Rapid7 (NASDAQ:RPD) Upgraded by Canaccord Genuity Group to Buy

Rapid7 (NASDAQ:RPD) was upgraded by equities research analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Briefing.com reports. The firm currently has a $43.00 target price on the technology company’s stock, down from their previous target price of $52.00. Canaccord Genuity Group’s target price points to a potential upside of 26.40% from the company’s current price.

RPD has been the subject of a number of other research reports. Truist Financial lowered their target price on Rapid7 from $50.00 to $45.00 and set a “hold” rating for the company in a report on Wednesday, May 8th. JPMorgan Chase & Co. decreased their price target on shares of Rapid7 from $46.00 to $39.00 and set a “neutral” rating for the company in a research report on Friday, August 2nd. Barclays cut their price target on shares of Rapid7 from $60.00 to $49.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 8th. KeyCorp raised Rapid7 to a “hold” rating in a report on Monday, June 17th. Finally, Susquehanna cut their price objective on Rapid7 from $55.00 to $40.00 and set a “neutral” rating on the stock in a research note on Monday, May 13th. Fourteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $48.44.

Rapid7 Stock Performance

Rapid7 stock opened at $34.02 on Wednesday. Rapid7 has a 52 week low of $32.94 and a 52 week high of $61.88. The stock has a market capitalization of $2.12 billion, a P/E ratio of -16.60 and a beta of 0.98. The stock has a fifty day moving average of $38.68 and a 200-day moving average of $45.93.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.22. The business had revenue of $205.10 million during the quarter, compared to analysts’ expectations of $204.10 million. Rapid7 had a negative net margin of 15.14% and a negative return on equity of 31.09%. On average, research analysts forecast that Rapid7 will post 0.75 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. International Assets Investment Management LLC lifted its holdings in shares of Rapid7 by 3,367.9% in the fourth quarter. International Assets Investment Management LLC now owns 971 shares of the technology company’s stock worth $55,000 after buying an additional 943 shares in the last quarter. Mutual of America Capital Management LLC raised its position in shares of Rapid7 by 5.7% in the fourth quarter. Mutual of America Capital Management LLC now owns 79,799 shares of the technology company’s stock worth $4,557,000 after buying an additional 4,316 shares in the last quarter. Cerity Partners LLC bought a new stake in Rapid7 during the fourth quarter valued at approximately $206,000. Strs Ohio lifted its position in Rapid7 by 50.0% in the 4th quarter. Strs Ohio now owns 3,900 shares of the technology company’s stock worth $222,000 after buying an additional 1,300 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake in Rapid7 by 1.9% in the fourth quarter. Federated Hermes Inc. now owns 509,404 shares of the technology company’s stock worth $29,087,000 after buying an additional 9,404 shares in the last quarter. 95.66% of the stock is owned by institutional investors.

Rapid7 Company Profile

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.