Rapid7 (NASDAQ:RPD) Given New $23.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has reduced its price target for Rapid7 from $27.00 to $23.00, maintaining a "sector perform" rating, which suggests a potential upside of 26.69% from the last closing price.
• Rapid7's stock recently decreased by 8.4%, reaching a trading price of $18.16, with a market capitalization of $1.17 billion.
• Institutional investors hold a significant 95.66% of Rapid7's stock, with notable recent increases in stakes by various asset management firms.

Rapid7 (NASDAQ:RPD - Free Report) had its target price lowered by Royal Bank Of Canada from $27.00 to $23.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has a sector perform rating on the technology company's stock.

A number of other equities research analysts have also commented on the company. Barclays dropped their price target on Rapid7 from $26.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Tuesday, May 13th. UBS Group dropped their target price on Rapid7 from $39.00 to $34.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Scotiabank dropped their target price on Rapid7 from $38.00 to $29.00 and set a "sector perform" rating on the stock in a research report on Tuesday, May 13th. Morgan Stanley lifted their target price on Rapid7 from $26.00 to $28.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 13th. Finally, Wall Street Zen raised Rapid7 from a "hold" rating to a "buy" rating in a research report on Sunday, August 3rd. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $27.67.

Rapid7 Stock Up 2.1%

Shares of NASDAQ RPD traded up $0.43 during mid-day trading on Friday, reaching $20.57. 128,013 shares of the company's stock were exchanged, compared to its average volume of 866,026. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of 50.04 and a beta of 0.96. The company has a current ratio of 1.36, a quick ratio of 1.24 and a debt-to-equity ratio of 9.84. The business has a fifty day simple moving average of $22.71 and a 200 day simple moving average of $26.13. Rapid7 has a twelve month low of $17.83 and a twelve month high of $44.48.

Rapid7 (NASDAQ:RPD - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The technology company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.44 by $0.14. The company had revenue of $214.19 million for the quarter, compared to analyst estimates of $212.17 million. Rapid7 had a return on equity of 149.12% and a net margin of 3.41%. Rapid7's revenue was up 3.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.58 earnings per share. As a group, equities analysts expect that Rapid7 will post 0.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Teacher Retirement System of Texas boosted its stake in Rapid7 by 24.1% in the 1st quarter. Teacher Retirement System of Texas now owns 54,091 shares of the technology company's stock valued at $1,434,000 after purchasing an additional 10,487 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Rapid7 by 18.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,548 shares of the technology company's stock valued at $291,000 after acquiring an additional 1,648 shares during the period. New York State Teachers Retirement System bought a new stake in shares of Rapid7 during the 1st quarter valued at $29,000. Invesco Ltd. lifted its position in shares of Rapid7 by 5.4% during the 4th quarter. Invesco Ltd. now owns 36,487 shares of the technology company's stock valued at $1,468,000 after acquiring an additional 1,860 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of Rapid7 by 1.1% during the 1st quarter. Principal Financial Group Inc. now owns 54,915 shares of the technology company's stock valued at $1,456,000 after acquiring an additional 609 shares during the period. 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.