “equal weight” rating and a $33.00 target price on the stock. Mizuho set a $30.00 target price on Rapid7 in a research note on Wednesday, April 16th. Citigroup cut their target price on Rapid7 from $46.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Rapid7 in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Rapid7 currently has an average rating of “Hold” and a consensus target price of $33.53.

Rapid7 Stock Down 8.2%

Rapid7 stock opened at $24.56 on Tuesday. The company has a market capitalization of $1.58 billion, a P/E ratio of 62.97 and a beta of 1.06. The stock’s 50 day moving average is $25.52 and its 200 day moving average is $34.15. Rapid7 has a twelve month low of $21.61 and a twelve month high of $44.48.

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

Insiders Place Their Bets

In other news, insider Christina Luconi sold 12,551 shares of the company’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $23.12, for a total transaction of $290,179.12. Following the sale, the insider now directly owns 58,165 shares in the company, valued at approximately $1,344,774.80. This represents a 17.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Rapid7

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Rapid7 by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 8,618,480 shares of the technology company’s stock worth $346,721,000 after purchasing an additional 60,095 shares during the period. JANA Partners Management LP raised its position in Rapid7 by 0.9% in the 4th quarter. JANA Partners Management LP now owns 3,690,129 shares of the technology company’s stock worth $148,454,000 after purchasing an additional 34,589 shares during the period. Penserra Capital Management LLC raised 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 worth $49,841,000 after purchasing an additional 919,955 shares during the period. Shapiro Capital Management LLC raised its position in Rapid7 by 295.9% in the 4th quarter. Shapiro Capital Management LLC now owns 1,290,945 shares of the technology company’s stock worth $51,935,000 after purchasing an additional 964,899 shares during the period. Finally, First Trust Advisors LP raised its position in Rapid7 by 6.8% in the 4th quarter. First Trust Advisors LP now owns 1,255,731 shares of the technology company’s stock worth $50,518,000 after purchasing an additional 79,836 shares during the period. 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.