Rapid7 (NASDAQ:RPD) Given New $44.00 Price Target at Citigroup

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

Other equities analysts have also recently issued reports about the company. Stifel Nicolaus dropped their price objective on Rapid7 from $42.00 to $38.00 and set a “hold” rating for the company in a report on Thursday. StockNews.com upgraded Rapid7 from a “hold” rating to a “buy” rating in a research note on Friday, December 6th. Barclays reduced their price target on Rapid7 from $43.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Thursday. UBS Group dropped their price objective on Rapid7 from $52.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, DA Davidson boosted their price objective on Rapid7 from $35.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Fifteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $41.22.

Rapid7 Stock Performance

NASDAQ:RPD traded down $1.66 during mid-day trading on Thursday, hitting $35.13. 1,102,164 shares of the stock were exchanged, compared to its average volume of 602,891. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of 55.85 and a beta of 0.96. The firm’s 50-day simple moving average is $39.57 and its 200 day simple moving average is $38.87. Rapid7 has a fifty-two week low of $32.94 and a fifty-two week high of $61.79.

Rapid7 (NASDAQ:RPD) last released its quarterly earnings results 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 negative return on equity of 128.95% and a net margin of 5.65%. On average, analysts predict that Rapid7 will post 0.98 EPS for the current fiscal year.

Insider Activity

In other Rapid7 news, CEO Corey E. Thomas sold 100,000 shares of the firm’s stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 431,469 shares of the company’s stock, valued at $16,991,249.22. This trade represents a 18.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Rapid7

Large investors have recently bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in Rapid7 during the fourth quarter worth about $12,050,000. Harbor Capital Advisors Inc. increased its holdings in Rapid7 by 259.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 288,965 shares of the technology company’s stock valued at $11,625,000 after purchasing an additional 208,501 shares during the period. Invenomic Capital Management LP purchased a new position in Rapid7 during the 3rd quarter valued at about $6,647,000. Birnam Oak Advisors LP purchased a new position in Rapid7 during the 4th quarter valued at about $4,425,000. Finally, Thematics Asset Management increased its holdings in Rapid7 by 33.0% during the 3rd quarter. Thematics Asset Management now owns 399,000 shares of the technology company’s stock valued at $15,916,000 after purchasing an additional 99,000 shares during the period. 95.66% of the stock is owned by hedge funds and other institutional investors.

About Rapid7

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.