Rapid7 (NASDAQ:RPD) Downgraded to Hold Rating by StockNews.com

Rapid7 (NASDAQ:RPD) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Tuesday.

Several other equities research analysts also recently issued reports on the stock. Baird R W downgraded shares of Rapid7 from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 1st. Royal Bank of Canada cut Rapid7 from an “outperform” rating to a “sector perform” rating and dropped their price target for the stock from $50.00 to $40.00 in a report on Friday, September 20th. Robert W. Baird lowered shares of Rapid7 from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $56.00 to $45.00 in a research report on Thursday, August 1st. Truist Financial cut their price objective on shares of Rapid7 from $40.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, November 7th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Rapid7 in a report on Wednesday, August 7th. Fifteen research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $44.59.

Rapid7 Price Performance

RPD stock traded down $0.31 during trading hours on Tuesday, reaching $39.02. 910,138 shares of the stock were exchanged, compared to its average volume of 844,213. The firm’s 50-day moving average is $38.69 and its 200-day moving average is $38.42. Rapid7 has a 12 month low of $32.94 and a 12 month high of $61.88. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 61.94 and a beta of 0.96.

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

Insider Transactions at Rapid7

In related news, Director Reeny Sondhi sold 3,663 shares of Rapid7 stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $40.00, for a total value of $146,520.00. Following the transaction, the director now directly owns 17,460 shares of the company’s stock, valued at $698,400. The trade was a 17.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Algert Global LLC boosted its position in shares of Rapid7 by 158.6% during the 2nd quarter. Algert Global LLC now owns 121,953 shares of the technology company’s stock valued at $5,272,000 after purchasing an additional 74,793 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Rapid7 by 3.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 503,468 shares of the technology company’s stock worth $24,691,000 after buying an additional 18,907 shares during the period. SG Americas Securities LLC grew its position in shares of Rapid7 by 7,688.6% during the 2nd quarter. SG Americas Securities LLC now owns 165,196 shares of the technology company’s stock worth $7,141,000 after buying an additional 163,075 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Rapid7 in the 3rd quarter valued at $948,000. Finally, Point72 Asset Management L.P. lifted its position in shares of Rapid7 by 252.0% during 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 acquiring an additional 2,719,791 shares during the period. 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.