Rapid7 (NASDAQ:RPD) Shares Gap Down Following Analyst Downgrade

Rapid7, Inc. (NASDAQ:RPD - Get Free Report)'s stock price gapped down prior to trading on Tuesday after Canaccord Genuity Group lowered their price target on the stock from $43.00 to $39.00. The stock had previously closed at $26.74, but opened at $25.17. Canaccord Genuity Group currently has a hold rating on the stock. Rapid7 shares last traded at $24.80, with a volume of 143,711 shares trading hands.

RPD has been the subject of several other research reports. StockNews.com upgraded shares of Rapid7 from a "hold" rating to a "buy" rating in a research note on Friday, February 21st. Mizuho set a $30.00 price target on shares of Rapid7 in a research note on Wednesday, April 16th. Raymond James decreased their price target on shares of Rapid7 from $45.00 to $40.00 and set an "outperform" rating for the company in a research note on Tuesday. Truist Financial decreased their price target on shares of Rapid7 from $38.00 to $35.00 and set a "hold" rating for the company in a research note on Thursday, February 13th. Finally, Citigroup decreased their price target on shares of Rapid7 from $46.00 to $44.00 and set a "buy" rating for the company in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $33.32.

Insider Buying and Selling at Rapid7

In other news, insider Christina Luconi sold 12,551 shares of the firm's stock in a transaction on Monday, April 7th. The shares were sold at an average price of $23.12, for a total transaction of $290,179.12. Following the sale, the insider now owns 58,165 shares in the company, valued at approximately $1,344,774.80. This trade represents a 17.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.60% of the company's stock.

Institutional Trading of Rapid7

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. raised its position in shares of Rapid7 by 30.4% during the 4th quarter. Pacer Advisors Inc. now owns 1,487 shares of the technology company's stock valued at $60,000 after buying an additional 347 shares in the last quarter. Exchange Traded Concepts LLC raised its position in shares of Rapid7 by 0.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 69,154 shares of the technology company's stock valued at $2,782,000 after buying an additional 446 shares in the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in shares of Rapid7 by 68.8% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 1,116 shares of the technology company's stock valued at $46,000 after buying an additional 455 shares in the last quarter. Principal Financial Group Inc. raised 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 buying an additional 609 shares in the last quarter. Finally, Y.D. More Investments Ltd raised its position in shares of Rapid7 by 12.0% during the 1st quarter. Y.D. More Investments Ltd now owns 5,839 shares of the technology company's stock valued at $171,000 after buying an additional 625 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company's stock.

Rapid7 Stock Performance

The company's 50-day moving average price is $25.24 and its two-hundred day moving average price is $33.84. The stock has a market cap of $1.52 billion, a PE ratio of 60.82 and a beta of 1.06.

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

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.