Rapid7 (NASDAQ:RPD) Given New $46.00 Price Target at Citigroup

Rapid7 (NASDAQ:RPD) had its price target reduced by analysts at Citigroup from $50.00 to $46.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup’s price target indicates a potential upside of 18.03% from the stock’s previous close.

Other analysts have also recently issued reports about the company. UBS Group decreased their price objective on Rapid7 from $59.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. JPMorgan Chase & Co. boosted their target price on shares of Rapid7 from $40.00 to $42.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Truist Financial lowered their price target on shares of Rapid7 from $40.00 to $38.00 and set a “hold” rating for the company in a report on Thursday, November 7th. Stifel Nicolaus restated a “hold” rating and set a $42.00 price objective (down from $48.00) on shares of Rapid7 in a research report on Friday. Finally, DA Davidson increased their price target on Rapid7 from $35.00 to $39.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Fifteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $43.71.

Rapid7 Stock Performance

Shares of RPD traded down $0.82 during mid-day trading on Friday, reaching $38.97. The company had a trading volume of 232,928 shares, compared to its average volume of 479,890. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 61.91 and a beta of 0.96. Rapid7 has a 52 week low of $32.94 and a 52 week high of $61.88. The firm has a 50-day moving average price of $40.75 and a 200 day moving average price of $39.15.

Rapid7 (NASDAQ:RPD) last announced its quarterly earnings data on Wednesday, November 6th. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. The company had revenue of $214.65 million during the quarter, compared to the consensus estimate of $210.04 million. Rapid7 had a negative return on equity of 128.95% and a net margin of 5.65%. The firm’s revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.11 EPS. As a group, research analysts forecast that Rapid7 will post 0.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC raised its stake in shares of Rapid7 by 3,888.2% in the third quarter. International Assets Investment Management LLC now owns 678 shares of the technology company’s stock valued at $27,000 after acquiring an additional 661 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Rapid7 in the 2nd quarter valued at about $35,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of Rapid7 during the 3rd quarter worth about $69,000. Point72 Hong Kong Ltd lifted its stake in Rapid7 by 315.0% during the second quarter. Point72 Hong Kong Ltd now owns 2,075 shares of the technology company’s stock worth $90,000 after purchasing an additional 1,575 shares during the last quarter. Finally, 1620 Investment Advisors Inc. boosted its holdings in Rapid7 by 14.5% in the third quarter. 1620 Investment Advisors Inc. now owns 2,783 shares of the technology company’s stock valued at $111,000 after purchasing an additional 352 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

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.