Rapid7 (NASDAQ:RPD) Given New $35.00 Price Target at Truist Financial

Rapid7 (NASDAQ:RPD) had its price target cut by investment analysts at Truist Financial from $38.00 to $35.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “hold” rating on the technology company’s stock. Truist Financial’s target price would suggest a potential downside of 1.62% from the company’s previous close.

RPD has been the subject of a number of other research reports. DA Davidson boosted their price target on Rapid7 from $35.00 to $39.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Stifel Nicolaus restated a “hold” rating and issued a $42.00 price target (down from $48.00) on shares of Rapid7 in a research note on Friday, January 17th. JPMorgan Chase & Co. lowered their price objective on shares of Rapid7 from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Tuesday. Scotiabank raised their target price on shares of Rapid7 from $39.00 to $42.00 and gave the company a “sector perform” rating in a research report on Tuesday, January 21st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Rapid7 in a research note on Thursday. Fifteen analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Rapid7 has a consensus rating of “Hold” and a consensus price target of $42.00.

Rapid7 Stock Performance

Shares of NASDAQ RPD opened at $35.58 on Thursday. The stock has a market capitalization of $2.25 billion, a P/E ratio of 56.93 and a beta of 0.96. The stock’s fifty day moving average is $39.57 and its 200 day moving average is $38.87. Rapid7 has a 52 week low of $32.94 and a 52 week high of $61.79.

Rapid7 (NASDAQ:RPD) last issued its earnings results on Wednesday, February 12th. The technology company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.38). Rapid7 had a net margin of 5.65% and a negative return on equity of 128.95%. Equities research analysts forecast that Rapid7 will post 0.98 earnings per share for the current year.

Insiders Place Their Bets

In other Rapid7 news, CEO Corey E. Thomas sold 100,000 shares of Rapid7 stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $39.38, for a total value of $3,938,000.00. Following the completion of the sale, the chief executive officer now directly owns 431,469 shares of the company’s stock, valued at approximately $16,991,249.22. The trade was a 18.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Rapid7

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RPD. International Assets Investment Management LLC grew its stake in Rapid7 by 3,888.2% in the third quarter. International Assets Investment Management LLC now owns 678 shares of the technology company’s stock valued at $27,000 after acquiring an additional 661 shares during the period. Skandinaviska Enskilda Banken AB publ grew its position in Rapid7 by 68.8% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 1,116 shares of the technology company’s stock valued at $46,000 after purchasing an additional 455 shares during the period. Pacer Advisors Inc. grew its position in Rapid7 by 30.4% in the 4th quarter. Pacer Advisors Inc. now owns 1,487 shares of the technology company’s stock valued at $60,000 after purchasing an additional 347 shares during the period. RPg Family Wealth Advisory LLC bought a new stake in Rapid7 during the 3rd quarter valued at $69,000. Finally, KBC Group NV raised its holdings in Rapid7 by 47.7% during the fourth quarter. KBC Group NV now owns 2,686 shares of the technology company’s stock worth $108,000 after buying an additional 867 shares during the last quarter. 95.66% of the stock is 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.