Royal Bank of Canada Lowers Rapid7 (NASDAQ:RPD) Price Target to $57.00

Rapid7 (NASDAQ:RPD) had its price target lowered by stock analysts at Royal Bank of Canada from $70.00 to $57.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 57.37% from the stock’s previous close.

RPD has been the subject of a number of other research reports. Piper Sandler dropped their price objective on shares of Rapid7 from $56.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday. Citigroup raised shares of Rapid7 from a “neutral” rating to a “buy” rating and increased their price target for the company from $54.00 to $65.00 in a research note on Tuesday, January 9th. Robert W. Baird reduced their price target on shares of Rapid7 from $62.00 to $56.00 and set an “outperform” rating on the stock in a research report on Wednesday. StockNews.com lowered Rapid7 from a “buy” rating to a “hold” rating in a research report on Wednesday, March 6th. Finally, Canaccord Genuity Group reduced their target price on Rapid7 from $60.00 to $52.00 and set a “hold” rating on the stock in a research report on Wednesday. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $52.94.

Rapid7 Stock Performance

Shares of RPD stock traded down $9.58 during trading hours on Wednesday, reaching $36.22. The company had a trading volume of 6,997,937 shares, compared to its average volume of 782,293. Rapid7 has a 12-month low of $35.22 and a 12-month high of $61.88. The company has a market capitalization of $2.26 billion, a price-to-earnings ratio of -14.51 and a beta of 1.01. The stock has a fifty day moving average of $49.41 and a 200-day moving average of $52.81.

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

Insider Activity

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

Institutional Trading of Rapid7

A number of institutional investors have recently bought and sold shares of RPD. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Rapid7 during the 3rd quarter worth approximately $255,000. Raymond James & Associates lifted its position in Rapid7 by 41.5% in the third quarter. Raymond James & Associates now owns 100,806 shares of the technology company’s stock valued at $4,615,000 after acquiring an additional 29,543 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Rapid7 by 1.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 49,346 shares of the technology company’s stock valued at $2,259,000 after acquiring an additional 502 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Rapid7 by 31.9% during the third quarter. Mackenzie Financial Corp now owns 8,157 shares of the technology company’s stock worth $369,000 after purchasing an additional 1,971 shares during the last quarter. Finally, Strs Ohio increased its position in shares of Rapid7 by 100.0% during the third quarter. Strs Ohio now owns 2,600 shares of the technology company’s stock worth $119,000 after purchasing an additional 1,300 shares in the last quarter. 95.66% of the stock is owned by hedge funds and other 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.