Scotiabank Forecasts Strong Price Appreciation for Rapid7 (NASDAQ:RPD) Stock

Rapid7 (NASDAQ:RPD) had its price objective boosted by research analysts at Scotiabank from $10.15 to $14.50 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the technology company’s stock. Scotiabank‘s price target would indicate a potential downside of 6.79% from the stock’s current price.

A number of other research analysts have also commented on RPD. Raymond James Financial restated an “outperform” rating and set a $15.00 price target on shares of Rapid7 in a research report on Tuesday, August 11th. UBS Group increased their price objective on Rapid7 from $7.00 to $12.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Citigroup reissued a “neutral” rating on shares of Rapid7 in a research note on Wednesday, August 12th. Wall Street Zen upgraded Rapid7 from a “hold” rating to a “buy” rating in a research report on Saturday, October 3rd. Finally, JPMorgan Chase & Co. lowered Rapid7 from a “neutral” rating to an “underweight” rating and set a $12.00 price objective for the company. in a report on Tuesday, September 15th. One research analyst has rated the stock with a Buy rating, seventeen have given a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, Rapid7 currently has a consensus rating of “Reduce” and a consensus price target of $13.32.

Rapid7 Price Performance

NASDAQ:RPD traded up $0.52 during mid-day trading on Thursday, hitting $15.56. 2,172,001 shares of the stock traded hands, compared to its average volume of 2,099,747. The business’s 50-day moving average price is $13.07 and its 200 day moving average price is $9.55. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.50. The company has a market cap of $1.05 billion, a PE ratio of 50.54 and a beta of 0.90. Rapid7 has a 12-month low of $4.97 and a 12-month high of $18.56.

Rapid7 (NASDAQ:RPD) last posted its earnings results on Wednesday, November 4th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.14. Rapid7 had a net margin of 2.35% and a return on equity of 27.89%. The business had revenue of $212.40 million for the quarter, compared to analysts’ expectations of $209.05 million. During the same period in the prior year, the company posted $0.57 EPS. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, analysts expect that Rapid7 will post 0.76 EPS for the current fiscal year.

Hedge Funds Weigh In On Rapid7

Several institutional investors and hedge funds have recently made changes to their positions in RPD. Fulcrum Asset Management LLP bought a new stake in Rapid7 in the third quarter worth $437,000. Ethic Inc. boosted its position in Rapid7 by 164.0% during the third quarter. Ethic Inc. now owns 28,416 shares of the technology company’s stock valued at $347,000 after buying an additional 17,653 shares during the period. Abacus Wealth Partners LLC bought a new position in shares of Rapid7 during the third quarter valued at about $212,000. Chicago Partners Investment Group LLC bought a new position in shares of Rapid7 during the third quarter valued at about $179,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Rapid7 during the third quarter valued at about $405,000. Institutional investors own 95.66% of the company’s stock.

Rapid7 News Summary

Here are the key news stories impacting Rapid7 this week:

• Positive Sentiment: Rapid7 reported third-quarter adjusted earnings of $0.60 per share, above the $0.46 consensus, and revenue of $212.4 million, topping estimates of $209.05 million. Quarterly earnings results
• Positive Sentiment: Piper Sandler raised its price target to $20 from $12, implying potential upside from the quoted share price, though it maintained a neutral rating. Piper Sandler rating
• Neutral Sentiment: Rapid7 forecast fourth-quarter adjusted EPS of $0.53–$0.55; the provided report does not include analyst expectations for comparison. Fourth-quarter guidance
• Neutral Sentiment: Truist raised its target to $15 from $10 but reiterated a hold rating; the new target is below the quoted share price. Truist rating
• Negative Sentiment: Third-quarter revenue was down 2.5% from a year earlier, tempering the impact of the earnings and sales beats. Barclays also kept an underweight rating despite lifting its target to $14, below the quoted share price. Barclays rating

Rapid7 Company Profile

Rapid7, Inc (NASDAQ:RPD) is a cybersecurity company that provides technology and services to help organizations identify, assess and manage security risk across their IT environments. Its offerings are designed to support security operations, vulnerability management, cloud security, application security and incident response.

The company’s product portfolio includes the Insight platform and solutions such as InsightVM for vulnerability risk management, InsightIDR for security detection and response, InsightCloudSec for cloud security and compliance, and InsightAppSec for application security testing.