Citigroup Cuts Rapid7 (NASDAQ:RPD) Price Target to $30.00

Key Points

• Citigroup has reduced its price target for Rapid7 from $35.00 to $30.00, while maintaining a "buy" rating, suggesting a potential upside of 41.28% from the last close.
• Several other analysts have also cut their price targets for Rapid7, with Canaccord Genuity setting a new target of $32.00 and Mizuho lowering it to $25.00.
• Rapid7's stock has experienced fluctuations, trading down to $21.24, and its earnings report indicates a 3.0% year-over-year revenue increase with an EPS of $0.58.

Rapid7 (NASDAQ:RPD - Get Free Report) had its price target dropped by stock analysts at Citigroup from $35.00 to $30.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the technology company's stock. Citigroup's target price points to a potential upside of 41.28% from the stock's previous close.

Several other equities research analysts have also recently weighed in on RPD. Canaccord Genuity Group lowered their price objective on shares of Rapid7 from $39.00 to $32.00 and set a "hold" rating for the company in a research report on Monday, August 11th. Mizuho lowered their target price on Rapid7 from $27.00 to $25.00 and set a "neutral" rating for the company in a research note on Friday, August 8th. Royal Bank Of Canada lowered their target price on Rapid7 from $27.00 to $23.00 and set a "sector perform" rating on the stock in a research report on Friday, August 8th. Wall Street Zen raised Rapid7 from a "hold" rating to a "buy" rating in a research report on Sunday, August 3rd. Finally, Jefferies Financial Group set a $27.00 price target on Rapid7 and gave the stock a "buy" rating in a research note on Friday, August 8th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $26.89.

Rapid7 Trading Down 0.2%

NASDAQ RPD traded down $0.04 during mid-day trading on Monday, reaching $21.24. 232,067 shares of the stock were exchanged, compared to its average volume of 872,269. The stock has a market capitalization of $1.37 billion, a PE ratio of 51.75 and a beta of 0.96. The business's fifty day simple moving average is $22.57 and its 200 day simple moving average is $25.67. Rapid7 has a 1-year low of $17.83 and a 1-year high of $44.48. The company has a debt-to-equity ratio of 9.84, a quick ratio of 1.36 and a current ratio of 1.36.

Rapid7 (NASDAQ:RPD - Get Free Report) last released its earnings results on Thursday, August 7th. The technology company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.14. The company had revenue of $214.19 million during the quarter, compared to the consensus estimate of $212.17 million. Rapid7 had a net margin of 3.41% and a return on equity of 149.12%. The company's revenue was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.58 EPS. On average, research analysts anticipate that Rapid7 will post 0.35 earnings per share for the current fiscal year.

Insider Transactions at Rapid7

In other Rapid7 news, Director Jana Partners Management, Lp bought 250,000 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was acquired at an average cost of $21.26 per share, with a total value of $5,315,000.00. Following the purchase, the director owned 6,518,604 shares in the company, valued at approximately $138,585,521.04. This represents a 3.99% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders bought 772,194 shares of company stock worth $15,135,356. 2.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Rapid7 by 112.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,286,300 shares of the technology company's stock valued at $60,610,000 after purchasing an additional 1,209,856 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Rapid7 by 114.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,136,438 shares of the technology company's stock valued at $49,409,000 after acquiring an additional 1,142,148 shares in the last quarter. Shapiro Capital Management LLC raised its holdings in shares of Rapid7 by 295.9% in the 4th quarter. Shapiro Capital Management LLC now owns 1,290,945 shares of the technology company's stock worth $51,935,000 after buying an additional 964,899 shares in the last quarter. Penserra Capital Management LLC grew its position in Rapid7 by 95.8% during the 1st quarter. Penserra Capital Management LLC now owns 1,880,084 shares of the technology company's stock worth $49,841,000 after acquiring an additional 919,955 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in shares of Rapid7 by 756,734.3% in the 1st quarter. Jones Financial Companies Lllp now owns 749,266 shares of the technology company's stock valued at $19,863,000 after purchasing an additional 749,167 shares during 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.

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