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

Rapid7 (NASDAQ:RPD - Get Free Report) had its target price dropped by analysts at JPMorgan Chase & Co. from $36.00 to $29.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the technology company's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 22.26% from the company's previous close.

Several other equities research analysts have also weighed in on the company. DA Davidson dropped their price target on Rapid7 from $35.00 to $29.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 25th. Raymond James lowered their price target on Rapid7 from $55.00 to $45.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. UBS Group lowered their price target on Rapid7 from $52.00 to $45.00 and set a "buy" rating on the stock in a report on Thursday, February 13th. Needham & Company LLC reissued a "hold" rating on shares of Rapid7 in a report on Thursday, February 13th. Finally, Scotiabank reduced their price target on Rapid7 from $42.00 to $38.00 and set a "sector perform" rating for the company in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Rapid7 currently has an average rating of "Hold" and an average target price of $33.32.

Rapid7 Price Performance

Rapid7 stock traded up $0.17 during trading hours on Monday, reaching $23.72. The company had a trading volume of 831,416 shares, compared to its average volume of 855,003. The company has a 50-day moving average price of $25.24 and a 200 day moving average price of $33.84. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 60.82 and a beta of 1.06. Rapid7 has a 12-month low of $21.61 and a 12-month high of $44.48.

Rapid7 (NASDAQ:RPD - Get Free Report) last issued 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. The firm had revenue of $210.25 million for the quarter, compared to analyst estimates of $208.25 million. Rapid7 had a negative return on equity of 130.41% and a net margin of 3.46%. The business's quarterly revenue was up 2.5% compared to the same quarter last year. During the same period last year, the company earned $0.55 EPS. As a group, research analysts expect that Rapid7 will post 0.35 earnings per share for the current year.

Insider Transactions at Rapid7

In related news, insider Christina Luconi sold 12,551 shares of the company's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $23.12, for a total transaction of $290,179.12. Following the transaction, the insider now directly owns 58,165 shares of the company's stock, valued at $1,344,774.80. This represents a 17.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. New York State Teachers Retirement System acquired a new position in shares of Rapid7 in the first quarter valued at about $29,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Rapid7 during the first quarter worth approximately $38,000. Versant Capital Management Inc lifted its position in shares of Rapid7 by 5,311.1% in the first quarter. Versant Capital Management Inc now owns 1,461 shares of the technology company's stock valued at $39,000 after acquiring an additional 1,434 shares in the last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in shares of Rapid7 by 68.8% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 1,116 shares of the technology company's stock valued at $46,000 after acquiring an additional 455 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its position in shares of Rapid7 by 30.4% in the fourth quarter. Pacer Advisors Inc. now owns 1,487 shares of the technology company's stock valued at $60,000 after acquiring an additional 347 shares in the last quarter. 95.66% of the stock is 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.