JPMorgan Chase & Co. Cuts Rapid7 (NASDAQ:RPD) Price Target to $29.00

Rapid7 (NASDAQ:RPD - Get Free Report) had its price objective decreased by JPMorgan Chase & Co. from $36.00 to $29.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "neutral" rating on the technology company's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 23.36% from the stock's previous close.

Several other brokerages have also weighed in on RPD. Robert W. Baird cut their price objective on Rapid7 from $43.00 to $39.00 and set a "neutral" rating for the company in a report on Thursday, February 13th. UBS Group reduced their price objective on shares of Rapid7 from $52.00 to $45.00 and set a "buy" rating for the company in a research report on Thursday, February 13th. Stifel Nicolaus dropped their target price on shares of Rapid7 from $42.00 to $38.00 and set a "hold" rating on the stock in a report on Thursday, February 13th. Mizuho set a $30.00 target price on shares of Rapid7 in a report on Wednesday, April 16th. Finally, Stephens initiated coverage on Rapid7 in a research report on Tuesday, April 1st. They set an "equal weight" rating and a $33.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Rapid7 has an average rating of "Hold" and an average target price of $33.32.

Rapid7 Price Performance

RPD traded down $0.33 during trading on Monday, hitting $23.51. The company had a trading volume of 246,467 shares, compared to its average volume of 857,853. The company has a market cap of $1.51 billion, a PE ratio of 60.27 and a beta of 1.06. The business has a 50-day moving average of $25.41 and a 200-day moving average of $34.08. Rapid7 has a 1-year low of $21.61 and a 1-year high of $44.48.

Rapid7 (NASDAQ:RPD - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The technology company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.12. Rapid7 had a net margin of 3.46% and a negative return on equity of 130.41%. The business had revenue of $210.25 million for the quarter, compared to analysts' expectations of $208.25 million. During the same quarter last year, the company earned $0.55 EPS. The company's revenue for the quarter was up 2.5% compared to the same quarter last year. Research analysts forecast that Rapid7 will post 0.35 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Christina Luconi sold 12,551 shares of the firm's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $23.12, for a total value of $290,179.12. Following the transaction, the insider now directly owns 58,165 shares in the company, valued at $1,344,774.80. This trade represents a 17.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Rapid7

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Rapid7 by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 8,618,480 shares of the technology company's stock valued at $346,721,000 after purchasing an additional 60,095 shares in the last quarter. JANA Partners Management LP grew its stake in Rapid7 by 0.9% in the fourth quarter. JANA Partners Management LP now owns 3,690,129 shares of the technology company's stock valued at $148,454,000 after acquiring an additional 34,589 shares during the period. Penserra Capital Management LLC grew its stake 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 acquiring an additional 919,955 shares during the period. Shapiro Capital Management LLC raised its position in shares of Rapid7 by 295.9% during 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. Finally, First Trust Advisors LP lifted its holdings in shares of Rapid7 by 6.8% during the 4th quarter. First Trust Advisors LP now owns 1,255,731 shares of the technology company's stock valued at $50,518,000 after purchasing an additional 79,836 shares in the last quarter. 95.66% of the stock is currently owned by institutional investors and hedge funds.

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.