Morgan Stanley Cuts Rapid7 (NASDAQ:RPD) Price Target to $26.00

Rapid7 (NASDAQ:RPD) had its price objective reduced by Morgan Stanley from $33.00 to $26.00 in a research note issued to investors on Wednesday, MarketBeat reports. Morgan Stanley currently has an equal weight rating on the technology company’s stock.

A number of other equities research analysts have also commented on RPD. Barclays reduced their price objective on shares of Rapid7 from $35.00 to $26.00 and set an “equal weight” rating on the stock in a research note on Monday, April 14th. Raymond James cut their price target on shares of Rapid7 from $55.00 to $45.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Stephens started coverage on Rapid7 in a research report on Tuesday, April 1st. They issued an “equal weight” rating and a $33.00 price objective for the company. StockNews.com upgraded Rapid7 from a “hold” rating to a “buy” rating in a research report on Friday, February 21st. Finally, JPMorgan Chase & Co. lowered their target price on Rapid7 from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, February 11th. Fifteen equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $37.32.

Rapid7 Stock Performance

RPD stock opened at $22.56 on Wednesday. The company has a market capitalization of $1.44 billion, a P/E ratio of 57.85 and a beta of 0.99. The company has a fifty day moving average price of $28.12 and a 200-day moving average price of $35.98. Rapid7 has a 52-week low of $22.08 and a 52-week high of $46.96.

Rapid7 (NASDAQ:RPD) last announced its earnings results on Wednesday, February 12th. The technology company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.38). Rapid7 had a negative return on equity of 130.41% and a net margin of 3.46%. As a group, sell-side analysts forecast that Rapid7 will post 0.35 earnings per share for the current fiscal year.

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 stock was sold at an average price of $23.12, for a total transaction of $290,179.12. Following the completion of the sale, the insider now directly owns 58,165 shares of the company’s stock, valued at $1,344,774.80. This trade represents a 17.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Corey E. Thomas sold 100,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $39.38, for a total transaction of $3,938,000.00. Following the completion of the transaction, the chief executive officer now directly owns 431,469 shares in the company, valued at $16,991,249.22. This trade represents a 18.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC lifted its stake in Rapid7 by 56.2% in the first quarter. Exchange Traded Concepts LLC now owns 107,996 shares of the technology company’s stock valued at $2,863,000 after purchasing an additional 38,842 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Rapid7 by 180.3% during the 1st quarter. SG Americas Securities LLC now owns 27,768 shares of the technology company’s stock worth $736,000 after acquiring an additional 17,860 shares during the period. Harbor Capital Advisors Inc. increased its holdings in Rapid7 by 13.0% in the 1st quarter. Harbor Capital Advisors Inc. now owns 326,454 shares of the technology company’s stock worth $8,654,000 after acquiring an additional 37,489 shares during the last quarter. E. Ohman J or Asset Management AB raised its stake in Rapid7 by 19.3% in the 1st quarter. E. Ohman J or Asset Management AB now owns 41,755 shares of the technology company’s stock valued at $1,107,000 after acquiring an additional 6,755 shares during the period. Finally, Green Alpha Advisors LLC lifted its holdings in Rapid7 by 88.2% during the first quarter. Green Alpha Advisors LLC now owns 26,249 shares of the technology company’s stock valued at $696,000 after purchasing an additional 12,300 shares during the last quarter. 95.66% of the stock is currently owned by hedge funds and other 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.