Rapid7 (NASDAQ:RPD) Price Target Cut to $23.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has lowered its price target for Rapid7 from $28.00 to $23.00, maintaining a "neutral" rating on the stock.
• Rapid7's average analyst rating is at "Hold" with a consensus target price of $32.84, despite varying ratings from other firms.
• Rapid7 reported $0.49 earnings per share for the recent quarter, exceeding expectations, with a year-over-year revenue increase of 2.5%.

Rapid7 (NASDAQ:RPD - Get Free Report) had its price objective reduced by equities researchers at JPMorgan Chase & Co. from $28.00 to $23.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the technology company's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 15.05% from the company's current price.

Other research analysts also recently issued reports about the company. Scotiabank cut their price objective on Rapid7 from $38.00 to $29.00 and set a "sector perform" rating for the company in a research report on Tuesday, May 13th. Royal Bank Of Canada restated a "sector perform" rating on shares of Rapid7 in a research note on Tuesday, May 13th. DA Davidson reaffirmed an "underperform" rating and set a $21.00 price objective (down previously from $29.00) on shares of Rapid7 in a research report on Tuesday, May 13th. Susquehanna decreased their target price on shares of Rapid7 from $40.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Finally, Raymond James Financial decreased their price objective on shares of Rapid7 from $45.00 to $40.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Rapid7 has an average rating of "Hold" and a consensus price target of $32.84.

Rapid7 Stock Down 0.9%

RPD stock traded down $0.18 on Monday, hitting $19.99. 176,592 shares of the company's stock were exchanged, compared to its average volume of 844,736. The firm has a 50 day moving average price of $23.08 and a two-hundred day moving average price of $26.81. Rapid7 has a 12-month low of $20.00 and a 12-month high of $44.48. The company has a debt-to-equity ratio of 16.87, a quick ratio of 1.24 and a current ratio of 1.24. The stock has a market cap of $1.28 billion, a P/E ratio of 51.40 and a beta of 0.96.

Rapid7 (NASDAQ:RPD - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The technology company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.12. Rapid7 had a return on equity of 2,043.18% and a net margin of 3.42%. The business had revenue of $210.25 million during the quarter, compared to analyst estimates of $208.25 million. During the same period in the prior year, the business earned $0.55 earnings per share. The business's revenue was up 2.5% compared to the same quarter last year. As a group, equities research analysts expect that Rapid7 will post 0.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Rapid7

A number of large investors have recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Rapid7 by 112.4% in the first 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 worth $60,610,000 after buying an additional 1,209,856 shares during the last quarter. Shapiro Capital Management LLC raised its holdings in Rapid7 by 295.9% in the fourth quarter. Shapiro Capital Management LLC now owns 1,290,945 shares of the technology company's stock worth $51,935,000 after purchasing an additional 964,899 shares during the period. Penserra Capital Management LLC grew its position in Rapid7 by 95.8% in the first quarter. Penserra Capital Management LLC now owns 1,880,084 shares of the technology company's stock valued at $49,841,000 after purchasing an additional 919,955 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of Rapid7 by 756,734.3% in the 1st quarter. Jones Financial Companies Lllp now owns 749,266 shares of the technology company's stock valued at $19,863,000 after acquiring an additional 749,167 shares during the period. Finally, Nuveen LLC bought a new stake in Rapid7 in the 1st quarter valued at about $15,510,000. 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.