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 note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s price objective would suggest a potential upside of 18.03% from the company’s previous close.

RPD has been the topic of several other research reports. DA Davidson boosted their price target on Rapid7 from $35.00 to $39.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. UBS Group dropped their price target on Rapid7 from $59.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Royal Bank of Canada cut shares of Rapid7 from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $50.00 to $40.00 in a research note on Friday, September 20th. JPMorgan Chase & Co. lifted their target price on shares of Rapid7 from $40.00 to $42.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Jefferies Financial Group started coverage on shares of Rapid7 in a research note on Wednesday, October 16th. They set a “buy” rating and a $50.00 price objective for the company. Fifteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $43.71.

Rapid7 Stock Down 2.1 %

RPD stock traded down $0.82 during trading on Friday, hitting $38.97. The company had a trading volume of 232,928 shares, compared to its average volume of 479,890. The firm has a market cap of $2.46 billion, a PE ratio of 61.91 and a beta of 0.96. Rapid7 has a 1-year low of $32.94 and a 1-year 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 issued its quarterly earnings results on Wednesday, November 6th. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating 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 revenue for the quarter was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.11 EPS. Sell-side analysts anticipate that Rapid7 will post 0.98 earnings per share for the current year.

Institutional Trading of Rapid7

A number of hedge funds have recently made changes to their positions in the company. Algert Global LLC grew its holdings in 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 purchasing an additional 74,793 shares in the last quarter. Nordea Investment Management AB grew its stake 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 valued at $3,030,000 after acquiring an additional 37,708 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Rapid7 in the third quarter worth about $948,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings 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 during the last quarter. Finally, Point72 Asset Management L.P. grew its stake in Rapid7 by 252.0% during the 2nd 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. 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.