Citigroup Has Lowered Expectations for Rapid7 (NASDAQ:RPD) Stock Price

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

Other research analysts have also recently issued research reports about the company. Jefferies Financial Group assumed 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. Royal Bank of Canada cut shares of Rapid7 from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $50.00 to $40.00 in a research note on Friday, September 20th. Piper Sandler cut their target price on shares of Rapid7 from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. DA Davidson lifted their price target on shares of Rapid7 from $35.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, StockNews.com upgraded Rapid7 from a “hold” rating to a “buy” rating in a research report on Friday, December 6th. Fifteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Rapid7 has an average rating of “Hold” and an average price target of $43.71.

Rapid7 Trading Down 2.4 %

RPD stock opened at $38.84 on Friday. The firm’s 50-day moving average is $40.71 and its two-hundred day moving average is $39.12. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of 61.65 and a beta of 0.96. Rapid7 has a 52 week low of $32.94 and a 52 week high of $61.88.

Rapid7 (NASDAQ:RPD) last announced its earnings results on Wednesday, November 6th. The technology company reported $0.66 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 analysts’ expectations of $210.04 million. Rapid7 had a negative return on equity of 128.95% and a net margin of 5.65%. The firm’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.11 earnings per share. On average, equities research analysts predict that Rapid7 will post 0.98 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Algert Global LLC boosted its stake in shares of Rapid7 by 158.6% during the 2nd quarter. Algert Global LLC now owns 121,953 shares of the technology company’s stock valued at $5,272,000 after buying an additional 74,793 shares during the period. Nordea Investment Management AB raised its holdings in shares of Rapid7 by 100.8% during the fourth quarter. Nordea Investment Management AB now owns 75,109 shares of the technology company’s stock worth $3,030,000 after acquiring an additional 37,708 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Rapid7 during the third quarter worth $948,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in 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 purchasing an additional 22,734 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its stake in Rapid7 by 252.0% in the second quarter. Point72 Asset Management L.P. now owns 3,799,119 shares of the technology company’s stock valued at $164,236,000 after purchasing an additional 2,719,791 shares in the last quarter. 95.66% of the stock is owned by hedge funds and other 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.