Needham & Company LLC Raises Rapid7 (RPD) Price Target to $60.00

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Rapid7 (NASDAQ:RPD) had its target price lifted by analysts at Needham & Company LLC from $50.00 to $60.00 in a report released on Monday, Marketbeat reports. The brokerage currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price target points to a potential upside of 11.34% from the company’s previous close.

A number of other analysts have also weighed in on the company. Zacks Investment Research upgraded Rapid7 from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a research note on Tuesday, February 5th. Monness Crespi & Hardt reaffirmed a “buy” rating and set a $49.00 price objective (up previously from $41.00) on shares of Rapid7 in a research report on Friday, February 8th. BTIG Research raised Rapid7 from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research report on Tuesday, January 15th. Mizuho started coverage on Rapid7 in a report on Tuesday, March 26th. They issued a “buy” rating and a $59.00 price target for the company. Finally, Stifel Nicolaus raised their price target on Rapid7 from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the company’s stock. Rapid7 presently has an average rating of “Buy” and an average target price of $50.88.

Shares of NASDAQ:RPD traded up $1.01 during mid-day trading on Monday, reaching $53.89. 18,756 shares of the company traded hands, compared to its average volume of 652,018. The company has a market cap of $2.55 billion, a PE ratio of -53.61 and a beta of 1.20. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 2.00. Rapid7 has a 52 week low of $26.27 and a 52 week high of $54.85.

Rapid7 (NASDAQ:RPD) last posted its quarterly earnings results on Thursday, May 2nd. The technology company reported $0.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.24. The business had revenue of $73.20 million during the quarter, compared to the consensus estimate of $69.86 million. Rapid7 had a negative return on equity of 57.61% and a negative net margin of 22.76%. The firm’s revenue for the quarter was up 34.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.19) EPS. Equities research analysts predict that Rapid7 will post -0.49 earnings per share for the current fiscal year.

In other news, COO Andrew F. Burton sold 15,360 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $44.89, for a total transaction of $689,510.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Vii Lp Tcv sold 87,696 shares of the company’s stock in a transaction dated Friday, February 15th. The stock was sold at an average price of $45.63, for a total value of $4,001,568.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 153,146 shares of company stock valued at $7,046,251. Insiders own 25.60% of the company’s stock.

Several large investors have recently added to or reduced their stakes in RPD. SQN Investors LP boosted its position in shares of Rapid7 by 260.8% during the 4th quarter. SQN Investors LP now owns 1,567,865 shares of the technology company’s stock worth $48,855,000 after acquiring an additional 1,133,289 shares in the last quarter. Macquarie Group Ltd. acquired a new stake in shares of Rapid7 in the 4th quarter valued at about $27,223,000. Clearbridge Investments LLC boosted its position in shares of Rapid7 by 843,883.3% in the 3rd quarter. Clearbridge Investments LLC now owns 557,029 shares of the technology company’s stock valued at $20,566,000 after purchasing an additional 556,963 shares during the period. Intrinsic Edge Capital Management LLC acquired a new stake in shares of Rapid7 in the 4th quarter valued at about $9,237,000. Finally, Vanguard Group Inc boosted its position in shares of Rapid7 by 6.2% in the 3rd quarter. Vanguard Group Inc now owns 3,281,950 shares of the technology company’s stock valued at $121,170,000 after purchasing an additional 190,540 shares during the period. 86.03% of the stock is owned by institutional investors and hedge funds.

About Rapid7

Rapid7, Inc provides analytics solutions for security and information (IT) operations. Its vulnerability management solutions include InsightVM and Nexpose, which enable customers to assess and remediate their overall exposure to cyber risk; InsightAppSec, an insight platform based solution; AppSpider, an application security testing solution; and Metasploit, a penetration testing software solution.

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Analyst Recommendations for Rapid7 (NASDAQ:RPD)

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