Royal Bank of Canada downgrades Rapid7 (NASDAQ:RPD) to Sector Perform

Rapid7 (NASDAQ:RPD – Get a Free Report) was downgraded by analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a note issued to investors on Friday, Marketbeat Ratings reports. They currently have a $40.00 target price on the technology company’s stock, down from their previous price target of $50.00. Royal Bank of Canada’s price objective indicates a potential upside of 16.45% from the company’s previous close.

Other research analysts have also issued research reports on the company. Needham & Company LLC restated a “hold” rating on shares of Rapid7 in a research report on Wednesday, August 7th. KeyCorp raised Rapid7 to a “hold” rating in a report on Monday, June 17th. Canaccord Genuity Group raised shares of Rapid7 from a “hold” rating to a “buy” rating and cut their price target for the company from $52.00 to $43.00 in a report on Wednesday, August 7th. Piper Sandler decreased their price objective on shares of Rapid7 from $45.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Finally, Robert W. Baird lowered shares of Rapid7 from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $56.00 to $45.00 in a report from Thursday, August 1. Fourteen investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Rapid7 currently has a consensus rating of “Hold” and a consensus price target of $46.13, according to MarketBeat.

See the latest stock analysis on RPD

Quick Stock7 1.5%

Shares of NASDAQ:RPD opened at $34.35 on Friday. The company’s 50-day moving average price is $37.13 and its 200-day moving average price is $41.42. The stock has a market cap of $2.15 billion, a PE ratio of -16.76 and a beta of 0.96. Rapid7 has a twelve month low of $32.94 and a twelve month high of $61.88.

Rapid7 (NASDAQ:RPD – Get Free Report ) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.06. Rapid7 had a negative return on equity of 67.88% and a negative net margin of 5.64%. The business had revenue of $207.99 million during the quarter, compared to the consensus estimate of $204.04 million. During the same period in the previous year, the company posted EPS of ($0.33). The company’s revenue for the quarter was up 9.2% compared to the same quarter last year. analysts expect that Rapid7 will post 0.8 earnings per share for the current fiscal year.

Institutional investors intervene on Rapid7

Institutional investors have recently added to or reduced their holdings in the stock. Point72 Asset Management LP boosted its holdings in shares of Rapid7 by 252.0% in the second quarter. Point72 Asset Management LP 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 in the last quarter. First Trust Advisors LP grew its position 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 buying an additional 1,124,429 shares during the last quarter. Wasatch Advisors LP boosted its holdings in shares of Rapid7 by 12.8% during the 4th quarter. Wasatch Advisors LP now owns 1,410,051 shares of the technology company’s stock valued at $80,514,000 after buying an additional 160,531 shares of shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Rapid7 by 46.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,254,323 shares of the technology company’s stock worth $61,512,000 after purchasing an additional 397,968 shares in the last quarter. Finally, Norges Bank acquired a new position in Rapid7 during the 4th quarter valued at about $37,790,000. Institutional investors own 95.66% of the company’s shares.

About Rapid7

(Get a free report)

Rapid7, Inc provides cybersecurity solutions under the Rapid7, Nexpose and Metasploit brands. The company offers endpoint-to-cloud data collection and sharing applications, such as the Rapid7 Insight Agent, a software-based agent that is used on assets in on-premise and cloud environments to centralize and monitor data on the company’s platform; Rapid7 Insight network sensor that analyzes raw end-to-end network traffic to increase visibility into user activity, identify real threats and investigations; Rapid7 Cloud Event Data Harvesting that provides visibility into changes to cloud resources; and third-party and ecosystem integrations, as well as orchestration and automation solutions.

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