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

Rapid7 (NASDAQ:RPD - Get Free Report) had its price target dropped by investment analysts at Citigroup from $65.00 to $52.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Citigroup's price objective would suggest a potential upside of 36.84% from the stock's previous close.

RPD has been the topic of a number of other research reports. Robert W. Baird decreased their target price on Rapid7 from $62.00 to $56.00 and set an "outperform" rating on the stock in a research report on Wednesday. Royal Bank of Canada dropped their price objective on shares of 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 price target on shares of Rapid7 from $63.00 to $51.00 and set a "buy" rating for the company in a report on Wednesday. Canaccord Genuity Group dropped their price target on Rapid7 from $60.00 to $52.00 and set a "hold" rating for the company in a research note on Wednesday. Finally, StockNews.com cut Rapid7 from a "buy" rating to a "hold" rating in a report on Wednesday, March 6th. Ten investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Rapid7 has an average rating of "Hold" and a consensus price target of $52.13.

Rapid7 Stock Down 17.0 %

Shares of NASDAQ:RPD traded down $7.80 during midday trading on Wednesday, hitting $38.00. The stock had a trading volume of 9,293,338 shares, compared to its average volume of 809,718. The company's 50-day moving average price is $49.04 and its 200-day moving average price is $52.71. Rapid7 has a fifty-two week low of $35.22 and a fifty-two week high of $61.88. The company has a market capitalization of $2.37 billion, a P/E ratio of -15.14 and a beta of 1.01.

Rapid7 (NASDAQ:RPD - Get Free Report) 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 during the quarter, compared to analysts' expectations of $201.52 million. Research analysts expect that Rapid7 will post 0.86 EPS for the current fiscal year.

Insider Activity

In other Rapid7 news, COO Andrew F. Burton sold 20,653 shares of the business's stock in a transaction that occurred on Monday, April 8th. The stock was 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 directly owns 236,841 shares of the company's stock, valued at $11,541,261.93. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, COO Andrew F. Burton sold 31,727 shares of the company's stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $53.07, for a total value of $1,683,751.89. Following the completion of the transaction, the chief operating officer now directly owns 257,494 shares of the company's stock, valued at $13,665,206.58. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Andrew F. Burton sold 20,653 shares of the stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 236,841 shares of the company's stock, 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.

Institutional Investors Weigh In On Rapid7

Large investors have recently made changes to their positions in the business. Arizona State Retirement System grew its holdings in Rapid7 by 1.9% during the third quarter. Arizona State Retirement System now owns 17,184 shares of the technology company's stock valued at $787,000 after purchasing an additional 320 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Rapid7 by 13.0% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,917 shares of the technology company's stock worth $134,000 after acquiring an additional 336 shares during the period. Natixis Advisors L.P. increased its holdings in Rapid7 by 2.0% in the 4th quarter. Natixis Advisors L.P. now owns 17,446 shares of the technology company's stock worth $996,000 after acquiring an additional 344 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Rapid7 by 1.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 49,346 shares of the technology company's stock valued at $2,259,000 after acquiring an additional 502 shares during the period. Finally, Knights of Columbus Asset Advisors LLC lifted its holdings in Rapid7 by 2.4% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 28,167 shares of the technology company's stock valued at $1,289,000 after purchasing an additional 668 shares during the last quarter. 95.66% of the stock is owned by hedge funds and other institutional investors.

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.