Rapid7 (NASDAQ:RPD) Receives New Coverage from Analysts at Scotiabank

Stock analysts at Scotiabank assumed coverage on shares of Rapid7 (NASDAQ:RPD) in a report released on Friday, Briefing.com reports. The firm set a “sector perform” rating and a $46.00 price target on the technology company’s stock. Scotiabank’s price objective indicates a potential upside of 0.33% from the company’s previous close.

A number of other research analysts have also commented on RPD. Barclays raised their price target on Rapid7 from $58.00 to $60.00 and gave the company an “equal weight” rating in a report on Thursday, February 8th. StockNews.com cut shares of Rapid7 from a “buy” rating to a “hold” rating in a report on Wednesday, March 6th. JPMorgan Chase & Co. dropped their target price on Rapid7 from $61.00 to $60.00 and set a “neutral” rating on the stock in a report on Thursday, February 8th. UBS Group upgraded Rapid7 from a “neutral” rating to a “buy” rating and upped their target price for the stock from $53.00 to $70.00 in a research report on Monday, January 29th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price objective on shares of Rapid7 in a research note on Thursday, February 8th. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Rapid7 currently has a consensus rating of “Hold” and a consensus target price of $55.56.

Rapid7 Stock Down 1.4 %

Shares of NASDAQ:RPD opened at $45.85 on Friday. The company’s 50-day moving average price is $51.54 and its 200 day moving average price is $53.08. The company has a market cap of $2.86 billion, a PE ratio of -18.27 and a beta of 1.01. Rapid7 has a fifty-two week low of $39.49 and a fifty-two week high of $61.88.

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

Insiders Place Their Bets

In other news, COO Andrew F. Burton sold 20,653 shares of the business’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 owns 236,841 shares in the company, valued at $11,541,261.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Andrew F. Burton sold 20,653 shares of the firm’s 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 completion of the sale, the chief operating officer now owns 236,841 shares of the company’s stock, valued at $11,541,261.93. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Andrew F. Burton sold 31,727 shares of the company’s 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 transaction, the chief operating officer now directly owns 257,494 shares in the company, valued at $13,665,206.58. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Rapid7

Hedge funds have recently made changes to their positions in the stock. Hawk Ridge Capital Management LP increased its stake in Rapid7 by 757.7% in the 3rd quarter. Hawk Ridge Capital Management LP now owns 1,592,259 shares of the technology company’s stock valued at $72,894,000 after buying an additional 1,406,619 shares during the period. First Trust Advisors LP increased its stake in shares of Rapid7 by 49.2% in the fourth quarter. First Trust Advisors LP now owns 3,409,246 shares of the technology company’s stock worth $194,668,000 after acquiring an additional 1,124,429 shares during the last quarter. Norges Bank acquired a new position in shares of Rapid7 in the fourth quarter worth $37,790,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Rapid7 by 40.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,237,023 shares of the technology company’s stock worth $56,631,000 after acquiring an additional 355,192 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. acquired a new stake in Rapid7 during the third quarter valued at $13,972,000. 95.66% of the stock is owned by hedge funds and other institutional investors.

Rapid7 Company Profile

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.