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

Rapid7 (NASDAQ:RPD) had its target price lowered by investment analysts at Citigroup from $46.00 to $44.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s price target indicates a potential upside of 23.77% from the company’s current price.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. lowered their price target on Rapid7 from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Tuesday. StockNews.com raised Rapid7 from a “hold” rating to a “buy” rating in a research note on Friday, December 6th. Jefferies Financial Group lowered their target price on Rapid7 from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday. Scotiabank cut their price target on shares of Rapid7 from $42.00 to $38.00 and set a “sector perform” rating on the stock in a report on Thursday. Finally, DA Davidson increased their target price on Rapid7 from $35.00 to $39.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Sixteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Rapid7 has an average rating of “Hold” and a consensus target price of $41.22.

Rapid7 Trading Up 2.1 %

NASDAQ RPD opened at $35.55 on Thursday. The firm has a market capitalization of $2.25 billion, a P/E ratio of 56.43 and a beta of 0.96. The business has a fifty day simple moving average of $39.23 and a 200 day simple moving average of $38.82. Rapid7 has a 12 month low of $32.94 and a 12 month high of $61.79.

Rapid7 (NASDAQ:RPD) last announced its earnings results on Wednesday, February 12th. The technology company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.38). Rapid7 had a net margin of 5.65% and a negative return on equity of 128.95%. As a group, sell-side analysts predict that Rapid7 will post 0.98 EPS for the current fiscal year.

Insider Buying and Selling at Rapid7

In related news, CEO Corey E. Thomas sold 100,000 shares of the business’s stock in a transaction that occurred 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 owns 431,469 shares in the company, valued at approximately $16,991,249.22. The trade was a 18.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Rapid7

A number of large investors have recently modified their holdings of the company. Dendur Capital LP bought a new position in Rapid7 in the fourth quarter worth approximately $19,190,000. Raymond James Financial Inc. bought a new position in Rapid7 in the fourth quarter worth approximately $12,050,000. Marshall Wace LLP raised its stake in Rapid7 by 144.2% in the fourth quarter. Marshall Wace LLP now owns 475,695 shares of the technology company’s stock worth $19,137,000 after buying an additional 280,913 shares in the last quarter. Harbor Capital Advisors Inc. raised its stake in Rapid7 by 259.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 288,965 shares of the technology company’s stock worth $11,625,000 after buying an additional 208,501 shares in the last quarter. Finally, Invenomic Capital Management LP acquired a new position in shares of Rapid7 during the third quarter worth $6,647,000. Hedge funds and other institutional investors own 95.66% of the company’s stock.

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.