Citigroup Lowers Rapid7 (NASDAQ:RPD) Price Target to $44.00

Rapid7 (NASDAQ:RPD) had its target price cut by equities researchers at Citigroup from $46.00 to $44.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s price objective suggests a potential upside of 25.24% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. UBS Group reduced their price objective on Rapid7 from $52.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday. Scotiabank reduced their target price on Rapid7 from $42.00 to $38.00 and set a “sector perform” rating for the company in a research report on Thursday. Jefferies Financial Group reduced their target price on Rapid7 from $50.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday. Raymond James reduced their target price on Rapid7 from $55.00 to $45.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Truist Financial reduced their target price on Rapid7 from $38.00 to $35.00 and set a “hold” rating for the company in a research report on Thursday. Fifteen equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $41.22.

Rapid7 Stock Down 4.5 %

RPD stock traded down $1.66 during midday trading on Thursday, hitting $35.13. 1,102,164 shares of the company traded hands, compared to its average volume of 602,891. Rapid7 has a twelve month low of $32.94 and a twelve month high of $61.79. The business has a 50 day simple moving average of $39.57 and a 200-day simple moving average of $38.87. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 55.85 and a beta of 0.96.

Rapid7 (NASDAQ:RPD) last posted its quarterly earnings data on Wednesday, February 12th. The technology company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.38). Rapid7 had a net margin of 5.65% and a negative return on equity of 128.95%. Equities research analysts forecast that Rapid7 will post 0.98 EPS for the current year.

Insider Activity

In related news, CEO Corey E. Thomas sold 100,000 shares of Rapid7 stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $39.38, for a total value of $3,938,000.00. Following the sale, the chief executive officer now owns 431,469 shares of the company’s stock, valued at approximately $16,991,249.22. The trade was a 18.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rapid7

A number of institutional investors and hedge funds have recently modified their holdings of RPD. Nordea Investment Management AB lifted its position in shares of Rapid7 by 100.8% in the fourth quarter. Nordea Investment Management AB now owns 75,109 shares of the technology company’s stock valued at $3,030,000 after buying an additional 37,708 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Rapid7 in the third quarter valued at approximately $948,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Rapid7 by 36.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 85,951 shares of the technology company’s stock valued at $3,429,000 after buying an additional 22,734 shares during the last quarter. Stifel Financial Corp acquired a new stake in shares of Rapid7 in the third quarter valued at approximately $1,006,000. Finally, Maverick Capital Ltd. acquired a new stake in shares of Rapid7 in the third quarter valued at approximately $1,679,000. 95.66% of the stock is owned by 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.