Canaccord Genuity Group Cuts Rapid7 (NASDAQ:RPD) Price Target to $32.00

Key Points

• Canaccord Genuity Group has lowered its price target for Rapid7 from $39.00 to $32.00, maintaining a "hold" rating, which suggests the stock could have a potential upside of 70.48% from its previous close.
• Several investment firms have adjusted their price targets for Rapid7, with JPMorgan Chase reducing it to $23.00 and Morgan Stanley raising it to $28.00, reflecting mixed analyst sentiment.
• Rapid7 reported a quarterly EPS of $0.58, surpassing expectations, with a revenue increase of 3.0% year-over-year, indicating stable performance amidst fluctuating market conditions.

Rapid7 (NASDAQ:RPD - Get Free Report) had its price objective reduced by investment analysts at Canaccord Genuity Group from $39.00 to $32.00 in a report issued on Monday,Benzinga reports. The firm presently has a "hold" rating on the technology company's stock. Canaccord Genuity Group's price objective suggests a potential upside of 70.48% from the stock's previous close.

RPD has been the topic of several other research reports. JPMorgan Chase & Co. cut their price target on shares of Rapid7 from $28.00 to $23.00 and set a "neutral" rating on the stock in a report on Monday, August 4th. Morgan Stanley raised their price objective on Rapid7 from $26.00 to $28.00 and gave the company an "equal weight" rating in a report on Tuesday, May 13th. Robert W. Baird lifted their price target on Rapid7 from $26.00 to $28.00 and gave the stock a "neutral" rating in a report on Tuesday, May 13th. Susquehanna reduced their price objective on shares of Rapid7 from $30.00 to $18.00 and set a "neutral" rating on the stock in a report on Monday. Finally, Barclays reduced their price objective on shares of Rapid7 from $26.00 to $25.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $27.67.

Rapid7 Stock Performance

Shares of RPD traded up $0.89 on Monday, reaching $18.77. The company's stock had a trading volume of 1,934,061 shares, compared to its average volume of 865,973. The company has a debt-to-equity ratio of 16.87, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $1.21 billion, a P/E ratio of 45.78 and a beta of 0.96. The stock's 50 day simple moving average is $22.87 and its two-hundred day simple moving average is $26.31. Rapid7 has a 12-month low of $17.83 and a 12-month high of $44.48.

Rapid7 (NASDAQ:RPD - Get Free Report) last released its earnings results on Thursday, August 7th. The technology company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.44 by $0.14. The firm had revenue of $214.19 million for the quarter, compared to the consensus estimate of $212.17 million. Rapid7 had a net margin of 3.41% and a return on equity of 269.59%. The company's quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.58 earnings per share. Research analysts forecast that Rapid7 will post 0.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rapid7

A number of large investors have recently bought and sold shares of the business. JANA Partners Management LP lifted its stake in shares of Rapid7 by 0.9% in the 4th quarter. JANA Partners Management LP now owns 3,690,129 shares of the technology company's stock valued at $148,454,000 after purchasing an additional 34,589 shares during the period. Penserra Capital Management LLC increased its position in shares of Rapid7 by 45.3% in the 2nd quarter. Penserra Capital Management LLC now owns 2,731,192 shares of the technology company's stock valued at $63,172,000 after buying an additional 851,108 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Rapid7 by 112.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,286,300 shares of the technology company's stock valued at $60,610,000 after buying an additional 1,209,856 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Rapid7 by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,538,756 shares of the technology company's stock valued at $35,596,000 after buying an additional 25,546 shares in the last quarter. Finally, Shapiro Capital Management LLC increased its position in shares of Rapid7 by 295.9% in the 4th quarter. Shapiro Capital Management LLC now owns 1,290,945 shares of the technology company's stock valued at $51,935,000 after buying an additional 964,899 shares in the last quarter. 95.66% of the stock is currently 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.

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