Royal Bank of Canada Raises Rapid7 Inc (RPD) Price Target to $22.00

Rapid7 Inc (NASDAQ:RPD) had its target price hoisted by equities research analysts at Royal Bank of Canada from $19.00 to $22.00 in a note issued to investors on Wednesday, May 10th. The firm presently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 23.32% from the company’s current price.

Several other research firms have also commented on RPD. Zacks Investment Research upgraded Rapid7 from a “sell” rating to a “hold” rating in a research report on Wednesday, January 11th. Barclays PLC increased their target price on Rapid7 to $17.00 and gave the company a “buy” rating in a research report on Friday, February 10th. Finally, Cowen and Company reiterated a “hold” rating and set a $11.50 target price on shares of Rapid7 in a research report on Friday, April 14th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $17.90.

Analyst Recommendations for Rapid7 (NASDAQ:RPD)

Rapid7 (NASDAQ:RPD) traded down 1.71% during mid-day trading on Wednesday, hitting $17.84. 151,463 shares of the stock traded hands. The company’s 50 day moving average price is $16.85 and its 200-day moving average price is $14.21. Rapid7 has a 1-year low of $10.63 and a 1-year high of $19.29. The stock’s market cap is $755.26 million.

Rapid7 (NASDAQ:RPD) last issued its quarterly earnings results on Tuesday, May 9th. The technology company reported ($0.24) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.41) by $0.17. Rapid7 had a negative net margin of 31.12% and a negative return on equity of 87.64%. The company had revenue of $45.20 million for the quarter, compared to the consensus estimate of $44.01 million. During the same quarter in the prior year, the company earned ($0.23) EPS. Rapid7’s quarterly revenue was up 30.0% on a year-over-year basis. Analysts predict that Rapid7 will post ($0.64) earnings per share for the current year.

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Institutional investors have recently made changes to their positions in the stock. Elliott Management Corp bought a new position in shares of Rapid7 during the fourth quarter valued at about $5,149,000. Penserra Capital Management LLC boosted its position in shares of Rapid7 by 28.0% in the first quarter. Penserra Capital Management LLC now owns 932,188 shares of the technology company’s stock valued at $13,964,000 after buying an additional 204,188 shares during the last quarter. Thornburg Investment Management Inc. boosted its stake in Rapid7 by 30.3% in the fourth quarter. Thornburg Investment Management Inc. now owns 592,614 shares of the technology company’s stock valued at $7,212,000 after buying an additional 137,771 shares during the last quarter. Herald Investment Management Ltd purchased a new position in Rapid7 during the first quarter valued at approximately $1,161,000. Finally, Parallel Advisors LLC purchased a new position in Rapid7 during the fourth quarter valued at approximately $832,000. Institutional investors own 67.22% of the company’s stock.

Rapid7 Company Profile

Rapid7, Inc is a provider analytics for security and information technology (IT) operations that enable organizations to implement an analytics-driven approach to cyber security and IT operations. The Company’s analytics enable organizations to contextualize and prioritize the threats facing their physical, virtual and cloud assets, including those posed by the behaviors of their users.

12 Month Chart for NASDAQ:RPD

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