Rapid7 (NASDAQ:RPD) Price Target Lowered to $38.00 at Scotiabank

Rapid7 (NASDAQ:RPD) had its price target cut by Scotiabank from $42.00 to $38.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the technology company’s stock. Scotiabank’s price objective points to a potential upside of 8.16% from the company’s previous close.

RPD has been the subject of a number of other reports. StockNews.com raised Rapid7 from a “hold” rating to a “buy” rating in a research note on Friday, December 6th. Jefferies Financial Group lowered their price target on Rapid7 from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday. Robert W. Baird lowered their price target on Rapid7 from $43.00 to $39.00 and set a “neutral” rating for the company in a research note on Thursday. Barclays lowered their price target on Rapid7 from $43.00 to $35.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Rapid7 in a research report on Thursday. Fifteen equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $41.22.

Rapid7 Stock Performance

NASDAQ:RPD traded down $1.66 on Thursday, hitting $35.13. 1,102,164 shares of the stock were exchanged, compared to its average volume of 602,891. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 55.85 and a beta of 0.96. Rapid7 has a 52 week low of $32.94 and a 52 week high of $61.79. The company’s 50-day moving average price is $39.57 and its 200 day moving average price is $38.87.

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

Insider Activity at Rapid7

In related news, CEO Corey E. Thomas sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $39.38, for a total value of $3,938,000.00. Following the sale, the chief executive officer now directly owns 431,469 shares of the company’s stock, valued at $16,991,249.22. This trade represents a 18.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.60% of the stock is currently owned by insiders.

Institutional Trading of Rapid7

Hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC boosted 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 valued at $27,000 after purchasing an additional 661 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its stake in shares of Rapid7 by 68.8% during the fourth 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 in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Rapid7 by 30.4% during the fourth 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 in the last quarter. RPg Family Wealth Advisory LLC acquired a new stake in shares of Rapid7 during the third quarter valued at about $69,000. Finally, KBC Group NV raised its position in shares of 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 acquiring an additional 867 shares during the last quarter. 95.66% of the stock is owned by institutional investors and hedge funds.

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.