Rapid7 (NASDAQ:RPD) Given New $14.50 Price Target at Scotiabank

Rapid7 (NASDAQ:RPD) had its target price boosted by Scotiabank from $10.15 to $14.50 in a research report sent to investors on Thursday,Benzinga reports. The brokerage currently has a sector perform rating on the technology company’s stock.

Several other brokerages have also recently issued reports on RPD. Canaccord Genuity Group raised their price objective on Rapid7 from $7.00 to $14.00 and gave the stock a “hold” rating in a research note on Tuesday, August 11th. Stifel Nicolaus upped their target price on Rapid7 from $7.00 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, August 11th. Susquehanna upped their target price on Rapid7 from $7.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, August 12th. Royal Bank Of Canada increased their price target on shares of Rapid7 from $12.00 to $16.00 and gave the stock a “sector perform” rating in a report on Thursday. Finally, Mizuho raised their price target on shares of Rapid7 from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Thursday, October 15th. One research analyst has rated the stock with a Buy rating, seventeen have issued a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, Rapid7 presently has a consensus rating of “Reduce” and a consensus target price of $13.92.

Rapid7 Stock Performance

Shares of RPD stock opened at $15.44 on Thursday. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 73.53 and a beta of 0.90. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.80 and a quick ratio of 0.80. The business has a fifty day moving average of $13.14 and a 200 day moving average of $9.56. Rapid7 has a 1 year low of $4.97 and a 1 year high of $18.56.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings results on Wednesday, November 4th. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.14. The company had revenue of $212.40 million during the quarter, compared to analysts’ expectations of $209.05 million. Rapid7 had a return on equity of 30.84% and a net margin of 1.63%. The firm’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.57 EPS. As a group, research analysts expect that Rapid7 will post 0.76 earnings per share for the current year.

Institutional Investors Weigh In On Rapid7

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quantinno Capital Management LP raised its stake in shares of Rapid7 by 776.1% during the 1st quarter. Quantinno Capital Management LP now owns 260,359 shares of the technology company’s stock valued at $1,435,000 after buying an additional 230,641 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Rapid7 by 535.0% during the 1st quarter. Renaissance Technologies LLC now owns 149,196 shares of the technology company’s stock worth $822,000 after purchasing an additional 125,700 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Rapid7 during the 2nd quarter valued at approximately $393,000. CWA Asset Management Group LLC acquired a new position in shares of Rapid7 in the 3rd quarter valued at $1,361,000. Finally, Bank of New York Mellon Corp purchased a new stake in Rapid7 during the second quarter worth $3,844,000. 95.66% of the stock is owned by institutional investors and hedge funds.

Rapid7 News Roundup

Here are the key news stories impacting Rapid7 this week:

• Positive Sentiment: Rapid7 reported Q3 adjusted EPS of $0.60, topping the roughly $0.45–$0.46 consensus, and revenue of $212.4 million, above expectations of $209.05 million. The earnings and sales beats likely supported investor sentiment. Rapid7 Q3 earnings and revenues top estimates
• Positive Sentiment: Piper Sandler raised its price target to $20 from $12, leaving substantial potential upside at its new target, although it kept a neutral rating. Piper Sandler recommendations
• Neutral Sentiment: Several other firms also lifted targets: Citi and RBC to $16, Truist to $15, and Scotiabank to $14.50. Their neutral, sector-perform, or hold ratings suggest analysts see the improved results but remain measured about the outlook. Truist raises Rapid7 price target
• Negative Sentiment: Revenue fell 2.5% from a year earlier, tempering the strong quarterly beat. Barclays maintained an underweight rating with a $14 target, and Scotiabank’s $14.50 target is also below the recent share price, reflecting valuation or growth concerns. Barclays recommendations

Rapid7 Company Profile

Rapid7, Inc (NASDAQ:RPD) is a cybersecurity company that provides technology and services to help organizations identify, assess and manage security risk across their IT environments. Its offerings are designed to support security operations, vulnerability management, cloud security, application security and incident response.

The company’s product portfolio includes the Insight platform and solutions such as InsightVM for vulnerability risk management, InsightIDR for security detection and response, InsightCloudSec for cloud security and compliance, and InsightAppSec for application security testing.