Rapid7 (NASDAQ:RPD) Price Target Cut to $52.00 by Analysts at Citigroup

Rapid7 (NASDAQ:RPD) had its price objective trimmed by Citigroup from $65.00 to $52.00 in a research report released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

Other equities research analysts have also issued reports about the company. Royal Bank of Canada dropped their price target on Rapid7 from $70.00 to $57.00 and set an outperform rating for the company in a research note on Wednesday. Stifel Nicolaus lowered their target price on Rapid7 from $63.00 to $51.00 and set a buy rating for the company in a research note on Wednesday. JPMorgan Chase & Co. lowered their price objective on Rapid7 from $61.00 to $60.00 and set a neutral rating for the company in a research note on Thursday, February 8th. Robert W. Baird lowered their price objective on Rapid7 from $62.00 to $56.00 and set an outperform rating for the company in a research note on Wednesday. Finally, Mizuho lowered their price objective on Rapid7 from $62.00 to $47.00 and set a neutral rating for the company in a research note on Wednesday. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $52.13.

Rapid7 Stock Performance

NASDAQ RPD traded up $0.64 during trading hours on Wednesday, hitting $38.64. 664,287 shares of the company’s stock were exchanged, compared to its average volume of 807,339. The business’s 50 day moving average is $49.04 and its 200-day moving average is $52.71. Rapid7 has a 12-month low of $35.22 and a 12-month high of $61.88. The firm has a market capitalization of $2.41 billion, a P/E ratio of -15.14 and a beta of 1.01.

Rapid7 (NASDAQ:RPD) last released its earnings results on Wednesday, February 7th. The technology company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.27. Rapid7 had a negative return on equity of 1.36% and a negative net margin of 19.19%. The firm had revenue of $205.27 million for the quarter, compared to the consensus estimate of $201.52 million. As a group, equities research analysts anticipate that Rapid7 will post 0.86 EPS for the current fiscal year.

Insider Buying and Selling at Rapid7

In other Rapid7 news, COO Andrew F. Burton sold 31,727 shares of Rapid7 stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $53.07, for a total transaction of $1,683,751.89. Following the sale, the chief operating officer now owns 257,494 shares of the company’s stock, valued at approximately $13,665,206.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Andrew F. Burton sold 31,727 shares of Rapid7 stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $53.07, for a total transaction of $1,683,751.89. Following the transaction, the chief operating officer now directly owns 257,494 shares in the company, valued at approximately $13,665,206.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Andrew F. Burton sold 20,653 shares of Rapid7 stock in a transaction on Monday, April 8th. The shares were sold at an average price of $48.73, for a total value of $1,006,420.69. Following the transaction, the chief operating officer now owns 236,841 shares in the company, valued at $11,541,261.93. The disclosure for this sale can be found here. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rapid7

A number of hedge funds have recently modified their holdings of RPD. Fidelis Capital Partners LLC acquired a new position in shares of Rapid7 in the 1st quarter worth $36,000. Mather Group LLC. purchased a new position in shares of Rapid7 during the first quarter valued at $42,000. International Assets Investment Management LLC grew its holdings in shares of Rapid7 by 3,367.9% during the fourth quarter. International Assets Investment Management LLC now owns 971 shares of the technology company’s stock valued at $55,000 after buying an additional 943 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Rapid7 during the first quarter valued at $83,000. Finally, Financial Connections Group Inc. purchased a new position in shares of Rapid7 during the fourth quarter valued at $95,000. 95.66% of the stock is currently owned by institutional investors and hedge funds.

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.