Rapid7 (NASDAQ:RPD) Price Target Cut to $46.00 by Analysts at Citigroup

Rapid7 (NASDAQ:RPD) had its target price trimmed by Citigroup from $50.00 to $46.00 in a research note released on Friday,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

A number of other research analysts also recently commented on RPD. Piper Sandler reduced their price target on Rapid7 from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, November 7th. Jefferies Financial Group began coverage on Rapid7 in a research note on Wednesday, October 16th. They set a “buy” rating and a $50.00 target price for the company. UBS Group dropped their price target on shares of Rapid7 from $59.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. DA Davidson increased their price objective on shares of Rapid7 from $35.00 to $39.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, StockNews.com raised shares of Rapid7 from a “hold” rating to a “buy” rating in a research report on Friday, December 6th. Fifteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $43.71.

Rapid7 Trading Down 2.4 %

NASDAQ RPD opened at $38.84 on Friday. The stock has a market cap of $2.46 billion, a P/E ratio of 61.65 and a beta of 0.96. The company’s fifty day simple moving average is $40.71 and its 200-day simple moving average is $39.12. Rapid7 has a 52 week low of $32.94 and a 52 week high of $61.88.

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

Institutional Investors Weigh In On Rapid7

A number of hedge funds have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. increased its holdings in shares of Rapid7 by 252.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company’s stock worth $164,236,000 after acquiring an additional 2,719,791 shares during the period. Harbor Capital Advisors Inc. grew its position in Rapid7 by 259.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 288,965 shares of the technology company’s stock worth $11,625,000 after purchasing an additional 208,501 shares during the last quarter. Invenomic Capital Management LP acquired a new stake in shares of Rapid7 in the third quarter valued at approximately $6,647,000. 272 Capital LP bought a new stake in shares of Rapid7 during the second quarter valued at approximately $6,979,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Rapid7 during the second quarter worth approximately $6,106,000. 95.66% of the stock is currently 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.