Scotiabank Issues Positive Forecast for Rapid7 (NASDAQ:RPD) Stock Price

Rapid7 (NASDAQ:RPD) had its price target upped by stock analysts at Scotiabank from $39.00 to $42.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the technology company’s stock. Scotiabank’s target price points to a potential upside of 7.27% from the stock’s previous close.

RPD has been the topic of several other reports. Stifel Nicolaus reiterated a “hold” rating and set a $42.00 price target (down from $48.00) on shares of Rapid7 in a research note on Friday. StockNews.com upgraded shares of Rapid7 from a “hold” rating to a “buy” rating in a research note on Friday, December 6th. Piper Sandler decreased their price target on Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Citigroup dropped their target price on shares of Rapid7 from $50.00 to $46.00 and set a “buy” rating for the company in a report on Friday. Finally, Truist Financial lowered their target price on Rapid7 from $40.00 to $38.00 and set a “hold” rating on the stock in a report on Thursday, November 7th. Fifteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Rapid7 has a consensus rating of “Hold” and an average target price of $43.76.

Rapid7 Price Performance

Shares of RPD stock traded up $0.32 on Tuesday, hitting $39.16. The stock had a trading volume of 254,875 shares, compared to its average volume of 510,272. The firm has a market capitalization of $2.47 billion, a P/E ratio of 62.18 and a beta of 0.96. The company’s 50 day moving average price is $40.66 and its 200-day moving average price is $39.05. Rapid7 has a 1 year low of $32.94 and a 1 year high of $61.88.

Rapid7 (NASDAQ:RPD) last announced its quarterly earnings data on Wednesday, November 6th. The technology company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. Rapid7 had a net margin of 5.65% and a negative return on equity of 128.95%. The business had revenue of $214.65 million for the quarter, compared to analyst estimates of $210.04 million. During the same period last year, the business earned $0.11 EPS. The company’s revenue was up 8.0% on a year-over-year basis. On average, equities analysts forecast that Rapid7 will post 0.98 EPS for the current year.

Institutional Trading of Rapid7

A number of institutional investors have recently bought and sold shares of the company. Algert Global LLC raised its position in Rapid7 by 158.6% during the second quarter. Algert Global LLC now owns 121,953 shares of the technology company’s stock valued at $5,272,000 after acquiring an additional 74,793 shares in the last quarter. Nordea Investment Management AB increased its stake in Rapid7 by 100.8% in the fourth quarter. Nordea Investment Management AB now owns 75,109 shares of the technology company’s stock valued at $3,030,000 after acquiring an additional 37,708 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Rapid7 in the 3rd quarter valued at $948,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Rapid7 by 36.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 85,951 shares of the technology company’s stock valued at $3,429,000 after acquiring an additional 22,734 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its position in Rapid7 by 252.0% in the 2nd 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. 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.