UBS Group Lowers Rapid7 (NASDAQ:RPD) Price Target to $52.00

Rapid7 (NASDAQ:RPD) had its price objective cut by equities research analysts at UBS Group from $59.00 to $52.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. UBS Group’s price objective would indicate a potential upside of 28.27% from the company’s current price.

RPD has been the topic of a number of other reports. Canaccord Genuity Group upgraded Rapid7 from a “hold” rating to a “buy” rating and cut their target price for the company from $52.00 to $43.00 in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their target price on shares of Rapid7 from $46.00 to $39.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Morgan Stanley reaffirmed an “equal weight” rating and set a $46.00 price target on shares of Rapid7 in a report on Wednesday, July 10th. Needham & Company LLC reissued a “hold” rating on shares of Rapid7 in a report on Wednesday, August 7th. Finally, Jefferies Financial Group began coverage on shares of Rapid7 in a research note on Wednesday, October 16th. They set a “buy” rating and a $50.00 price objective on the stock. Fourteen investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $44.59.

Rapid7 Price Performance

Shares of NASDAQ:RPD traded down $0.74 during trading on Thursday, reaching $40.54. 1,005,365 shares of the company’s stock traded hands, compared to its average volume of 848,452. The company has a 50 day moving average of $38.02 and a 200-day moving average of $38.76. Rapid7 has a 12 month low of $32.94 and a 12 month high of $61.88. The stock has a market capitalization of $2.54 billion, a P/E ratio of 64.35 and a beta of 0.96.

Rapid7 (NASDAQ:RPD) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.06. Rapid7 had a negative return on equity of 99.08% and a net margin of 5.65%. The business had revenue of $207.99 million for the quarter, compared to analysts’ expectations of $204.04 million. During the same period in the prior year, the firm earned ($0.33) EPS. The business’s quarterly revenue was up 9.2% on a year-over-year basis. Equities research analysts predict that Rapid7 will post 0.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Reeny Sondhi sold 3,663 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $40.00, for a total transaction of $146,520.00. Following the transaction, the director now directly owns 17,460 shares of the company’s stock, valued at approximately $698,400. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Rapid7

A number of institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. boosted its position in Rapid7 by 252.0% during the second quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company’s stock valued at $164,236,000 after purchasing an additional 2,719,791 shares during the last quarter. Cannae Holdings Inc. acquired a new stake in shares of Rapid7 during the 2nd quarter valued at about $15,130,000. SG Americas Securities LLC grew its stake in shares of Rapid7 by 7,688.6% in the 2nd quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company’s stock valued at $7,141,000 after buying an additional 163,075 shares in the last quarter. 272 Capital LP acquired a new position in Rapid7 in the second quarter worth approximately $6,979,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in Rapid7 during the second quarter valued at approximately $6,106,000. Institutional investors and hedge funds own 95.66% of the company’s stock.

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.