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

Rapid7 (NASDAQ:RPD - Get Free Report) had its price target reduced by stock analysts at Citigroup from $50.00 to $46.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the technology company's stock. Citigroup's price target would indicate a potential upside of 18.43% from the stock's current price.

RPD has been the topic of a number of other reports. DA Davidson raised their price target 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. Piper Sandler decreased their price target on shares of Rapid7 from $42.00 to $40.00 and set a "neutral" rating on the stock in a research note on Thursday, November 7th. Stifel Nicolaus reaffirmed a "hold" rating and issued a $42.00 price target (down from $48.00) on shares of Rapid7 in a research note on Friday. Royal Bank of Canada lowered shares of Rapid7 from an "outperform" rating to a "sector perform" rating and decreased their price target for the company from $50.00 to $40.00 in a research note on Friday, September 20th. Finally, StockNews.com raised shares of Rapid7 from a "hold" rating to a "buy" rating in a research note on Friday, December 6th. Fifteen equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Rapid7 presently has a consensus rating of "Hold" and a consensus target price of $43.71.

Rapid7 Stock Down 2.4 %

Shares of RPD traded down $0.95 during mid-day trading on Friday, reaching $38.84. The company had a trading volume of 830,582 shares, compared to its average volume of 648,464. The stock has a market capitalization of $2.46 billion, a P/E 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. The stock has a 50 day moving average of $40.71 and a two-hundred day moving average of $39.09.

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

Institutional Trading of Rapid7

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC boosted its position in Rapid7 by 3,888.2% in the 3rd quarter. International Assets Investment Management LLC now owns 678 shares of the technology company's stock valued at $27,000 after buying an additional 661 shares during the period. Quest Partners LLC purchased a new position in Rapid7 in the 2nd quarter valued at approximately $35,000. RPg Family Wealth Advisory LLC acquired a new position in shares of Rapid7 during the third quarter worth about $69,000. Point72 Hong Kong Ltd grew its holdings in Rapid7 by 315.0% during the 2nd quarter. Point72 Hong Kong Ltd now owns 2,075 shares of the technology company's stock worth $90,000 after acquiring an additional 1,575 shares in the last quarter. Finally, 1620 Investment Advisors Inc. raised its holdings in shares of Rapid7 by 14.5% in the 3rd quarter. 1620 Investment Advisors Inc. now owns 2,783 shares of the technology company's stock valued at $111,000 after purchasing an additional 352 shares in the last quarter. Institutional investors and hedge funds 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.