Rapid7 (NASDAQ:RPD) Sets New 1-Year Low on Analyst Downgrade

Rapid7, Inc. (NASDAQ:RPD)’s stock price hit a new 52-week low on Wednesday after Truist Financial lowered their price target on the stock from $50.00 to $45.00. Truist Financial currently has a hold rating on the stock. Rapid7 traded as low as $38.09 and last traded at $38.51, with a volume of 1860227 shares traded. The stock had previously closed at $45.80.

A number of other analysts also recently commented on RPD. Robert W. Baird dropped their price objective on Rapid7 from $62.00 to $56.00 and set an “outperform” rating on the stock in a research note on Wednesday. Barclays boosted their target price on Rapid7 from $58.00 to $60.00 and gave the company an “equal weight” rating in a research note on Thursday, February 8th. StockNews.com lowered Rapid7 from a “buy” rating to a “hold” rating in a report on Wednesday, March 6th. Scotiabank assumed coverage on Rapid7 in a report on Friday, April 26th. They issued a “sector perform” rating and a $46.00 price objective on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $70.00 target price on shares of Rapid7 in a research note on Thursday, February 8th. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $54.63.

Insiders Place Their Bets

In other Rapid7 news, COO Andrew F. Burton sold 20,653 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the completion of the sale, the chief operating officer now directly owns 236,841 shares of the company’s stock, valued at approximately $11,541,261.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Rapid7 news, COO Andrew F. Burton sold 20,653 shares of Rapid7 stock in a transaction on Monday, April 8th. The shares were sold at an average price of $48.73, for a total transaction of $1,006,420.69. Following the completion of the sale, the chief operating officer now owns 236,841 shares of the company’s stock, valued at approximately $11,541,261.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Andrew F. Burton sold 31,727 shares of the stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $53.07, for a total value of $1,683,751.89. Following the completion of the transaction, the chief operating officer now directly owns 257,494 shares in the company, valued at approximately $13,665,206.58. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Rapid7

A number of hedge funds and other institutional investors have recently made changes to their positions in RPD. Hawk Ridge Capital Management LP grew its stake in shares of Rapid7 by 757.7% during the 3rd quarter. Hawk Ridge Capital Management LP now owns 1,592,259 shares of the technology company’s stock worth $72,894,000 after acquiring an additional 1,406,619 shares in the last quarter. First Trust Advisors LP grew its position in Rapid7 by 49.2% in the fourth quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock valued at $194,668,000 after purchasing an additional 1,124,429 shares in the last quarter. Norges Bank bought a new position in Rapid7 in the fourth quarter valued at $37,790,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Rapid7 by 46.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,254,323 shares of the technology company’s stock valued at $61,512,000 after buying an additional 397,968 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in Rapid7 by 40.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,237,023 shares of the technology company’s stock worth $56,631,000 after buying an additional 355,192 shares in the last quarter. 95.66% of the stock is currently owned by institutional investors and hedge funds.

Rapid7 Trading Down 15.2 %

The stock’s 50 day moving average price is $49.41 and its 200 day moving average price is $52.81. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of -16.01 and a beta of 1.01.

Rapid7 (NASDAQ:RPD) last issued its earnings results on Wednesday, February 7th. The technology company reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.27. The business had revenue of $205.27 million for the quarter, compared to the consensus estimate of $201.52 million. Rapid7 had a negative net margin of 19.19% and a negative return on equity of 1.36%. On average, research analysts expect that Rapid7, Inc. will post 0.86 earnings per share for the current year.

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.