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

Royal Bank of Canada downgraded shares of Rapid7 (NASDAQ:RPD) from an outperform rating to a sector perform rating in a report released on Friday, MarketBeat Ratings reports. They currently have $40.00 price target on the technology company’s stock, down from their previous price target of $50.00.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley reissued an equal weight rating and set a $46.00 price objective on shares of Rapid7 in a research report on Wednesday, July 10th. Canaccord Genuity Group upgraded Rapid7 from a hold rating to a buy rating and reduced their price target for the stock from $52.00 to $43.00 in a research report on Wednesday, August 7th. KeyCorp raised Rapid7 to a hold rating in a research report on Monday, June 17th. Scotiabank cut their price objective on Rapid7 from $45.00 to $41.00 and set a sector perform rating for the company in a research note on Wednesday, August 7th. Finally, Canaccord Genuity Group upgraded shares of Rapid7 from a hold rating to a buy rating and decreased their target price for the stock from $52.00 to $43.00 in a research note on Wednesday, August 7th. Fourteen research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Rapid7 has a consensus rating of Hold and a consensus price target of $46.13.

Rapid7 Stock Performance

RPD stock opened at $35.20 on Friday. The company has a market cap of $2.19 billion, a price-to-earnings ratio of -17.17 and a beta of 0.96. The business’s 50-day moving average is $37.02 and its two-hundred day moving average is $41.06. Rapid7 has a fifty-two week low of $32.94 and a fifty-two week high of $61.88.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings data 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. The firm had revenue of $207.99 million for the quarter, compared to analysts’ expectations of $204.04 million. Rapid7 had a negative net margin of 5.64% and a negative return on equity of 67.88%. The business’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.33) EPS. Equities analysts predict that Rapid7 will post 0.8 earnings per share for the current year.

Hedge Funds Weigh In On Rapid7

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RPD. Quest Partners LLC purchased a new stake in shares of Rapid7 during the 2nd quarter worth approximately $35,000. Fidelis Capital Partners LLC bought a new stake in Rapid7 in the first quarter worth $36,000. Mather Group LLC. purchased a new stake in Rapid7 during the first quarter valued at $42,000. Summit Securities Group LLC bought a new position in Rapid7 during the second quarter valued at $43,000. Finally, Financial Connections Group Inc. purchased a new position in shares of Rapid7 in the 2nd quarter worth $72,000. 95.66% of the stock is 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.