Rapid7 (NASDAQ:RPD) Given New $26.00 Price Target at Morgan Stanley

Rapid7 (NASDAQ:RPD) had its price objective lowered by Morgan Stanley from $33.00 to $26.00 in a research report released on Wednesday, MarketBeat Ratings reports. The brokerage currently has an equal weight rating on the technology company’s stock.

Several other brokerages have also commented on RPD. DA Davidson cut their price objective on Rapid7 from $35.00 to $29.00 and set a “neutral” rating for the company in a report on Tuesday, March 25th. Raymond James lowered their price objective on shares of Rapid7 from $55.00 to $45.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. UBS Group reduced their target price on Rapid7 from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Truist Financial cut their price objective on Rapid7 from $38.00 to $35.00 and set a “hold” rating for the company in a report on Thursday, February 13th. Finally, Barclays decreased their price objective on Rapid7 from $35.00 to $26.00 and set an “equal weight” rating on the stock in a report on Monday, April 14th. Fifteen equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Rapid7 has a consensus rating of “Hold” and an average target price of $37.32.

Rapid7 Trading Down 1.2 %

Shares of Rapid7 stock opened at $22.56 on Wednesday. The company’s 50-day moving average price is $28.12 and its 200-day moving average price is $35.98. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 57.85 and a beta of 0.99. Rapid7 has a 12-month low of $22.08 and a 12-month high of $46.96.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings results on Wednesday, February 12th. The technology company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.38). Rapid7 had a net margin of 3.46% and a negative return on equity of 130.41%. On average, sell-side analysts predict that Rapid7 will post 0.35 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Corey E. Thomas sold 100,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $39.38, for a total value of $3,938,000.00. Following the completion of the transaction, the chief executive officer now owns 431,469 shares in the company, valued at $16,991,249.22. The trade was a 18.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christina Luconi sold 12,551 shares of the firm’s stock in a transaction on Monday, April 7th. The stock was sold at an average price of $23.12, for a total value of $290,179.12. Following the completion of the transaction, the insider now owns 58,165 shares in the company, valued at approximately $1,344,774.80. This trade represents a 17.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RPD. Versant Capital Management Inc lifted its stake in shares of Rapid7 by 5,311.1% during the 1st quarter. Versant Capital Management Inc now owns 1,461 shares of the technology company’s stock valued at $39,000 after buying an additional 1,434 shares in the last quarter. Skandinaviska Enskilda Banken AB publ raised its holdings in Rapid7 by 68.8% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 1,116 shares of the technology company’s stock valued at $46,000 after acquiring an additional 455 shares during the period. Pacer Advisors Inc. lifted its position in shares of Rapid7 by 30.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,487 shares of the technology company’s stock valued at $60,000 after acquiring an additional 347 shares in the last quarter. Ostrum Asset Management boosted its stake in shares of Rapid7 by 45.3% in the fourth quarter. Ostrum Asset Management now owns 2,478 shares of the technology company’s stock worth $100,000 after acquiring an additional 772 shares during the period. Finally, KBC Group NV raised its stake in Rapid7 by 47.7% during the 4th quarter. KBC Group NV now owns 2,686 shares of the technology company’s stock valued at $108,000 after purchasing an additional 867 shares during the period. 95.66% of the stock is currently owned by 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.