Citigroup Cuts Rapid7 (NASDAQ:RPD) Price Target to $78.00

Rapid7 (NASDAQ:RPDGet Rating) had its price objective lowered by stock analysts at Citigroup from $80.00 to $78.00 in a research report issued on Thursday, The Fly reports. Citigroup’s price objective would suggest a potential upside of 15.11% from the stock’s previous close.

A number of other research firms have also issued reports on RPD. William Blair reissued an “outperform” rating on shares of Rapid7 in a report on Thursday, May 5th. Truist Financial lowered their price target on Rapid7 from $135.00 to $110.00 in a report on Tuesday, May 10th. KeyCorp lowered their price target on Rapid7 from $129.00 to $92.00 and set an “overweight” rating on the stock in a report on Friday, July 22nd. Wolfe Research initiated coverage on Rapid7 in a report on Monday, April 11th. They set an “outperform” rating and a $122.00 price target on the stock. Finally, The Goldman Sachs Group lowered Rapid7 from a “buy” rating to a “neutral” rating and set a $130.00 price target on the stock. in a report on Tuesday, April 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $106.36.

Rapid7 Stock Up 0.5 %

Shares of RPD stock opened at $67.76 on Thursday. The stock’s 50-day moving average is $68.72 and its two-hundred day moving average is $86.52. Rapid7 has a 1 year low of $60.42 and a 1 year high of $145.00.

Rapid7 (NASDAQ:RPDGet Rating) last issued its quarterly earnings data on Wednesday, May 4th. The technology company reported ($0.66) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.71) by $0.05. The firm had revenue of $157.00 million for the quarter, compared to analysts’ expectations of $154.15 million. The business’s revenue for the quarter was up 33.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.42) EPS. Research analysts forecast that Rapid7 will post -2.02 earnings per share for the current year.

Insider Activity

In related news, CFO Timothy M. Adams purchased 5,000 shares of Rapid7 stock in a transaction dated Monday, May 9th. The stock was bought at an average cost of $65.50 per share, for a total transaction of $327,500.00. Following the transaction, the chief financial officer now owns 106,540 shares in the company, valued at $6,978,370. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Elequin Capital LP purchased a new stake in shares of Rapid7 during the 1st quarter valued at $25,000. UMB Bank N A MO purchased a new stake in shares of Rapid7 during the 4th quarter valued at $33,000. Evoke Wealth LLC purchased a new stake in Rapid7 during the 4th quarter worth $35,000. Signaturefd LLC boosted its position in Rapid7 by 37.1% during the 1st quarter. Signaturefd LLC now owns 421 shares of the technology company’s stock worth $47,000 after purchasing an additional 114 shares during the period. Finally, First Horizon Advisors Inc. boosted its position in Rapid7 by 103.8% during the 2nd quarter. First Horizon Advisors Inc. now owns 434 shares of the technology company’s stock worth $28,000 after purchasing an additional 221 shares during the period. 98.03% of the stock is currently owned by institutional investors and hedge funds.

About Rapid7

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Rapid7, Inc provides cyber security solutions. The company offers a cloud-native insight platform that enables customers to create and manage analytics-driven cyber security risk management programs. Its platform includes InsightIDR, an incident detection and response solution; InsightCloudSec, a solution that integrates posture management, workload protection, infrastructure entitlements management, infrastructure-as-code security, and Kubernetes protection; InsightVM, a vulnerability risk management solution that is designed to provide a way to collect vulnerability data, prioritize risk, and automate remediation; InsightAppSec, which provides application security testing that analyzes web applications for security vulnerabilities; and InsightConnect, a security orchestration and automation response solution that is used by security professionals.

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